ORS 312.530 Determination of surplus; value of foreclosed property; allowable costs to county

As used in this section, “surplus” means an amount equal to the value of real property sold to a county on foreclosure under this chapter, and disposed of by the county in accordance with ORS 312.520, less the allowable costs the county may charge against the property under subsection (4) of this section.

The amount of a surplus shall be determined within 60 days after the date on which the gross sales proceeds from the sale of the property are deposited in a separate, interest-bearing account under ORS 312.520 (8) or the value of the property has otherwise been determined under subsection (3) of this section.

For purposes of determining a surplus, the value of the property shall be:

For property retained by the county or transferred to a nonprofit organization under ORS 312.520 (1)(a), the fair market value of the property as determined under ORS 312.520 (3)(d).

The stated consideration on a deed from the county to a bona fide purchaser, as defined in ORS 275.088:

For property sold by listing with a real estate broker or agent under ORS 312.520 (2)(b); or

For property sold at auction under ORS 312.520 (3) or (4).

For property that fails to sell at auction under ORS 312.520 (3) or (4), the amount forgiven under ORS 312.520 (5).

In determining a surplus, the allowable costs that the county may charge against the property include:

The amount of the judgment under ORS 312.090 and accruing post-judgment interest;

The amount of taxes and interest on the taxes that would have been due following the judgment during the redemption period and through the earlier of:

The date on which the county sold or conveyed the property to a third party; or

The date on which the claim is made;

Additional costs that the county may claim under ORS 275.275 (1)(a) to (c);

Costs to reimburse the claim of a municipal corporation that has filed a claim notice under ORS 275.130;

Penalties allowed under ORS 312.990, or the actual costs paid by the county to mitigate or abate a nuisance, including as described in ORS 105.555, that was caused or permitted by the negligence or neglect of the former owner; and

In lieu of the penalty and fee under ORS 312.120, the reasonable fees related to the foreclosure and the efforts to dispose of the property, including the costs of legal fees, delivering notices, county staff time, court filing fees, appraisals, professional real estate commission and auction fees.

The county shall provide a claimant with an itemized accounting of all allowable costs deducted when determining the surplus.