November 22, 2017

Process of buying at Trustee Sales

The Trustee Sale is a public auction where anyone can place a bid to purchase the property.  The opening bid is determined by the Trustee and is set up in advance.  Because the Trustee is willing to sell the property at a deep discount, these auctions are typically by “cash only” or hard-money basis.  In order to place a bid, before the sale a person must present a $10,000 cashier’s check as proof of sufficient funds to purchase the property.

Once a person is a successful bidder, they must pay the remainder of the funds by 5:00pm the next business day to the Trustee.  The property will be sold exactly “as-is” with no warranties or guarantees.  It is extremely important to do your due diligence before bidding – including checking title for tax liens or other liens against the home that you as the successful bidder could be required to pay.

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