Announcements and rules of sale:
THIS IS A SALE BY VIRTUE OF FINDINGS OF THE HOPKINS CIRCUIT COURT. THIS IS NOT A TYPICAL AUCTION, BUT IS A COURT ORDERED SALE WITH UNIQUE PROVISIONS AND THIS PROPERTY IS BEING SOLD PURSUANT TO COURT ORDERS.
IF YOU ARE THE SUCCESSFUL BIDDER, YOU MUST PAY ONE OF THE FOLLOWING TWO WAYS:
CHECK FROM A LOCAL BANK FOR THE FULL BID PRICE ON THE DAY OF SALE OR
YOU MUST PAY A DEPOSIT OF 10% OF BID PRICE AND A SURETY MUST SIGN AS A GUARANTOR FOR THE REMAINING 90% WHICH ACCRUES INTEREST FROM THE DATE OF SALE AT A RATE OF INTEREST ORDERED BY THE COURT AND MUST BE PAID WITHIN 30 DAYS OF THE DATE OF THE SALE.
THE PROPERTY IS BEING SOLD IN ITS CURRENT CONDITION “AS IS.”
YOU SHOULD GET INSURANCE ON THE DATE OF SALE IF YOU ARE THE SUCCESSFUL BIDDER.
IF YOUR PROPERTY DOES NOT SELL IN EXCESS OF 2/3 OF THE APPRAISED VALUE THERE IS A CLOUD ON THE TITLE. THERE IS EQUITY REDEMPTION FOR 6 MONTHS AFTER THE SALE IS CONDUCTED, IF IT DOES NOT BRING 2/3 OF THE APPRAISAL VALUE.
BUYER WILL BE RESPONSIBLE FOR THIS YEAR’S PROPERTY TAXES. THERE IS NO PRORATION OF PROPERTY TAXES.
YOUR DEED WILL BE READY IN ABOUT 3 WEEKS.
THE MASTER COMMISSIONER HAS NOT DONE A TITLE EXAMINATION ON THE PROPERTY; THE MASTER COMMISSIONER RECOMMENDS THAT YOU SHOULD HAVE YOUR OWN ATTORNEY DO A TITLE EXAMINATION THIS WITHIN 10 DAYS OF THE SALE.
J. Keith Cartwright
Master Commissioner, Hopkins Circuit Court
1 South Main Street, Floor 3
Post Office Box 695
Madisonville, Kentucky 42431 (270) 821-6165
kcartwright@feptc.com
frequently asked questions:
1. How do I find out about judicial sales? Judicial sales do not take place until Orders are entered in the Hopkins Circuit Court. Just because a parcel of property is abandoned or possibly in foreclosure does not mean that there has been an Order for the Master Commissioner to sell it. Once the Order is entered and the Plaintiff pays for the initial advertising fee, the matter will be set for sale and will be advertised on the Master Commissioner’s website. It is recommended that you review the Master Commissioner’s website to inquire about sales.
2. How do I pay for the property? If you are the successful bidder, you must pay using one of the following two methods:
A check from a local bank for the full bid price on the day of the sale; or
You must pay a deposit of 10% of bid price and a surety must sign as a Guarantor for the remaining 90% which accrues interest from the date of sale and must be paid within thirty (30) days of the date of the sale.
3. What is surety and a bond? Under a judicial sale, when you do not pay in full on the date of the sale, you must sign a bond. This is a legal document which requires and obligates you to pay the balance of the purchase price. The surety is the person, bank or other corporation who agrees to pay the full balance if you as the purchaser do not pay within thirty days. You cannot bid on a sale and be a successful purchaser unless you have a surety with you at the sale.
4. How do I get to look at the property? The Master Commissioner’s Office has no authority to allow you to view to the property and does not have a key. An occupant or owner of the property may give you permission to view the property, but they are not required to do so.
5. What if the property needs repairs? The property is being sold in its current condition and “as-is.”
6. Should I have insurance? You should get insurance on the date of sale if you are the successful bidder.
7. What happens when a property does not bring 2/3 of the appraised value? There are issues if the property does not sell in excess of 2/3 of the appraised value. There is equity redemption for 6 months after the sale is conducted if it does not bring 2/3 of the appraised value. It is recommended that you obtain legal counsel to discuss the legal issues arising out of the equity of redemption if the property does not bring in excess of 2/3 of the appraised value. The IRS has right of redemption if it does not bring an amount sufficient to pay the IRS lien in full.
8. Who is responsible for this year’s property taxes? The buyer will be responsible for this year’s property taxes. There is no proration of property taxes.
9. When will I get my deed to the property? Your deed will be ready within approximately 3 weeks of sale. It is important at the day of the sale that you provide your full name and address as you want it on the deed along with your phone number so that the Master Commissioner can call you once the sale and deed have been approved by the Court.
10. When do I get possession? A purchaser gets possession of the property once the deed is finalized and is given to you. However, please keep in mind that the Master Commissioner does not have a key to the property. Additionally, if there is a renter, you must comply with normal eviction procedures in Hopkins District Court. Under the Court Order which the purchaser is given, the purchaser is typically allowed to authorize the Hopkins County Sheriff to evict any parties to a foreclosure action such as the owners.
11. Should I have a title examination? The Master Commissioner recommends that you obtain a title opinion. You should be aware that just because this is a judicial sale, the Master Commissioner has not examined the title to the property and the Master Commissioner therefore recommends that the title opinion be complete no later than 10 days from the date of the sale.
12. How can I find out about the appraisal value? Please do not call the Master Commissioner’s Office to find out about the appraisal value. Once we receive the appraisal, we will post it on our website as soon as possible.
13. How do I stop the sale? Typically, the only parties with authority to stop the sale would be the Plaintiff and the Plaintiff’s attorney giving notice. The Master Commissioner is operating under a Court Order and if there is a Court Order cancelling the sale, the Master Commissioner will do so. It is recommended that you contact the Plaintiff’s attorney if you wish to stop the sale or that you obtain legal counsel to obtain an Order from the Court to stop the judicial sale that has been Ordered.