Payment for real estate purchased at the Sheriff’s sale may be made by cashiers check, at the time of sale as follows:
If the property was appraised a deposit amount based on the deposit schedule will be due if you are the sucessful bidder. The check should be made payable to the Lorain County Sheriff.
10% down up to a maximum of $10,000.00 for minimum bid cases.
$2,000.00 deposit if appraisal is lesser than or equal to $10,000.00
$5,000.00 deposit if appraisal is equal to $10,000.01 to $200,000.00
$10,000.00 deposit if appriasal is greater than $200,000.00.
If the property is a minimum bid then.
1. Bidding must be limited to $100.00 increments or multiples there of.
2. Bids that are less than $1,000 requires full payment of the sale price.
3. Bids between $ 1,000 & $ 10,000 require payment of $1,000 towards the sale price.
4. Bids over $10,000 require payment of 10% of the sale price up to a maximum deposit of $10,000.00.
5. All checks should be made out to the Lorain County Sheriff.
The balance that is due must be paid by Bank Check only (no personal checks accepted for balance). The unpaid balance of the purchase price shall be due and payable to the Sheriff within 30 days from the date of the sale but also being subject to the confirmation order. See office staff for further details. The purchaser shall be required to pay interest on said unpaid balance at 10% per annum from the date of the confirmation of the sale to the date of payment of the balance unless the balance shall be paid within 8 days from the date of confirmation of sale, otherwise the purchaser may be adjudged to be in contempt of court.
If you cannot complete the purchase for any reason, you may be cited for Contempt of Court, which could result in a substantial amount (perhaps all) of your payment (or more) assessed to cover court cost, etc.
The purchaser will be given credit for any taxes that are paid towards the purchase price.
The purchaser is also given a credit towards taxes prorated for the current year to the date of the sale.