Hi there, my name is XXXXX XXXXX I'm a business
law attorney with experience in all aspects of business law. I'll do my best to assist you.
In regards XXXXX XXXXX below questions:
Can the seller set his terms?
For example, suppose I have personal property worth $40,000.
May I accept $5,000 down with $35,000 due in 30 days?
If the buyer doesn't come up with the remainder, do I have to resell the property through another Sheriff's sale?
The "seller" is the sheriff. The sheriff's office has to follow certain deposit guidelines when selling which vary with the property's appraised value.
The buyer of foreclosed real estate would receive a "trustee's deed".
An example of the required notices, details, deeds and down-payments is available here: http://www.utcourts.gov/howto/foreclosure/
I hope this answer has been helpful. I'd be happy to further clarify my response and follow up with any other questions. If you're satisfied with my answer, remember to hit the "accept" button. Bonuses and positive feedback are always appreciated! -Michael