What happens if a property doesn’t sell at sheriff sale?
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What happens if a property doesn’t sell at sheriff sale?
The property went to sheriff sale to settle a probate. There is no lien, no lender involved.
Asked on August 20, 2011 Oklahoma
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Your question is a bit vague in that the underlying facts for it are quite general. In a probate sale of real property which is an asset of the estate, the property is listed for sale after the court issues an order allowing it. Numerous offers come in where one is accepted subject to probate court approval of the sale where all of the estate's beneficiaries can comment upon the sales price and terms.
The court either accepts and approvals the sale or it does not.
If there was a court order that a certain piece of real property was going to be auctioned off at a sheriff's sale as a probate asset, there would have been a minimum court ordered bid for a sale to have been approved.
In your situation, it seems that the minimum bid was never made at the shriff's sale for the probate asset. Since it did not sell, it is still an asset of the estate that needs to be sold.
Good question.
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