Delaware law prescribes a judicial procedure for the foreclosure of Delaware properties with loans in default. When the lender wins at trial, the judge orders a foreclosure sale. The local county sheriff sells Delaware foreclosures at auction through a sheriff sale. Buyers interested in bidding on foreclosed homes in Delaware should familiarize themselves with the exact foreclosure process for each Delaware county. They can then find properties, register for auctions and bid on Delaware foreclosures at sheriff sales.
Look for the county website for any counties where you would like to purchase foreclosed homes in Delaware. The county site typically has information for the county sheriff.
When you find the information for the sheriff, you typically have a couple of options for finding local Delaware foreclosures – online listings or a paper-based list that can be purchased at the sheriff’s office. For example, the New Castle County website has a “Sheriff Foreclosure Listing” page with listings of foreclosed property auctions coming up in that county.
Look at the listings to find upcoming foreclosures in each Delaware county. In the case of New Castle County’s website, the foreclosure listings page also has information about how to register to bid at foreclosure auctions conducted as part of the county sheriff sales.
If you cannot find this information online for any particular county, then you can call the sheriff’s office of any country for additional information. In many cases, you have to deposit a certain amount in cash or a cashier’s check just to participate in a sheriff foreclosure sale.
Find out as much as you can about the listed foreclosure homes. In this state, you have no right to inspect the property or obtain an appraisal of its value. But you can ask real estate professionals or even neighbors about the typical value of homes in that neighborhood.
Follow the local procedure for registering for the sheriff sale. Also note that sheriffs typically demand cash if you win at auction. They may give you until the end of the auction day or a few days to bring any amount over the deposit you made to register. If you win no foreclosure auctions, then the sheriff will return your deposit funds.
Show up at the sheriff sale and purchase any Delaware foreclosures by placing the highest bid. Obtain a deed to the property if and when you buy a foreclosed home in Delaware.
Take the deed and file it in the recording office in the county where the property is located. You always need to file a deed to protect your interest in any Delaware foreclosed properties that you buy.
New Castle County, Delaware: Foreclosure Listings