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Consequently, the proceeds from the sheriffs sale go to anyone who lost money on the property, such as banks, lenders and tax collectors. Local law enforcement authorities sell these properties in an auction style, with bids driving up the sale price. The highest bidder gains ownership of the property.
Sheriffs Deeds If you buy property at a judicial foreclosure sale, youll get a sheriffs deed. Since these sales are involuntary, the property owner isnt conveying the deed but rather a sheriff under a judicial foreclosure. Judicial foreclosures are court-supervised real estate sales.
At a foreclosure auction, a lender is selling a property it repossessed, whereas in a sheriff sale, the property was repossessed by a lender through court-ordered means. California operates a system of non-judicial foreclosure which means the lender does not need a court order to seize and sell your home.
A judicial sale refers to a situation when, after the monetary final judgment of a lawsuit is issued, the judgment creditor must collect the judgment debt from judgment debtor through the sale of some piece of property .
A Judicial Deed is the type of deed that is considered a court-ordered deed. This deed is often issued following legal proceedings where property ownership needs to be transferred under the authority of the court.
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