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Updated over 6 years ago,

User Stats

3
Posts
0
Votes
Jawad Abro
  • Flipper/Rehabber
  • Atlantic City, NJ
0
Votes |
3
Posts

Sheriff sale “winning bidder gets his bid revoked”

Jawad Abro
  • Flipper/Rehabber
  • Atlantic City, NJ
Posted

Hello

I have been buying properties from the sheriff sale in New Jersey for sometime now. I recently was the successful bidder of a property and when I went to pay the 20% deposit required at the time of winning. I was told my Certified checks that were made out to "MY LLC" would not be accepted to transfer over to the sheriff office and my winning bid was nullified and the property was re-auctioned.

Now if my certified checks were made out “to my personal name” then the sheriff office accepts me signing that check over to them and now my funds are accepted as the 20% deposit. 

* So.. are they basically denying a companies reperseantive “the owner” to bid  on its behalf?? 

* So llc can't bid but can ask the sheriff to make the deed under a LLC name. Double standard?

** There are no banking guidelines that state either of these transfers are not allowed. Banks perfectly honor certified checks being transferred to third parties. 

* Weather this certified check was made under an individual name or the llc. 

Both can be transferred to a third party and can be cashed with proper identification. (Verified)

THOUGHTS ON THIS GUYS. My attorney thinks they are totally wrong and we are moving forward with litigation. 

Thank you

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