NO WARRANTY: All sales are made "AS IS" without warranty of any nature and specifically with regard to the physical condition, acreage, suitability, zoning or validity of title to the property. If the property is occupied, the purchaser will have the responsibility of removing the occupants. A prospective purchaser is advised to contact his or her attorney before the sale regarding the rights of a purchaser at a judicial sale. The Court and the Commissioner make no warranties regarding the property whatsoever.
TITLE SEARCH: It is strongly recommended that if you purchase property at a sale you have a title search done immediately to be sure all liens will be foreclosed against the property. Any objections to the sale must be made prior to confirmation of the sale and relief, if any, will be by order of the Circuit Judge. Confirmation usually takes place ten (10) days after the filing of the report of sale which is filed the day of the sale.
REQUIREMENTS FOR BIDDING: The requirements for purchase are 10% down with the balance due in 30 days if the purchase price is not paid in full the day of the sale. The balance not paid on the day of the sale accrues interest at 12% from the date of sale until paid. If you do not pay the entire price in full on the day of the sale, you are required to post a "surety bond" for the balance. You must have someone at the sale who has property which has equity in Kentucky at least twice the amount of the bond to sign the bond and guarantee the payment of the balance of the price.
INSPECTION: Unless noted in the advertisement, the interior of the property is not available for inspection prior to sale. We do not have access to the properties.
APPRAISALS AND RIGHT OF REDEMPTION: In all sales which are held to pay a debt, the court appoints appraisers to value the property. Kentucky law requires that if the property does not bring 2/3rds of the appraised value, the owners have 6 months to buy the property back at the sale price. If it is redeemed, the purchaser is entitled to be reimbursed for the sale price and money expended to protect the property (such as taxes and insurances), but the purchaser is not entitled to be reimbursed for anything spent on improvements. This is called the debtor's right of redemption.
OPENING BIDS: Sometimes the foreclosing lender will make an opening bid before the sale. We attempt to post all such bids on this page. Sales where an opening bid is given will start at that price.