I am a relatively new investor (started in the last couple of months) and have gone through a couple of deals. I am particularly interested in attending and purchasing properties at the Commissioner's Sale that is held every 2 weeks.

I have so far understood some parts of the process - you can buy right then and there with cash or similar, you can get a bond and pay 10% and the remainder within 30 days @12% interest. you can get title insurance. However I have several questions about the detail of the process that I would love to get answers to:

1. If I take a $50k certified check with me, in my name, and purchase a property for $45k, can I sign the check over to the commissioner and receive the $5k change? How does the process work?

2. How exactly do I get a bond? The documents I have seen to complete it seem to reference a particular property, but you never know what you will be able to buy or not... Is it based on cash in a bank account or properties I own? Any examples from someone that has a bond would be extremely helpful.

3. If I pay cash for a property, can I still get title insurance or does that only work if I just pay the deposit at the auction date?

4. Is the Judgement amount (found in the handbill) the minimum amount that the property will sell for? Is it therefore the opening bid?

5. If I put in the deposit (and have a bond for the rest), can I assign the contract to the property (i.e. wholesale it?) or is that not allowed?

Thank you in advance to anyone that can answer some of these questions - I am sure I am not the only one that is confused by the documents available on the site...

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Louisville / Jefferson County Kentucky Commissioner's Sale

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