I want to try and buy a property on a Sheriff sale (auction) in Hudson county in NJ. If i am the winning bidder and deposit the 20% of the bidding amount but fail to pay the remaining 80% within 30 days of the sale. Whats kind of impact would this have ? Do i pay some fine ? And how to get back my 20% deposit back.
unfortunately if you don't close you will lose your 20%. You can most likely get some extention past the 30 days but not much
You won't loose the Proptery... Interest will be added to the sale price. Call the sheriff Dept ASAP