- This topic has 2 replies, 3 voices, and was last updated 8 years, 2 months ago by .
-
Topic
-
Hello:
Does anyone know if when an owner is forced to sell by court order, due to non-payment of levies, that they must take the first offer or are they allowed to hold out for market value of the property?
-
Replies
-
Don’t know, but court orders usually have a time limit within which actions must occur. So, my guess (no better than that) would be that the court would say you must accept an offer by a certain time that I expect would be sufficient time to have found at least one reasonable offer.
My understanding is that the Sheriff takes possession of the property and sells it. He is not obliged to get the market price. Generally the Sheriff will put the property to auction where the market decides the value.
If one ever gets to a situation where one is forced by the court to sell, I can’t see one has any redress about the price obtained
- You must be logged in to reply to this topic.