Short answer
Possibly, if the sale price is more than the debts paid from it. A sheriff sale is an auction, so the price depends on bidders. In Pennsylvania the sheriff files a schedule of distribution within 30 days of the sale, and parties can file exceptions within ten days. Ask an attorney how to claim any surplus.
It is an auction
At a sheriff sale the highest bidder wins, and bids may not reflect what a retail buyer would pay. The sale price then goes to pay the foreclosing lender, court costs and any other lienholders in line. What is left over, if anything, is surplus. Leftovers are not guaranteed. Owners often think the house will sell for about what it is worth. That is not how the process is designed. The sale exists to pay the debt secured by the property. Bidders are not obliged to pay what a retail buyer would. An owner who has equity can lose some of it if the winning bid is below market, which is one reason to compare a sale on your own terms before the date.
How distribution works in Pennsylvania
Rule 3129.2 says the handbill must tell parties that the sheriff will file a schedule of distribution no later than 30 days after the sale. Distribution is made under that schedule unless someone files exceptions within ten days after it is filed. If you think you are owed money, speak with an attorney quickly. Deadlines run fast.
New Jersey
In New Jersey, the court's self-help page says that if the sale proceeds exceed the amount owed, the remainder returns to the debtor. If the proceeds are less, the lender can sue for the rest. The debtor also has 10 days after the sale to redeem.
What to do right after a sale
Keep your mailing address current with the sheriff's office and the court. Watch for the schedule of distribution, which the rule says the sheriff files no later than 30 days after the sale. Exceptions are due within ten days after the schedule is filed. If you might be owed money, contact an attorney before that window closes. Gather your loan payoff history, tax bills and any lien notices so the attorney can see who is ahead of you. If you have moved, tell the sheriff where to reach you. If you are weighing a private sale against waiting for the auction, run a simple comparison. Estimate what a buyer would pay, subtract your payoff, taxes and costs, and see what is left. Then ask your lawyer what a sheriff sale might bring and what the court costs would be. The right answer depends on your equity, your timeline and your risk tolerance.
Selling first can protect equity
If you have equity, selling before the sheriff sale lets you set the price and keep what remains after the payoff and closing costs. Listing with an agent is one route. Kaizen Home Buyers is another. We buy houses as-is for cash, with no repairs and no agent commission, make offers within 24 hours, and can close in 14 to 30 days or on your date. Call 267-329-0084. Compare the net you would receive from each option before you decide.