Sheriff’s sale of Olney properties set for June 6

The Sheriff ’s Sale of foreclosed properties in Olney starts at 10 a.m. on June 6 on the Young County Courthouse steps. The minimum bid required by law is the lower of the delinquent properties taxes plus administrative costs and the most current County appraisal on the property, said attorney Jeanmarie Baer of Perdue Brandon Fielder Collins & Mott, which handles the County’s foreclosure sales.

As long as the buyer meets the minimum bid and pays for the property by 2:30 p.m. on the sale day, the Sheriff must accept the bid, she said. “You can’t refuse to accept a minimum bid,” she said.

If a property is not purchased at the Sheriff ’s sale, the City of Olney can choose to have it “struck off ” the foreclosure rolls and hold the title in trust to sell it later, she said. In these cases, the City has broad latitude to set sales conditions and reject buyers who otherwise meet the minimum bid, she said.

In both the Sheriff ’s and City foreclosure sales, the original owner has a right to buy the property back during a period of redemption that lasts six months to two years, depending on the type of property, as long as they repay the buyer for the delinquent taxes and expenses as well as a penalty of 25 to 50 percent of the purchase price, she said. Minimum bids on the properties in the June 6 sale will be available from the County Clerk on Friday, she said.