(1) What time are the sales and where are they held?

 The sales are scheduled at 10:00 a.m., central time, on Fridays at the District Courtroom (2nd floor) of the Green County Justice Center at 202 West Court Street.

 

(2)  Can I purchase the property before the sale?

You cannot purchase the property through the Master Commissioner before the sale.  However, you may attempt to purchase the property before the sale by contacting the current owners and all lienholders. 

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(3)  How do I bid?

The sale is conducted in an auction style, without a professional auctioneer.  To qualify as a bidder, you must:  (a)  Secure pre-approval for your surety (see #9 below) before 12:00 p.m. central time on the Wednesday before the sale.  If you intend to pay the full purchase price on the date of sale, you do not need to secure pre-approval of your surety because you do not need one;  (b)  On the date of sale, arrive sufficiently before the appointed time to register with the Master Commissioner.  Failure to secure pre-approval for your surety or failure to register will prevent you from bidding. 

 

(4)  Can I see or inspect the property before the sale?

No one associated with the court system, i.e. the Master Commissioner, the Circuit Clerk’s office or the appraisers, has access to the property.  The owners or the occupants of the property are the only persons able to give permission to prospective bidders, but they are under no obligation to do so.  If you can get permission from them, then you may inspect the property, but the Master Commissioner’s office cannot assist in this process. Other information regarding the property may be found at the Property Valuation Administrator’s office or by clicking:  http://www.qpublic.net/ky/green/.

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(5)  Can a sale be canceled?

Yes.  Once the sale is scheduled, the Master Commissioner will only cancel the sale if the Circuit Court orders it cancelled or upon the request of the Plaintiff’s attorney, depending on what is directed in the Order of Sale.  Also, notice of a bankruptcy filing from the Attorney filing the bankruptcy will automatically cancel a sale.  The Master Commissioner will accept cancellations up until 9:00 a.m. central time on the date of the scheduled sale.   

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(6) When will I receive a deed and possession of the property?

It generally takes 3-4 weeks before a deed is prepared and ready for delivery.  During that period, unless otherwise ordered by the Court, the purchaser has no right to possession.  Even though a deed will not immediately be delivered to a purchaser, they have an equitable and insurable interest in the property and are urged to immediately secure an insurance policy on the property for its full value.

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(7) What if somebody is currently living there?

In most cases, the residents voluntarily leave before a deed is given to the successful bidder.  Should they then refuse to vacate, the purchaser will need to obtain an order from the Circuit Court ordering them to vacate.

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(8) How do I pay for the property if I am the highest bidder?

At the time of sale the purchaser has the option of either (1) paying the full price or (2) if paying at least 10% of the purchase price with the right to pay the balance in thirty (30) days.  If the purchaser elects to pay less than the full price, they must sign a bond and provide surety (see next question).  In addition, the Master Commissioner is obligated to charge the purchaser interest at 12% per year on any unpaid balance until fully paid.

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The Master Commissioner accepts cash and all varieties of checks (personal, certified, or cashier’s) for all payments due.

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(9)  What do "bond" and "surety" mean?

The law requires that any purchaser who, at the time of sale, pays less than the full amount of the successful bid must sign a “bond” (on a form prepared and supplied by the commissioner) to pay the balance and provide surety for that bond.  A “surety” may either be a person, bank, or other entity who agrees unconditionally to pay the balance due should the purchaser, for whatever reason, fail to pay in full within thirty (30) days.  If you intend to bid upon the property, your surety must be pre-approved by the Master Commissioner by 12:00 p.m. central time on the Wednesday before the scheduled sale.  Failure to secure pre-approval will prevent you from bidding on the sale date.  Most prospective bidders and purchasers, prior to the sale, make arrangements with a bank for the issuance of an unconditional and irrevocable official Letter of Credit (which serves as “surety”) which is to be faxed to the Master Commissioner before the deadline mentioned above, with the original to follow.  Please note that a loan commitment will not be sufficient, only a Letter of Credit from a bank will suffice.

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Other person(s) or entities, who are Kentucky residents, may also act as sureties, but only if they are present at the time of sale and hav furnished the Master Commissioner a sworn financial statement (on a form supplied by the commissioner) which shows a net worth of at least 2 ½  times the sale price before the deadline mentioned above.  If a married individual intends to act as surety, their spouse must also sign.  Despite the net worth shown, the Master Commissioner has the right and discretion to reject any proposed surety for any reason.

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(10)  Must the property bring a certain amount?

No, but prior to the sale, the commissioner is required to have two qualified persons appraise the property. Should the successful bid be less than two thirds (2/3) of that appraisal, the owner(s) of the property have six (6) months in which to reclaim or redeem the property by paying into court the bid amount plus an additional 10% per annum interest and any reasonable costs incurred. Please refer to KRS 426.530 for additional information. Upon such payment, and the Circuit Court’s approval, the commissioner will convey the property to the former owner(s), their successors, or assigns.

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(11)  Will I receive clear title?

The Master Commissioner’s office does not warrant or guarantee in any manner that the title is free and clear of encumbrances or defect.  The property is sold "as-is, where-is."  Due diligence suggests that you educate yourself of the condition of the title before the sale  However, the purchaser or their attorney has 10 days after the sale to ascertain whether such conditions exist and to file their objections with the Court. If there are any such encumbrances or defects that cannot be resolved within a timely manner, the purchaser may ask that the sale be set aside and the purchase money refunded. Within that 10-day period a purchaser is strongly advised to seek the advice of an attorney regarding a title examination.

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(12)  Who pays the property taxes?

The purchaser shall be required to assume and pay all taxes or assessments upon the property for the current tax year and all subsequent years. All other delinquent taxes or assessments upon the property for prior years shall be paid from the sale proceeds if properly addressed by the Plaintiff or if properly claimed in writing and filed of record by the purchaser, as explained in Question 10.

 

(13) Do I need insurance if I purchase at a commissioner’s sale?

Yes, you should obtain insurance on the property the day of sale. When you become the successful bidder at a commissioner’s sale, you are obligated to take the property no matter what happens to it.

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(14)  When will I receive the deed?
It usually takes about 4 -5 weeks to receive the deed.

 
(15) When can I take possession?
As soon as you pay the purchase price and receive the deed.