One of the many functions of the Sheriff's Office is to conduct the sale of real property after Foreclosure proceedings have been initiated.
All properties sold by auction at the Justice Center are advertised in the Record every Wednesday as well as a local newspaper, for four consecutive weeks. In addition to the newspaper advertising, a list of properties scheduled for sale during the upcoming week is available.
Listings may also be obtained at the Bergen County Sheriff's Office located on the 2nd Floor of the Bergen County Justice Center. Further assistance is available through the Foreclosure Unit please contact them at (201) 336 3500.
The Foreclosure Sale Process
Sales of property are “open type” auction sales (no sealed bids). Initially a minimum bid of $100 dollars is made by the plaintiff in order to start the bidding process. All subsequent bids are in $100 increments. All bidding in excess of $100,000 is in $1,000 increments.
The successful bidder is required to post a deposit of 20% of the total bid price in cash, certified or cashier's check immediately at the closing of that sale. To determine what funds you may need as a deposit, you must decide what your highest bid will be. Then a certified or cashier's check for 20% of that amount is to be presented. A cash deposit will be treated the same.
Certified checks and cashier checks should be made out to you. If you are the highest bidder the check will be endorsed over to the Bergen County Sheriff's Office.
The balance of the bid is due in 30 calendar days from the date of the sale. If the balance is not paid in 30 days, the purchaser must pay default interest at the current prevailing rate as dictated by the State of New Jersey on the full amount of the bid, up to the date that full payment is made.
Things to Remember
- There are times when the sale of a property is not conducted on the date advertised due to an adjournment, settlements or bankruptcy. It is recommended that you first call the Bergen County Sheriff's Office on the scheduled sale date to determine the status of the case.
- If you are interested in a particular piece of property, a title search is recommended before you actually bid. You may conduct a title search on your own at the County Clerk's office, at no charge or you may employ a private firm to conduct a title search for you on a fee basis. Title search firms can be found by consulting the yellow pages of the telephone directory.
- If the property you purchase is occupied by tenants, it will be your responsibility to obtain a Writ of Possession.
- In some cases the property, even after the sale, can be redeemed by the original owner for the period of ten calendar days from the date of the sale. In certain instances, the period of redemption may be longer. If the redemption period is extended beyond ten days, an announcement to that effect will be made prior to the sale of the property.
- The successful bidder upon final payment of the bid will receive a Sheriff's Deed. However, this Deed doesn't give clear title to the property. To obtain a clear title, all outstanding liens and encumbrances must be satisfied. If a purchaser does not complete the sale the purchaser can be held liable for the deposit. Deed recording fees must be paid by the purchaser to the County Clerk when the Deed is recorded.
- To expedite your inquiry on a specific piece of property, it is helpful to refer to the property by the Sheriff's Reference number which appears in the legal advertising.