The Routine of Foreclosure Court Auctions On First Tuesdays
August 12th, 2008
The routine of foreclosure court auctions on first Tuesdays of every month has become a habit for many. The number of foreclosed units has gone up and so have the number of bidders. The Tifton Gazette regularly advertises the properties facing court foreclosure.
Shery Sellars is one of the many ready to bid for a good house to build a home in. That’s right – Shery is not interested in buying and selling but wants to set up a home in a house. Here eyes are on a house on Tall Tree Road. Brookfield is the right locality for her because it is close to the house of her parents. Shery is a single mother struggling with two children – a teenager and and a toddler. The elder daughter and parents came with her to the foreclosure auction. Shery is anxious to get out of her rented quarters. She had inspected the house of her choice. Although it was small with a shabby exterior it looked structurally sound.
Mark Bennett is another regular participant at Tuesday foreclosure auctions hanging around from 10 am to 4 pm. There was no surety about when the house of choice would come up on the rolls. Participants dare not take even a lunch break. Both Sellars and Bennet feel that the style of bidding at the court auctions could be improved upon. The major complaint was that the property was sold in the courthouse entailing people to stand outside in the searing heat. The foreclosure auction is literally held on the steps of the courthouse! The scene is chaotic with nobody to give proper guidance. Everything is by word of mouth.
Gwen Pate is the clerk in the county office. She says that people repeatedly ask for information but she too is in the dark. She says, “I don’t have information to give them.”
After a long hot wait of three hours the foreclosed property that Sellar’s was interested in came up for bidding. First the legal description of the property was read out and then the it was announced that the bidding was to start from $66,020.18. Sellars became hesitant and confused. She was not prepared for this big a sum. Her father came forward bidding one penny more than the announced figure. But the lawyer said, “the lender has authorized me to enter a competitive bid of $82,526.” That was the end of the matter.
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October 22nd, 2008 at 8:18 am
[...] are meant all the houses that are in the different stages of foreclosure from notice of default to court auctions and bank repossessions. As the banks are usually the lenders reference is made to North Carolina [...]