TERMS AND CONDITIONS OF SHERIFF'S SALE:
- If you are the highest bidder, you must be prepared to pay in cash, certified check or cashier's check. Personal checks, company checks, travelers checks or money order are not acceptable. (701.509[a] CCP).
- If you pay by certified check or cashier's check, the check must be payable to SAN MATEO COUNTY SHERIFF. You may not endorse a check, payable to you or anyone else, over to the Sheriff's Office.
- The highest bidder must be prepared to pay the full amount of his/her bid at the time of sale when:
- the bid amount on real property is $5,000.00 or less; or
- the bid amount on personal property is $2,500.00 or less.
- If the highest bid for an interest in real property sold exceeds $5,000.00, the highest bidder may elect to deposit at least $5,000.00 or 10% of the bid, whichever is greater, and within 10 days after the date of sale, pay the balance due plus interest on the balance and costs accruing with regard to the property sold.If the highest bid for the item, group or lot of personal property sold exceeds $2,500.00, the highest bidder may elect to deposit at least $2,500.00 or 10% of the bid, whichever is greater, and within 10 days after the date of sale, pay the balance due plus interest on the balance and costs accruing with regard to the property sold.The highest bidder is not entitled to possession of the property sold until the amount of bid, plus accruing costs and interest have been paid.If the highest bidder does not pay the amount bid as prescribed above, he/she will forfeit their deposit. (701.590, 701.600 CCP).
- The judgment creditor may bid against all or part of the judgment, except that unpaid levying costs, preferred Labor claims, exempt proceeds, and any other claim required to be satisfied shall be paid in cash or by certified check or cashier's check. (701.590 CCP).
- Prospective bidders should refer to section 701.600[c] of the Code of Civil Procedure regarding the liability of default bidders.
- Any person may bid on and purchase property at a Sheriff's sale except employees of the San Mateo County Sheriff's Office and their immediate families.
- During the bidding, you may be asked to qualify yourself as a bidder. You will be asked how you intend to pay for the property and to show some evidence of your ability to pay. This is done for the benefit of the other bidders. Your cooperation will be appreciated.
- If you are the highest bidder, you must be prepared to do business immediately; the auctioneer will not wait while you go to the bank for money.
Sales Subject to the Right of Redemption
The right of redemption applies only to real property. When an interest in real property is sold subject to the right of redemption, it means that the debtor, whose interest in the property is being sold, will have a certain amount of time to redeem or buy back his/her property interest. In the meantime, the purchaser will be issued a certificate of sale and a duplicate copy of the certificate will be recorded (729.040 CCP). This certificate does not constitute a transfer of title, but it does grant the purchaser certain rights. (729.090 CCP).
The redemption period will depend on the selling price as follows:
- 3 months after the date of sale if the proceeds of the sale are sufficient to satisfy the secured indebtedness with interest and costs.
- 1 year after the date of sale if the proceeds of the sale are not sufficient to satisfy the secured indebtedness with interest and costs. (729.030 CCP).
The redemption price is the total of the following amounts:
- The purchase price at the sale.
- The amounts of any assessments or taxes and reasonable amounts for fire insurance, maintenance, upkeep, and repair or improvements on the property.
- Any amount paid by the purchaser on a prior obligation secured by the property to the extent that the payment was necessary for the protection of the purchaser's interest.
- Interest on the amounts described above from the time such amount was paid until the date the deposit is made.
- If the purchaser has any liens subordinate to the lien under which the property was sold, the amount of the purchaser's lien, plus interest from the date of the sale until the date the deposit is made.
Rent and profits from the property paid to the purchaser or the value of the use and occupation of the property to the purchaser may be offset against the amount described above.