Simple Definition – Court ordered auction to satisfy a creditor’s judgment against the owner and overseen by the Sheriff’s office.
Legal Definition – Used by the courts to satisfy a judgment and/or a tax lien or to facilitate a foreclosure or tax sale. Public auctions to satisfy a judgment are conducted under the authority of the Sheriff for that particular jurisdiction. In Delaware, Trustee sales are coordinated through the Sheriff’s office.
Ownership – Depending on sale terms, ownership transfers at settlement which can be 30-120 days from the date of sale.
Unique Process Involved – Must follow the laws of the jurisdiction and the state.
Important to Keep in Mind – We are working on more and more projects in Delaware.