Boone County Master Commissioner FAQ
What time are the sales and where are they held?
The sales are at 9:00 a.m. each Thursday at the:
Boone County Justice Center
6025 Rogers Lane
Burlington KY 41005
in Courtroom 1A (effective 1/3/2019). Sales start at 9:00 a.m. and are usually over by 9:15 a.m.
Do I need to register?
No, you do not need to register. We do recommend that you come and observe.
Is there a list of pending foreclosure cases or of upcoming sales?
There is no list of pending cases or of upcoming sales other than those shown on the link to upcoming sales (see boonecountyky.org). This website is also on our Facebook page (see/like us on: Boone County Master Commissioner’s Office). When a property is referred to the Master Commissioner’s office for sale, the property is appraised and a sale date assigned; it is then posted to this website. In addition, the sale is advertised in the Boone County Recorder for three (3) consecutive weeks prior to the sale date.
Can I review the file for this property?
Yes. That is part of your due diligence. The file will be in the Master Commissioner’s office.
You are welcome to make copies, if needed, and the cost is twenty-five cents for each page.
Our office is located on the first floor and we are open from 8:30 a.m. to 4:30 p.m.(Please come before 4:00 p.m. to review so that the staff can leave at closing.)
What does "LA" mean?
This means ‘lien amount’ of what the owner(s) owe on their mortgage at the time the Judgment was entered into the Court.
Will the properties for sale start at a certain amount at the time of Foreclosure?
No. The Master Commissioner will mention the property address and ask for an opening bid. It goes from there. The highest bid will be the successful bidder whether it is the bank represented or a third-party purchaser.
Must the property bring a certain amount?
No, but prior to the sale, the Master Commissioner is required to have two qualified persons appraise the property. Should the successful bid be less than two thirds (2/3’s) of that appraisal, the owner(s) of the property have six (6) months in which to reclaim or redeem the property by paying into the Court the bid amount plus an additional ten percent (10%) per annum interest and any reasonable costs incurred. Please refer to KRS 426.530 for additional information. Upon such payment, and the Circuit Court’s approval, the Master Commissioner will convey the property to the former owner(s), their successors, or assigns.
Can I purchase the property before the sale?
Yes, but only the owner(s) can sell. The lien holder or mortgage company who brought the action does not own or have title to the property and as such does not have the authority to sell it.
Cash or Credit?
At the time of sale, the purchaser has the option of either (1) paying the full price in cash or certified/cashier checks or (2) if paying at least ten percent (10%) of the purchase price with the right to pay the balance in thirty (30) days. If the purchaser elects to pay less than full price, they must sign a bond and provide surety. In addition, the Master Commissioner is obligated to charge the purchaser interest at twelve percent (12%) per annum on any unpaid balance until fully paid. In the event of an exception or objection to the sale, interest will be abated until ruled upon by the Court. A claim for delinquent taxes does not abate interest.The Master Commissioner accepts personal checks for all payments with an approved surety.
How do I know how much to bring?
This is between you and your bank. We are not interested in your bank statements or funds in your account(s). Most will know the amount that they are able to use toward a purchase. You will be required to pay in full the morning of the sale with cash, certified/cashier checks. If a certified/cashier check(s) are used, these must be made out to yourself so that you can sign these over to the Master Commissioner, if you are the successful bidder. Otherwise, you can re-deposit them into your bank.
If a refund is needed, this will be done within two (2) weeks after the sale.
If your surety letter has been approved, you can write a personal check. Please see next statement.A template for the surety letter is on our website.
What do "bond" and "surety" mean?
The law requires that any purchaser who, at the time of sale, pays less than the full amount of the successful bid must sign a “bond” (on a form prepared and supplied by the Master Commissioner) to pay the balance and provide surety for that bond. A “surety” is from the bank who agrees unconditionally to pay the balance due should the purchaser, for whatever reason, fail to pay in full within thirty (30) days.
Can I see or inspect the property before the sale?
The owner(s) or the occupants of the property are the only persons able to give permission to prospective bidders, but they are under no obligation to do so. If you can get permission or entry from them, then you may inspect the property, but the Master Commissioner’s office cannot assist in this process.
Can a sale be cancelled?
Yes and they frequently are. The website is updated weekly on Wednesday afternoon. You are more than welcome to contact our office at (859) 817-5840 to check on the status.
When will I receive a deed and possession of the property?
The Master Commissioner, after making the sale shall report his actions to the Court, and approximately ten days after the filing of the report, if no objections have been filed thereto and without motion, the sale shall be deemed confirmed. During that period, unless otherwise ordered by the Court, the purchaser has no right to possession. The purchaser is entitled to possession of the property after confirmation. Even though a deed will not immediately be delivered to a purchaser, they have an equitable and insurable interest in the property and are urged to immediately secure an insurance policy on the property for its full value.
Will I receive a clear title?
The Master Commissioner’s office does not warrant or guarantee in any manner that the title is free and clear of encumbrances or defect. However, the purchaser or their attorney has ten (10) days after the sale to ascertain whether such conditions exist and to file their objections with the Court. If there are any such encumbrances or defects that cannot be resolved within a timely manner, the purchaser may ask that the sale be set aside and the purchase money refunded. Within that ten-day period, a purchaser is strongly advised to seek the advice of an attorney regarding a title examination.
Am I responsible for the tax liens on the property?
It is your due diligence to obtain a title check of any liens, tax bills, etc., for the property. This can be done by you, a title company or attorney. You are responsible for the current year of purchase and all subsequent years thereafter. Tax liens prior to the year of purchase are handled through the Master Commissioner’s office. Again, it is your due diligence to be aware of those due and owing.
Due Diligence? What is that?
Due Diligence is the process of evaluating a prospective business, property, etc., and making decision by getting information about the financial, legal, issues related. This can be done by yourself, a title company or attorney.
Who pays the property taxes?
The purchaser shall be required to assume and pay all taxes or assessments upon the property for the current fiscal year and all subsequent years. All other delinquent taxes or assessments upon the property for prior years shall be paid from the sale proceeds if properly claimed in writing and filed of record by the purchaser, as explained in the information noted before, “Will I receive a clear title.”
What if somebody is currently living there?
In most cases, the residents voluntarily leave before a deed is given to the successful bidder. Should they then refuse to vacate, the purchaser will need to file a Writ of Possession ordering them to vacate.
What is a Writ of Possession?
When a Sheriff has an order to put a person, their belongings, and all members of a household out on the street, or to initiate an eviction process, this is called a Writ of Possession. When a Writ of Possession is served, the person generally has seven (7) days to remove themselves and their property from the home.
How do I go about getting the keys for the property?
The Master Commissioner’s office will not have the keys. The successful bidder, once the deed has been received after confirmation, the purchaser can obtain a locksmith to unlock and install new locks.