| Sheriff Sale
Information Sheet (Pink Sheet) |
The
Sheriff
Sale Information Sheet (formally called the 'Pink Sheet') is
now available for download. Please choose the appropriate format
below.
Adobe Acrobat Reader (PDF Format) 12kb
Microsoft Word (DOC Format) 30kb
Rich Text Format (RTF Format) 25kb
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| Civil District Court Cover Sheet |
Microsoft Word (DOC Format) 23.5kb
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| What
is Real Estate? |
It
is land with its improvements and the right to own and use it.
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Where is the Real Estate auction
held?
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In
the lobby of the Civil District Courthouse located at 421 Loyola Avenue
at Poydras Street.
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| When
is the auction held? |
Every
Thursday at noon unless otherwise advertised. Each property and its
auction date is advertised in the Times Picayune, the official newspaper
of record, thirty (30) days before the auction and again on Monday,
the week of the auction. Properties are also advertised
in a second publication like The Louisiana Weekly newspaper to run
concurrently with those ads run in the Times Picayune. Upcoming lists
of properties for sale are available in the Real Estate Division of
the Sheriffs Office three (3) weeks prior to the actual auction of
a piece of property and on this website under the heading,
"Real Estate Sales Lists."
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| How
many days does it take before a foreclosed property goes to auction? |
It
takes a minimum of forty-five (45) days from receipt of the writ to
advertisement for the auction. During this time the foreclosure may
be stopped for reasons such as bankruptcy or payment of the balance
owed.
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| What
are the usual costs of foreclosure? |
Advertising,
appraisals, mortgage, conveyance and tax certificates, curators fees, deed, docket and a three (3)
percent sales commission on the sales price to the Office of the Civil
Sheriff. These costs and fees are not paid by a successful bidder. A
successful bidder only pays the amount of his or her bid.
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| What
is the minimum opening bid? |
There
are two categories for the minimum opening bid:
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- When
the sale is with appraisal the bid must open at two thirds (2/3) of
the appraisal and must satisfy any superior claims. If 2/3 of the appraisal
results in an opening bid insufficient to cover the costs and commission,
then the opening bid will be raised to reflect those expenses.
- When
the sale is "without" appraisal the bid must cover any superior claims
plus the costs and commission. Usually this is a relatively
low amount between two and five thousand dollars.
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| Can
I enter the property before I bid? |
No
access is allowed prior to the auction. The sale is not
officially completed until the entire purchase price is paid in full..
Therefore it is only then that access to the property is legally permissible.
All property is sold
"As Is Where Is" and the deeds are not warranted.
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| Must
I bring the entire cash amount to the auction? |
Upon
successfully bidding on the property, the successful bidder must immediately
provide the Sheriff ten percent (10%) of the purchase price paid in
cash, money order, official, cashiers or certified check (no personal checks
are accepted), plus their name, address, phone number, marital status
and social security number. With some properties the entire amount
must be paid in cash and this will be specified in the advertisement
prior to the auction.
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| When
must I pay the balance due? |
The
balance must be paid within thirty (30) days after the sale unless
the terms of the sale require the full purchase price at the time of
the successful bid. Failure
to meet this deadline may result in the property being reset for a
second auction. Should the second auction result in a lesser
sales price, the first bidder may lose all or part of his deposit.
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| When
will I receive the property deed? |
Not
less than fifteen (15) days after paying the balance of the purchase
price. Payment of the balance by certified funds results in
delivery of the deed sooner.
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| Why are pictures
shown on some properties and not on others? |
In order to avoid confusion, pictures are not taken of condominium units,
time share units, or vacant lots. Since condominium buildings consist of
many units in various buildings, and since usually only the individual units
are being sold, it would be impossible to properly depict in a photograph
the specific premises being sold. Vacant lots bear no defined municipal
number therefore it is most difficult to depict the property to be sold in a
photograph. Certain properties which are otherwise suitable for pictures
are not photographed for a number of reasons including but not limited to
time constraints, weather conditions, remoteness of locale, and the
availability of personnel to perform the service. The Sheriff reserves the
right to make determinations relative to the publication of photographs of
properties to be sold. No inferences should be drawn relative to the value
or condition of property based upon the presence or absence of a photograph.
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| What does it mean
when a property is sold with appraisal? |
Under the law,
both the plaintiff (the creditor) and the defendant (the debtor)
have the right to appoint an appraiser to value the property
which is being foreclosed upon if that right was not previously waived
by the defendant. Each party who names an appraiser shall deliver the
appraisal to the to the sheriff at least two days, exclusive of holidays,
prior to the time of the sale. If the parties do not appoint an appraiser
the Sheriff appoints the appraisers. Appraisals are posted on the
internet, but because of the 48 hour opportunity the appraise, the
amounts are usually posted immediately before the sale.
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| In a Sheriff’s Sale
can I rely on the appraisal supplied by the plaintiff, defendant
or the Sheriff? |
Pictures are not a substitute for viewing the property, and should
not be used as the basis for purchasing any property offered for
public auction. Pictures only depict the condition of property at the
moment the photo is taken. It is possible that fire, vandalism, acts
of God and other damage may occur to property after pictures have been
taken. It is even possible that due to error the picture shown may not
be the correct photo of the premises to be auctioned. THE CIVIL
SHERIFF'S OFFICE DOES NOT GUARANTEE OR WARRANT THE CONDITION OR THE
TITLE TO PROPERTY AUCTIONED, NOR THE ACCURACY OF PICTURES SHOWN ON
THIS BOARD.
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