1. Within six months after the sheriff sells any parcel of real estate, the court shall, upon its own motion or upon motion of any interested party, set the cause down for hearing to confirm or set aside the foreclosure sale of the real estate, even though such parcels are not all of the parcels of real estate described in the notice of sheriff’s foreclosure sale. Notice of the hearing shall be sent by any interested party, or the court, moving to confirm the foreclosure sale, to each person who was sent notice of sale as specified in subsections 4 and 5 of section 92.810 and to any other necessary parties as required by prevailing notions of due process. At the time of such hearing, the sheriff shall make report of the sale, and the court shall hear evidence of the value of the property offered on behalf of any interested party to the suit, and shall immediately determine whether an adequate consideration has been paid for each such parcel. Any parcel deemed to have been purchased by the land reutilization authority pursuant to section 92.830 shall not require any inquiry as to value. The court’s judgment shall include a specific finding that adequate notice was provided to all necessary parties pursuant to prevailing notions of due process and sections 92.700 to 92.920, reciting the notice efforts of the collector, sheriff, and tax sale purchaser. Nothing in this section shall be interpreted to preclude a successful tax sale purchaser from asserting a claim to quiet title to the bid upon parcel pursuant to section 527.150.

2. For this purpose, the court shall have power to summon any city official or any private person to testify as to the reasonable value of the property, and if the court finds that adequate consideration has been paid, he shall confirm the sale and order the sheriff to issue a deed with restriction as provided herein to the purchaser subject to the application of an occupancy permit for all parcels as provided in subsection 7 of this section. If the court finds that the consideration paid is inadequate, the purchaser may increase his bid to such amount as the court may deem to be adequate, whereupon the court may confirm the sale. If, however, the purchaser declines to increase his bid and make such additional payment, then the sale shall be disapproved, the lien of the judgment continued, and such parcel of real estate shall be again advertised and offered for sale by the sheriff to the highest bidder at public auction for cash at any subsequent sheriff’s foreclosure sale.

3. If the sale is confirmed, the court shall order the proceeds of the sale applied in the following order:

(1) To the payment of the costs of the publication of the notice of foreclosure and of the sheriff’s foreclosure sale;

(2) To the payment of all of the collector’s^* and sheriff’s costs including appraiser’s fee and attorney’s fees;

(3) To the payment of all tax bills adjudged to be due in the order of their priority, including principal, interest and penalties thereon. If, after such payment, there is any sum remaining of the proceeds of the sheriff’s foreclosure sale, the court shall thereupon try and determine the other issues in the suit in accordance with section 92.775. If any answering parties have specially appealed as provided in section 92.845, the court shall retain the custody of such funds pending disposition of such appeal, and upon disposition of such appeal shall make such distribution. If there are not sufficient proceeds of the sale to pay all claims in any class described, the court shall order the same to be paid pro rata in accordance with the priorities.

4. If there are any funds remaining of the proceeds after the sheriff’s sale and after the distribution of such funds as set out in this section and no person entitled to any such funds, whether or not a party to the suit, shall, within two years after such sale, appear and claim the funds, ten percent shall be distributed to the St. Louis affordable housing trust fund or equivalent of such city operating under sections 92.700 to 92.920 for purposes that promote the reduction and prevention of vacant properties, blight remediation, and cleanup and maintenance of vacant property, with the remainder to be distributed to the appropriate taxing authorities.

5. Any city operating under the provisions of sections 92.700 to 92.920, by ordinance, may elect to allocate a portion of its share of the proceeds of the sheriff’s sale towards a fund for the purpose of defending against claims challenging the sufficiency of notice provisions under this section.

6. For the purpose of this section, the term “occupancy permit” shall mean the certificate of inspection or occupancy permit for residential or commercial structures as provided for in the revised municipal code of any city not within a county, which now has or may hereafter have a population in excess of three hundred thousand inhabitants.

7. If there is a building or structure on the parcel, the purchaser shall apply for an occupancy permit from the city or appropriate governmental agency within ten days after the confirmation hearing. Any purchaser who is a public corporation acting in a governmental capacity shall not be required to acquire the occupancy permit. When a parcel, acquired at a sheriff sale, containing a building is sold from a public corporation acting in a governmental capacity, the subsequent purchaser shall be required to apply for the occupancy permit. Failure to apply for such occupancy permit within ten days after confirmation shall result in the sale and confirmation being immediately set aside by the motion of any interested party and that parcel shall again be advertised and offered for sale by the sheriff to the highest bidder at public auction for cash at any subsequent sheriff foreclosure sale.

8. The sheriff shall include a deed restriction in the sheriff’s deed, issued after confirmation and after the application of an occupancy permit for any parcel containing a building or structure. The deed restriction shall state that the purchasers at the sheriff’s sale who had the property confirmed and who applied for an occupancy permit shall obtain an occupancy permit for the building or structure from the appropriate governmental agency prior to any subsequent transfer or sale of this property. This deed restriction shall not exist as a lien against such real estate. The purchasers of the property at the sheriff sale who had the property confirmed and applied for the occupancy permit shall agree that in the event of their failure to obtain an occupancy permit prior to any subsequent transfer of the property, they shall pay to the sheriff the sum of five thousand dollars as fixed, liquidated and ascertained damages without proof of loss or damages. These damages shall not constitute a lien on property, and the sheriff shall have the discretionary power to file a lawsuit against such purchaser for collection of these liquidated damages. These liquidated damages shall be distributed on a prorated basis to the appropriate taxing authority after the sheriff deducts all costs, expenses and attorney’s fees for such lawsuits. The sheriff may employ attorneys as he deems necessary to collect liquidated damages.

9. If any sale is not confirmed within six months after the sale, any set-aside of the sale may, at the discretion of the court or collector, include a penalty of twenty-five percent of the bid amount over and above the opening bid amount, and such penalty shall be directed to the affordable housing trust fund or the equivalent, if any, of a city operating under sections 92.700 to 92.920.

10. Any interested party, other than the sheriff’s sale purchaser, who moves the court to set aside a sheriff’s sale after the issuance of a sheriff’s deed made under the provisions of sections 92.700 to 92.920 shall be required to pay into the court the redemption amount otherwise necessary under section 92.750 prior to the court hearing any such motion to set aside. The court may hear any motion to confirm brought under the terms of this section if the redemption amount is not paid by the interested party moving the court to set aside the sale.