The Foreclosure Unit
The Foreclosure Unit
The Foreclosure Unit coordinates real property to be sold at Sheriff’s sale. In conjunction with the sale and in accordance with applicable law, the Foreclosure Unit also coordinates the advertisement and posting of property, the preparation of Sheriff’s deeds and the determination of all costs, interest, fees and commissions associated with a sale. Upon completion of foreclosure, the Foreclosure Unit returns all final documents to the Superior Court.
A listing of Foreclosure Sales can be found here.
Foreclosure Unit Regulations
All properties are advertised for four (4) weeks prior to the foreclosure sale. Advertisements are listed every Wednesday in The Star Ledger and every Thursday in local Essex County weekly newspapers.
Foreclosure sales are conducted every Tuesday (except legal holidays) at 1:30 p.m. in Room 216-I at the Essex County Sheriff’s Office, Veterans Courthouse, 50 West Market Street, Newark, New Jersey.
The following is a list of conditions for all Sheriff’s sales:
- Each property is sold subject to restrictions of record which are unknown to the Sheriff at the time of the sale and subject to any unpaid taxes, water bills or assessments, and such state of facts as an accurate survey and physical inspection of the premises may reveal.
- The highest bidder at the sale shall be the purchaser.
- If you are the successful bidder on a piece of property, you are required to post a deposit of 20% of the total bid price in money order or certified funds immediately after the close of the sale.
- No company, agency or personal checks will be accepted.
- The balance of the bid is due payable within thirty (30) days of the date of the sale. However, 3.5% interest will be added to the purchase price from the eleventh (11th) day to the date of payment.
- The Sheriff’s fees will be deducted from the purchase price and the purchaser is responsible for the payment of the realty transfer tax.
- The purchaser will sign an Acknowledgment of Purchase and the Conditions of Sale. If the purchaser fails to pay the balance due within thirty (30) days, the Sheriff will resell the property at the earliest possible sale date and the former purchaser will be held responsible for all costs and expenses incurred during the original sale.