In Ohio and Iowa if you are the high bidder on anything at Sheriff's sale it is yours with a clear title/deed/abstract. Any lien holder has to protect themselves at the sale. Meaning they have to bid it up above what they are owed.
The proceeds are dispersed to the lien holders by the county after all taxes and sales costs have been paid. Then the first lien holder gets what they are owed and then the second lien holder etc. Then if there is anything left it will go to the owned. The sales happening now usually doesn't even pay the first mortgage off. So the first lien holder bids it up to what they are owed. If it goes higher then they are out of the bidding. It is then up to the next lien holder if they want to bid it higher or let it go. Most of the second lien holders are just out in the cold lately.
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Today's Featured Article - New Life for an Old Allis - by Tyler Woods. My friend Jon, has an old '39 Allis Chalmers B. He thought it a marginal tractor that had long since served its time. She smoked terribly and never had much power but he couldn't afford another so he was limping along with what he had. Jon's Allis has a small front loader and though it doesn't carry much, it serves his needs. It was the hard starting and low power that made him think it was time to replace the old girl. Jon called me to help him discover why his tractor wouldn't start
... [Read Article]
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