What Is A Sheriff’s Sale?

All about the Sheriff's Sale:

In Minnesota, when a mortgagor (the person paying the mortgage) falls into default, the lender, or mortgagee may commence the foreclosure process.  Part of the foreclosure process is to hold a sheriff's sale, or public auction on the home.

This auction is typically held at the sheriff's office and anyone may bid on the home in question.  The winner of the auction is said to have equitable interest in the property.  Minnesota law dictates that an owner who is residing in the home can have up to 6 months to redeem the property, or bring the home out of foreclosure.  This is called the redemption period.  If the owner is not living in the home, the auction winner may obtain a court order to reduce the redemption period from 6 months down to 5 weeks.  With a couple of minor exceptions, once the redemption period expires, the winning bidder from the sheriff's sale is the new owner of the home.

If you owe more on the home than what it's worth, you may continue to pursue a short sale with the lender(s) during this redemption period while the home is in foreclosure.  Most lenders are still willing to consider a short sale during this time.

At the Twin Cities Short Sale Realtor, we're experts at working short sales during the redemption period.  Please contact us today if you would like to request a short sale from your lender(s) and we'll get working right away!