I just purchased property at the commissioner sale. What do I need to do now?
Discuss with an attorney the necessity for a title search. Thirty (30) days from the date of sale, the balance of the bid price needs to be paid into the Commissioner’s Office. Interest is at the judgment rate on the unpaid balance. The interest rate is noted on the sales handbill.
When do I get access to the property?
You are entitled to possession of the property after the Report of Sale has been confirmed by the Court. This can happen any time ten (10) days after the Report of Sale has been filed in the Court record.
How do I get keys to the property?
This office does not have keys. The party whose judgment under which the property was sold or its attorney may have keys.
What happens after all liens have been satisfied and money is left over?
The original property owners have a right to those funds, and may file a claim for excess funds.
Someone is still living in the home. What should I do?
The Court can enter a writ of possession directing the sheriff of Jefferson County to set the individuals and their property out.
What if the Commissioner’s Sale brings less than two-thirds (2/3rds) of the appraisal?
The homeowner has a six month right of redemption.
What is a right of redemption?
It is a right held by the property owner giving them six months to repay to the purchaser the amount of money paid into the Commissioner plus 10% perannum. KRS 426.530
Whose name is on the Commissioner’s deed?
The Commissioner’s deed will be in the name of the purchaser at the Commissioner’s Sale.
How do I make payments to the Commissioner’s Office for my bid price?
Payments are made at the Commissioner's Office, accompanied by an order paying money into court, confirming the sale and requesting issuance of deed. Note: Cash payments are not accepted at the Master Commissioner's office. Cash payments (capped at $10,000 per purchaser per sale date) are only accepted for sale bids at the judicial sale. In no event shall an amount greater than $10,000 in cash be deposited to complete the terms of the sale.
Where are the sales conducted?
Jefferson County Judicial Center, 700 W. Jefferson Street, 2nd Floor - Jury Pool Room, Louisville, Kentucky.
Can I inspect the property before the Commissioner’s Sale?
Only if the individuals in possession allow it.
Is the property insured?
It is the responsibility of the purchaser at the Commissioner’s Sale to insure the property, to the extent of the purchaser’s interest, until purchaser takes full title.
Where can I get a list of foreclosure actions filed in Jefferson County or placed on a mailing list?
No such list is maintained. The Commissioner’s Office does not create a mailing list or mail information to individuals. The website has a list of properties which are going to be sold.
When do I get the deed to the property?
The Report of Sale is filed within three business days of the sale. The sale then sets for 10 days before you can file a motion and order with the court to pay in the purchase price plus interest, and request for confirmation of the sale and the issuance of the deed. Note: If you have paid the full balance at the sale, you are still required to file a motion and order with the court to request confirmation of the sale and the issuance of the deed.
What if the title search shows liens which were not named in the litigation?
You or your attorney may file a written objection with the court. Rule 50
What happens if I fail to pay the full balance of my bid price?
You run the risk of losing any monies you have paid up to that point. If the property is rescheduled for sale and sells for the second time for less than what you paid for it, you may be liable for the difference. Note: If you were approved for a surety bond through this office, your bond may be subject to revocation
Can I get my deposit back if I do not like the property or if I cannot get financing?
Is a bond necessary from the purchaser?
A bond is not necessary if the purchaser pays in cashier's check, money order or cash (cash is capped at $10,000 per purchaser per sale date.) Otherwise, a pre-approved bond must be filed with a 10% deposit, both of which must be provided by the purchaser at the sale. If a purchaser does not have a bond and at least 10%, or full payment at the time of sale, the Commissioner will have to re-sell the property, and the purchaser who did not complete the terms of sale may be asked to leave the sale.