How do Sheriff Sales Work?

A sheriff sale is an auction that is generally the result of a home foreclosure. Many times ther is first a minimum bid that is placed on the property. This minimum bid covers court costs and taxes. If there is no minimum bid on the property in question, then it will not be sold to you. Next, there is a deposit placed onto the property of the highest bid that took place. This is generally served as the deposit of the property, just as if you were to put a deposit on a home or on an apartment. Next, if a high bider fails to raise their bid, then they are generally given another chance at raising their bid again. If it is not met, then the highest bidder wins the property.