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Sheriff's Sales on Real Estate

 
What Is Real Estate?

Real Estate is land with its improvements and the right to own and use it.

Where Is The Sheriff's Sale Auction Held?

In the lobby on the first floor of the courthouse at 5800 LA Highway 44 in Convent.

When Is The Auction Held?

All auctions are held on Wednesdays at 10:00 a.m. Auction dates are advertised in The News-Examiner, the official newspaper of record, thirty days prior to the auction.

How Many Days Does It Take Before A Foreclosed Property Goes To Auction?

It takes a minimum of thirty (30) days from receipt of the writ to advertisement for the auction. During this time, the foreclosure may be stopped for reasons such as bankruptcy or payment of the balance owed.

What Are The Usual Costs Of Foreclosure?

A $500.00 advance deposit is required from the party filing the original petition. Advertising, appraisal, certificates, curators fees, deed, docket and a three (3) percent sales commission on the sales price to the St. James Parish Sheriff's Office. All aforementioned fees will be taken from the final bid amount if a third-party successfully wins the bid.

What Is The Minimum Opening Bid?

There are two categories for the minimum opening bid:

  • When the sale is with appraisal, the bid must open at two thirds (2/3) of the appraisal and must satisfy the superior claim. If 2/3 of the appraisal results in an opening bid insufficient to cover the costs and commission, then the opening bid will be raised to reflect those expenses.
  • When the sale is "without” appraisal, the opening bid must cover any superior claims plus the costs and commission.

Can I Enter The Property Before I Bid?

No access is allowed prior to the auction which is a judicial sale.

Must I Bring The Entire Cash Amount To The Auction?

Upon successfully bidding on the property, the winning bidder must immediately provide the Sheriff with the full amount of the purchase price paid in cash, money order, cashier's or certified check or letter of credit from a bank, plus their name, address, and phone number. Note: A Letter of Credit/Guarantee is a letter showing that you have a mortgage available to you. However, this letter allows the successful bidder three business days in which to make necessary transfers of funds.

When Will I Receive The Property Deed?

Within 15 days after the adjudication, the Sheriff shall pass an act of sale to the purchaser.

What does it mean when a property is sold with appraisal?

Under the law, both the plaintiff (the creditor) and the defendant (the debtor) have the right to appoint an appraiser to value the property which is being foreclosed upon if that right was not previously waived by the defendant. Each party who names an appraiser shall deliver the appraisal to the Sheriff at least 2 weeks, exclusive of holidays, prior to the time of the sale. If the parties do not appoint an appraiser, the Sheriff appoints the appraiser.

In A Sheriff's Sale, Can I Rely On The Appraisal Supplied By The Plaintiff, Defendant Or The Sheriff?

There is no substitute for viewing and appraising property oneself. All appraisals are an opinion of the value of a property based on estimated square footage and on exterior view only. The parties to the litigation have varying interests with respect to appraisal amounts. Ordinarily, a plaintiff hopes for a low appraisal and a defendant hopes for a high appraisal. Since there are varying interests involved, prospective bidders should be aware that appraisals might reflect those interests.

Commissions

Sheriff's commissions for sales of movables are set at 6% of the sale price. Sheriff's commissions for sales of immovable property is set at 3% of the sale price.


 

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