Regards real property foreclosures and estate sales
What changed between versions
Introduced the role of a 'private selling officer' - a dual-licensed auctioneer and real estate broker - who can conduct public auctions, particularly for online sales.
Mandated the creation of a single statewide official public sheriff sale website and an integrated auction management system for all county sales.
Established specific deposit requirements for buyers: $2,000 for properties under $10k, $5,000 for $10k-$200k, and $10,000 for properties over $200k.
Modified appraisal rules to require 'exterior-only' appraisals for residential properties conducted by licensed individuals rather than sheriff employees.
Changed the minimum online auction duration from seven days to three days and reduced the required notice period for online sales from seven days to three days.
Allowed judgment creditors to cancel or postpone online sales with notice posted on the auction website, voiding all prior bids.
Added new definitions for 'commercial property,' 'private selling officer,' 'residential mortgage loan,' and 'sale date' to clarify legal terms.