The Foreclosure Sale Process
Sales of property are “open type” auction sales (no sealed bids). Initially a minimum bid of $100 dollars is made by the plaintiff in order to start the bidding process. All subsequent bids are in $100 increments. All bidding in excess of $100,000 is in $1,000 increments. The successful bidder is required to post a deposit of 20% of the total bid price in cash, certified or cashier's check immediately at the closing of that sale. To determine what funds, you may need as a deposit, you must decide what your highest bid will be. Then a certified or cashier's check for 20% of that amount is to be presented. A cash deposit will be treated the same. Certified checks and cashier checks should be made payable to the “Bergen County Sheriff” or to the FULL name of the individual purchaser. If you are the highest bidder, the check will be endorsed over to the Bergen County Sheriff's Office. The balance of the bid is due in 30 calendar days from the date of the sale. If the balance is not paid in 30 days, the purchaser must pay default interest at the current prevailing rate as dictated by the State of New Jersey on the full amount of the bid, up to the date that full payment is made.