Posted: Jun 13, 2012 5:20 PM by Jenise Fernandez
Updated: Jun 13, 2012 5:25 PM
When someone falls behind on their mortgage payments, their property can end up going to the highest bidder.
"It's the cycle of life in terms of mortgage someone has to pay that bill," said Kip Judice with the Lafayette Parish Sheriff's Office.
Judice says when a lender files a lawsuit against someone who isn't paying up, their property ends up at the auction. The list of properties changes every week, from houses to buildings and even cars.
"Any large scale item is subject to seizure if the person fails to make their payments. I've seen sales where there's as few as three properties on the list and I've seen sales where there's as many as 70," said Judice.
But bidders are taking a risk of sorts, they can't go inside any of these properties, all they get is a picture and location. Only a few bidders at this week's sale, but there was a big sale. The Clairon Inn on Evangeline Thruway was sold to Lafayette Hospitality for 2.6 million dollars.
"A 2 million dollar bid is odd, but it's not unheard of. Northgate Mall was sold at a Sheriff's Sale. We see many hotels and motels," said Judice.
Judice says bidders are typically landlords or flippers hoping for a bargain.
"but sometimes you have first time home buyers. Couples just getting started who come out and try to make a deal," he added.
Sheriff's Sales take place every Wednesday morning at 10 at the Lafayette Parish Consolidated Government building. Bidding is open to anyone. Payment must be made by 2 p.m. on the day of the sale.
For a list of properties up for sale every week, visit http://webcivil.lafayettesheriff.com/csssheriffsale/Default.aspx