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Q: Cash or Credit?
A: At the time of sale the purchaser has the option of either (1) paying the full price or (2) paying at least 10% of the purchase price with the balance due in 30 days.  If the purchasers elects to pay less than the full price, they must sign a bond and provide surety (see next question).  In addition, the Commissioner is obligated to charge the purchaser interest at 12% per annum on any unpaid balance until fully paid.

The Commissioner accepts personal checks for all payments.

Q: Would do "bond" and "surety" mean?
A: The law requires that any purchaser who, at the time of sale, pays less than the full amount of the successful bid sign a "bond" (on a form prepared and supplied by the Commissioner) to pay the balance and provide surety for that bond.  A "surety" may either be a person, bank, or other entity who agrees unconditionally to pay the balance due should the purchaser, for whatever reason, fail to pay in full within 30 days.

Other persons or entities, who are Kentucky residents, may also act as surety but only if they are present at the time of sale and prepared to furnish the Commissioner a sworn financial statement which shows a net worth of at least 2 1/2 times the sales price.  The Commissioner has the right and discretion to reject any proposed surety for any reason. A line of credit, a letter of credit, an assurance of a loan, a loan commitment, or the like are not the equivalent.
Q: Do I need insurance if I purchase at a commissioner’s sale?
A: Yes, you should obtain insurance on the property the day of sale. When you become the successful bidder at a commissioner’s sale, you are obligated to take the property no matter what happens to it.
Q: If I purchase property at a commissioner’s sale, how do I get the occupants out?
A: The Court Order confirming the sale authorizes the Sheriff to evict any parties to the foreclosure action, i.e., owners. If the occupant is a renter, you must use the normal eviction procedure in District Court.
Q: When will I receive the deed?
A: It usually takes about 4 weeks to receive the deed.
Q: When can I take possession?
A: As soon as you pay the purchase price and receive the deed.
Q: What if there are tax liens against the property for previous years?
A: Taxes owed for previous years take priority over all other liens, so they are paid out of the proceeds of the sale. The purchaser is only responsible for the current year’s taxes unless it is announced otherwise in the sale notice.
Q: Is there a list of pending foreclosure cases or of upcoming sales?
A: There is no list of pending cases or of upcoming sales other than those shown on the MC Sales page.
Q: How can I get in and look at the property?
A: The Master Commissioner’s Office does not maintain a key to foreclosed properties.  The owner(s) or occupant(s) of the property are the only persons able to give permission, but they are under no obligation to do so.
Q: How can I stop my property from being sold by the Master Commissioner?
A: The Master Commissioner’s Office does not have the authority to cease a sale. Upon Order by the Court, we immediately move towards scheduling the property to be sold. We do not cancel the sale unless ordered by the Attorney whom filed the suit. If you are interested in discussing the matter, we recommend that you contact the Plaintiff’s Attorney.
Q: Can I get a copy of the appraisal?
A: No. Please refer to the "MC Sales" page. The appraisal information will be updated when available to the public.
Q: How can I find out information regarding previously sold Master Commissioner properties?
A: Upon the sale or withdrawal of property, the Master Commissioner’s Office files a Report with the Court which is available to the public. This information is filed with the Hopkins Circuit Court. Please take notice that the Court does not provide information via telephone nor facsimile.
Q: How can I find out which properties are to be sold by the Master Commissioner in the future?
A: Properties are not scheduled for Master Commissioner Sale until ordered by the Court. If you are interested in a specific property, you may want to check public records. The Master Commissioner’s Office will update the "MC Sales" page when sale information is available to the public.


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