The Delaware Beach Foreclosure Investor program is designed to provide information to qualified buyers. Remember only a few foreclosure real estate auction transactions result in actual sales The entity filing the foreclosure action, such as a bank, homeowners Association, govt. branch, or credit union usually buy the property back and still can hold the debtor liable for the difference when and if it sells. These Properties are then put on the market with a real estate broker. They are Foreclosed!
- Is the real estate a house, condo, vacant lot, and whats is the anticipated payoff or possible sale price????
- * By using some of theses parameters, I narrow down your search .
- * If needed provide names of Lending Agencies familiar with Financing Foreclosures.
- *Once we attain a prospective property I gather as much information as possible. Is the Real Estate of Value, can it be financed, how much more investment injection is required, is it in a flood zone etc...
- * If you decide to further pursue we order a LOCAL title search by a local closing Attorney familiar with area.This is where you put your first out of pocket expense.
Delaware Beach Foreclosure RISKS TO BIDDERS!
TAX (MONITION) SALES: Entire bid amount (100%) is due on date of sale at time of sale. You MUST research the property at the Recorder of Deeds Office and the Prothonatary’s Office located on the Circle in Georgetown. We do NOT guarantee clear title! The owner has the right to redeem their property any time within 60 days from the day the sale is approved by the Court.
MORTGAGE SALES: 20% of bid is due the day of sale with the balance due the third Monday of the month following the sale. Failure to pay the balance will result in forfeiture of sale and the 20% deposit. Sale deposits are non-refundable. You must research the property at the Recorder of Deeds Office and the Prothonotary’s Office located in Georgetown. We do NOT guarantee clear title!
Your bid does not necessarily negate other debts on the property. You MUST research the property at the Recorder of Deeds Office and the Prothonotary’s Office located on the circle in Georgetown.
Delaware Foreclosure Investor!! Terms and Regulations
ALL sales can be stopped (STAYED) until 9:30 AM on sale day. All properties are purchased on an “as-is” basis, sight unseen (no trespassing on properties). Your bid makes you responsible for any possible liens.
Tenants/Owners of properties are not automatically evict from Sheriff Sale properties. Confirmation of the sale occurs the first Friday after the first Monday of the following month of sale.
Change of ownership of the property does not occur until a proper deed is recorded.
Terms of Monition Sale (Tax Sale)
100 percent of the purchase money at the time of sale. Cash, Certified Check or Cashier’s Check, is required. Sale subject to confirmation by the Superior Court and also subject to the owner’s right of redemption pursuant to 9 Del. C. § 8728. This sale is subject to the approval of the Department or Finance or the chief county financial officer, pursuant to Title 9 Delaware Code § 8726. Also subject to a 1 1/2 percent Delaware Realty Transfer Tax; 3/4 percentby the Seller and 3/4 percent by the Purchaser and subject to 1 1/2 percent Sussex County Realty Tax, 3/4 percent by the Seller and 3/4 percent by the Purchaser. Any further Transfer Tax is the responsibility of the Purchaser. The Purchaser will pay the cost of the deed. Please make checks payable to: Sheriff of Sussex County.
Goods & Chattels Terms of Sale
100% of the bid amount is due at the time of the sale. Cash, Cashiers or Certified Check is required.
Sheriff Sale Registration Information
All bidders require to register between 9am – 9:30am, prior to the start of the Sheriff Sale. To register you will need a $4,000.00 deposit. Your deposit must be cash or a cashiers/certified check made payable to the Sheriff of Sussex County. You will also need your driver’s license or a valid photo I.D. Both items are require in order to receive a bidder number. You MUST have this bidder number to place a bid.
In addition, your cash/check will be held on deposit until the completion of the sale at which time your cash/check will be refund if you are not a successful bidder. Same bid number must be return to Auctioneer/Clerk for return of deposit. The successful bidder’s deposit will be apply to the 20% deposit for the purchase of the property. The remaining amount of the 20% deposit must be paid before 3:00 P.M. on the day of sale or you will forfeit your deposit and the property will be resold.
Please make Certified Check or Cashier’s Check payable to: Sheriff, Sussex County.