How to Buy a House at Sheriff's Sale in NJ: A Comprehensive Guide

Table of Contents

If you're interested in purchasing a property at a sheriff's sale in New Jersey, you've come to the right place. This guide will provide you with valuable information and step-by-step instructions on how to successfully navigate the process of buying a house at a sheriff's sale in NJ. From understanding the auction process to ensuring a smooth transaction, this resource has got you covered.

I. Understanding the Sheriff's Sale Process in NJ:

Overview of the sheriff's sale process
Important dates and deadlines to keep in mind
Legal and financial considerations

II. Benefits of Buying a House at Sheriff's Sale in NJ:

Potential Cost Savings:
- Properties at sheriff's sales are often sold at below-market prices.
- Buyers have the opportunity to acquire properties at a significant discount.
Wide Range of Property Options:
- A variety of residential and commercial properties are available at sheriff's sales.
- Buyers can find properties in different locations and with diverse features.
Investment Opportunities:
- Buying at a sheriff's sale can be a lucrative investment strategy.
- Properties can be renovated, rented, or resold for a profit.

The auction associated with a sheriff's sale is conducted by way of a voice auction. Typically the creditor/plaintiff (i.e. the bank's attorney) will being the bidding process with a hundred dollar ($100.00) bid, with bidding continuing until a winner in the form of the highest bidder for the property is determined.

How long do you have to move after a sheriff sale in NJ?

Approximately 60 days

Generally speaking, approximately 60 days after the sheriff sale you will receive a final notice with a date set for eviction. The court may extend this period, but only if you can demonstrate that moving out sooner presents a unique hardship that cannot otherwise be overcome.

What is the difference between a foreclosure and a sheriff sale in New Jersey?

Under New Jersey law a Sheriff's Sale takes place only after the entry of a Final Judgment in a foreclosure case. After the entry of such Final Judgment, a Writ of Execution is issued and sent to the sheriff who in turn is charged with scheduling a sale.

How many times can a sheriff sale be postponed in NJ?

Notwithstanding any other law or court rule to the contrary, a sheriff or other officer selling real estate by virtue of an execution may make five adjournments of the sale, two at the request of the lender , two at the request of the debtor, and one if both the lender and debtor agree to an adjournment, and no more,

Can you stop a sheriff sale in NJ?

Stopping Sheriff Sales in NJ. Adjourn the Sale - you are entitled to adjourn the sheriff sale two times for any or no reason. We refer to these as "free adjournments" because you don't need a reason to adjourn. "Adjourn" or Adjournment" are fancy lawyer words for "postponing" the sheriff sale.

What is the redemption period for a sheriff sale in NJ?

Under the New Jersey Rules of Court, a homeowner has a right of redemption during the ten (10) day period after the sheriff's sale. This right of redemption requires you to pay the full amount due on the foreclosure judgment, plus the costs of sale before the ten (10) day period expires.

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Are sheriff sales still on hold in NJ?

NJ Sheriff's Sales Have Resumed

NJ Sheriff Sales on residential property were on hold since the beginning of the COVID-19 pandemic. As of September, 2021 Sheriff Sales have resumed in New Jersey.

Frequently Asked Questions

Can you postpone a sheriff sale in NJ?

Homeowners have the right to two (2) adjournments of the Sheriff Sale. Each adjournment is for up to 30 days.

How long does it take to foreclose on a house in New Jersey?

Home foreclosure is a long process in New Jersey. But, these timeframes are not typical. A more reasonable estimate for how long foreclosures are taking in New Jersey in 2022 is about 3 years, with uncontested cases moving as quickly as 12-18 months.

How many adjournments are allowed in sheriff sale in NJ?

Notwithstanding any other law or court rule to the contrary, a sheriff or other officer selling real estate by virtue of an execution may make five adjournments of the sale, two at the request of the lender , two at the request of the debtor, and one if both the lender and debtor agree to an adjournment, and no more,

FAQ

How long can you not pay your mortgage before foreclosure in NJ?: The lender is usually not allowed to file a foreclosure lawsuit until you are more than 120 days late in paying your mortgage. Before they file a lawsuit for foreclosure in NJ, the lender must follow certain guidelines requiring them to give you loss mitigation options.
How do I stop a sheriff's sale in NJ?: One of the options for stopping the Sheriff Sale is by filing a Chapter 13 Bankruptcy. A Chapter 13 filing puts in place an automatic stay which stops the Sheriff Sale from taking Place. If your home has recently been sold at a Sheriff Sale in New Jersey you may be wondering if you can still keep your house.
What is a notice of sheriff sale in NJ?: What is a Notice of Sheriff Sale? A Notice of Sheriff Sale lets you know the date that your property will be part of an auction by the County Sheriff. If you receive this notice, your lender has already received a Final Judgment of Foreclosure and is authorized to sell your home.