FYI: The Sheriff Sale is tomorrow, August 5th @ 10 a.m.
Location: The First District Plaza, 3801 Market Street, 3rd Floor, Philadelphia, PA
List of homes for sale can be found here.
The conditions of sale/ buying a foreclosure are:
Ten percent of the highest bid for each property auctioned off shall be deposited in cash, certified check, attorney’s check or money order with the Sheriff by each bidder when his bid is registered, provided that in no case shall less than Six Hundred Dollars ($600.00) be deposited, otherwise upon failure or refusal to make such deposit, the bidder shall lose all benefit of his bid and the property may be immediately offered again and sold unless a second bid has been registered, then, the second highest bidder will take the property at the highest bid price.
Additionally, where there is active bidding, the highest bidder, and the second highest bidder, if any must post the entire amount of the cost of the distribution policy for the property at the time of sale by cash, certified check, attorney’s check or money order with the Sheriff.
The balance of the purchase money must be deposited in cash, certified check, attorney’s check or money order together with a Deed poll for execution by the highest bidder to the Sheriff at his office within 30 days from the time of the sale. An extension of time for an additional 30 days may be granted at the discretion of the Sheriff upon receipt of written request from the buyer requesting the same, except when a second bidder has been duly registered. Also, if the first bidder does not complete settlement with the Sheriff within the thirty (30) day time limit and a second bid was registered at the sale, the second bidder shall be granted the same thirty (30) day time limit to make settlement with the Sheriff on his second bid. Thereafter, the Sheriff shall be at liberty to return the writ to court.
A second bid must be registered on any property immediately after it is sold. The second bidder must present the same amount of deposit that the highest bidder delivers to the Sheriff at the sale. An extension of time under no circumstances will be granted or honored by the Sheriff whenever a second bid is registered on a property at the sale.
The first bid or opening bid on each property shall be a sum sufficient to pay all Sheriff’s costs including advertising, all taxes, water rents and municipal claims due to the City of Philadelphia. If there is no other bid price above the opening bid price, the property shall be sold by the auctioneer to the attorney on the writ at that price.
The deposit by any bidder who fails to comply with the above conditions of sale shall be forfeited and the funds will be applied to the Sheriff’s cost, then to any municipal claims that the City of Philadelphia has on the property. Finally, if a balance still remains, a Sheriff’s Distribution Policy will be ordered and the money will be distributed accordingly.
No personal checks, drafts or promises to pay will be accepted in lieu of cash, certified checks, attorney’s checks or money orders made payable to the Sheriff of Philadelphia County.
The Sheriff reserves the right to grant further extensions of time to settle and further reserves the right to refuse bids from bidders who have failed to enter deposits on their bids, failed to make settlement, or make fraudulent bids, or any other behavior which causes disruption of the Sheriff Sale. Said bidders shall be so refused for the sale in which said behavior occurred and for said further period of time as the Sheriff in his discretion shall determine.
The Sheriff will not acknowledge a deed poll to any individual or entity using an unregistered fictitious name and may, at his discretion, require proof of identity of the purchaser or the registration of fictitious names. The bid of an unregistered fictitious name shall be forfeited as if the bidder failed to meet the terms of sale.
All bidders are advised to remain at the sale until after the last property is sold. The Sheriff reserves the right to re-sell any property at any time before the end of the sale, upon the successful bidders’ failure to tender the required deposit. The Sheriff reserves the right to postpone or stay the sale of any property in which the attorney on the writ has not appeared and is not present at the sale.
