Sheriffs’ sales explained
About a dozen spectators and potential buyers gathered Thursday afternoon at Marion County Courthouse for the sheriff’s sale of the former Kingfisher Steakhouse & Lounge at Marion County Lake.
There was only one bid submitted for consideration that was from Tampa State Bank, the lien holder of the property, for more than $198,000.
So, how do sheriff’s sales work?
About sheriff’s sales
There are two types of sheriff’s sales — one initiated by the county attorney for unpaid taxes owed the county and one initiated by attorneys for unpaid mortgages.
Every few years, tax foreclosures are planned by order of the county attorney with approval of the county commission.
Delinquent mortgage properties first go through district court to determine the status of the property i.e. if in fact the owners are negligent. When it is determined, the owners are delinquent and the court finds them in default, a sheriff’s sale is scheduled.
Attorneys of the lending institutions that hold the past due mortgages will call the sheriff’s office to schedule a sale. Notices are published in the county’s official newspaper, the Marion County Record, letting the public know of the sale.
Marion County sheriff’s sales always are at 2 p.m. Thursdays.
It is a sale by written bids and not an auction.
At the beginning of the sale, the sheriff asks for bids. Individuals then give written bids. The highest bid buys the property.
Proceeds from the sale are dispersed accordingly. If there are county property taxes due on the property, they are paid directly to the county treasurer that day. The remainder of the money is paid through district court.
After the sale is completed and recorded in district court, lending institutions then can sell the properties to other buyers.