MASTER COMMISSIONER FREQUENTLY ASKED QUESTIONS
Q: Is this sale cash or credit?
A: At the time of sale the purchaser has the option of either (1) paying the full price or (2) paying at least 10% of the purchase price with the balance due in 30 days. If the purchaser elects to pay less than the full price, they must sign a bond and provide surety (see next question). In addition, the Commissioner is obligated to charge the purchaser interest at 12% per annum on any unpaid balance until fully paid.
No cash is accepted! A check will be acceptable.
Q. What do “bond” and “surety” mean?
A: The law requires that any purchaser who, at the time of the sale, pays less than the full amount of the successful bid sign a “bond” (on a former prepared and supplied by the Commissioner) to pay the balance and provide surety for that bond. A “surety” may either be a person, bank, or other entity who owns real estate in Hopkins County who agrees unconditionally to pay the balance due should the purchaser, for whatever reason, fail to pay in full within 30 days.
Q. Do I need insurance if I purchase at a commissioner’s sale?
A: Yes, you should obtain insurance on the property on the day of sale if you are the successful purchaser.
Q. If I purchase property at a commissioner’s sale, how do I get the occupants out?
A: The Court Order confirming the sale authorizes the Sheriff to evict any parties to the foreclosure action, i.e. owners.
Q. When will I receive the deed?
A: It usually takes about 3-4 weeks to receive the deed.
Q. When can I take possession?
A: As soon as you pay the purchase price and receive the deed.
Q. Is there a list of pending foreclosure cases or upcoming sales?
A: There is a list of pending cases and upcoming sales shown on the Master Commissioner website under Judicial Sales. As soon as the Commissioner gets the Order of Sale, it will be put on the website.
Q. I know of property in foreclosure but it is not on the Master Commissioner website. Why is this?
A: A foreclosure can take several months. The Master Commissioner does not get the case until the Judgment and Order of Sale and Order Referring Case to Master Commissioner is entered.
Q: How can I get in and look at the property?
A: The Master Commissioner does not have a key to the foreclosed properties. The owner(s) or occupant(s) of the property are the only persons able to give permission but they are under no obligation to do so.