What is a Sheriff Auction?

What is a Sheriff Auction?

A Sheriff Auction, also known as a “Sale in Execution,” is an excellent way to find valuable properties at great prices. These auctions happen when legal action is taken against a property owner, leading to a court order to sell the property. The sheriff is responsible for executing these court orders.

Typically, banks obtain these court orders to recover funds from property owners who have defaulted on their loans. However, other entities like body corporates, homeowners associations, or any other creditors can also seek court orders, though these sales usually require bank approval.

Sheriff Auctions appeal to serious bargain hunters due to the lower competition and prices compared to repossessed properties and traditional property auctions. Despite their value, Sheriff Auctions are not well-known and often poorly advertised, usually appearing only two weeks before the auction. This results in low attendance and limited information access, making it challenging for potential buyers to investigate properties thoroughly. Those who do research must navigate various sources of information, making the process time-consuming.