FAQs and Links

Can I obtain the plaintiff’s maximum bid amount prior to the sale?
No. This information is not provided to the public.
Please do not contact Gross Polowy LLC to request the plaintiff’s bid amount.  It will not be provided to you or anyone else prior to sale.

I understand that the successful bidder must make a deposit at the sale.  How much is the deposit and what form of funds will be accepted?
The successful bidder must pay a deposit, which is typically ten percent (10%) of the amount of the highest bid (“purchase price”) in cash or certified or bank check to the Referee at the time and place of sale, for which a receipt will be given. Full credit will be given for any amount in excess of ten percent (10%).  However, pursuant to the Judgment of Foreclosure and Sale or the Terms of Sale the deposit amount can be greater than 10%.

When is the closing date and the balance of the purchase price due?
Depending on the terms of sale you may have as little as 30 days until you are required to close and pay the balance of the purchase price.

Does the plaintiff, referee, court, or Gross Polowy LLC provide title insurance?
No.  Obtaining title insurance is the responsibility of the successful bidder.
Typically, the Terms of Sale state that the successful bidder agrees to provide Plaintiff with a title examination not more than 14 days after sale and if not provided, the successful bidder waives any objections to title, and that the failure of the successful bidder’s title insurance vendor to be ready to close in accordance with the Terms of Sale is not a valid reason to adjourn the closing date and constitutes a default.

What happens if there is a title defect that renders title unmarketable?
The Terms of Sale typically provide that in the event that a title defect is identified which renders title unmarketable, the successful bidder agrees to allow Plaintiff, at its sole discretion, the opportunity to cure said defect regardless of whether or not the time to cure the defect exceeds the Time of Essence closing date.  If Plaintiff chooses to cure the title defect, the successful bidder is still responsible for all additional taxes, assessments, and water rates that accrue between the sale and closing.   If Plaintiff chooses not to cure the title defect, the sale is then set aside and the deposit will be returned.

What is marketable title?
A marketable title is a title free from reasonable doubt, but not from every doubt.  Something more than a mere assertion of a right is essential to create an unmarketable or doubtful title.

Can I get an extension of the closing date?
Typically the Terms of Sale state that time is of the essence and the closing must occur within 30 days.  An adjournment of the closing for any reason shall be at the sole discretion of Plaintiff, must be in writing, and must be requested within 28 days after the sale.   Any adjournment shall be subject to interest at the rate of nine percent (9%) per annum on the entire purchase price and that the successful bidder shall pay all costs, fees, taxes, assessments, water rates, and expenses incurred by any party in connection with or as a result of the adjournment.

What happens if I cannot pay the balance of the purchase price by the closing date?
If you cannot pay the balance of the purchase price by the closing date, then you are in default.
The Terms of Sale typically state that in the event of a default the property will be resold by the referee and the deposit will be forfeit to Plaintiff as liquidated damages.  The successful bidder’s lender’s failure to be ready to close on time is not a valid reason to adjourn the closing date and constitutes a default.

Is the purchase of the property contingent on my ability to obtain financing?
No. It is the bidder’s responsibility to arrange for financing of the balance of the purchase price. There is no obligation to extend your time to close if you are unable to obtain financing by the closing date.

Is there any information available about the general condition of the property?
No. Gross Polowy LLC does not provide any information and makes no representations with respect to the physical condition of the property. The Terms of Sale typically state that the property is being sold in “as is” condition, defined as the physical condition and state of title of the premises on the day of sale, notwithstanding the condition of the premises on the day of closing.  The successful bidder assumes all risk of loss or damage to the premises from the date of sale until the date of closing and thereafter.

Will I be able to inspect the interior of the property prior to bidding at the foreclosure sale?
No. Until the auction is completed, the mortgagor owns the property being foreclosed and unauthorized access could be a trespass. Neither the court, referee, plaintiff, nor Gross Polowy LLC is authorized to grant prospective bidders access to the property.

What is the amount of the annual tax assessment on this property?
Gross Polowy LLC does not provide this information. It is your responsibility to obtain such information through the public records prior to the sale date.

What about condominium common charges or homeowners’ association dues?
Gross Polowy LLC does not provide this information. It is your responsibility to obtain such information prior to the sale date.

Is the property being offered at the foreclosure sale currently occupied?
Gross Polowy LLC has no information regarding whether property being offered at the foreclosure sale currently occupied, and makes no representations that the property is vacant. The purchaser bears the responsibility for any eviction proceeding that may be necessary.

Why was a sale postponed or cancelled?
Gross Polowy LLC does not provide information as to why a sale was postponed or cancelled.