Home Buying in 55044>Question Details

theresa.palm…, Home Buyer in Olympia, WA

Do you have to have the full amount of your bid at a sheriffs sale in Minnesota?

Asked by theresa.palmquist, Olympia, WA Tue Jul 9, 2013

Help the community by answering this question:

Answers

5
Russ Douville’s answer
The short answer is YES you do need the full amount of the bid. Although there are some variations in the details from county to county, most expect bidders to be present, and some don't take cash, only certified checks. Contact the local sheriff's office for details and proceedures.
0 votes Thank Flag Link Thu Jul 11, 2013
Short answer is YES.

Since each County has their own way of doing things, here's a nice list of every County Sheriff Department in Minnesota http://stevendiadoo.com/mn-sheriff-departments/
0 votes Thank Flag Link Thu Sep 5, 2013
Hi, Theresa!
In short, yes, the fund have to be either in cash or in some sort of certified funds. I'm not sure if they would allow a wire, but it's worth checking with whatever county is doing the sheriff's sale. It's my understanding that you must be there in person to purchase, have the funds in cash/certified funds and be prepared that whatever other lien holders are present may be bidding against you. Also, my colleague is correct, there is a 6 month redemption period here in MN, so the original owners will have that time to redeem their status with the property. Your funds will be held in a trust account until that time has expired.

Good luck!
0 votes Thank Flag Link Wed Jul 10, 2013
Yes. And it has to be all cash. Also, you will not gain possession of the property until the 6 month redemption has passed. So your funds will be tied up until then. Please feel free to call me with any questions. Thank you. 952-456-1426
0 votes Thank Flag Link Tue Jul 9, 2013
Usually a certified check in the amount of the bid has to be available and when you register for the sale and your opportunity to bid, they will inform you of the process and when and where
you will submit the funds. EF
0 votes Thank Flag Link Tue Jul 9, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer