Trustee's Sale

Trustee's Sale

I came upon a lovely townhouse on a lake the other day by accident. I have NO idea if it is up for sale for past due taxes or not. But the Trustee's Sale is next week. The paperwork originally started back in 2005. I tried to contact the company holding the paper but their phone is disconnected. The original price on the paper work is in the high $400k. It doesn't look in bad shape. Mostly cosmetic I think. This would be quite a steal. But as I said I know nothing about the bidding process and the auction is 4/21/10. Then of course I would have to quickly have to find the money. How low can I start to bid? What if no one shows up but me at the auction. Then what? I need some information and I need it quickly. I can check county records online right? Thanks.

Christina

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Now it says nothing matches....I will continue to use Lena Richardson, and tasha1, password. Please list as thar, and thank you. Lena Richardson


Trustee's Sale

Trustee's sales are usually foreclosure sales. The property will sell at the trustee's sale to the high bidder. The lender will have a representative at the sale bidding on their behalf. How much they bid is up to the lender. Some will bid everything they are owed, including late fees, attorney fees and accrued interest to the day of sale. The sale date is pretty close so you many not be able to get financing in place or do all the analysis needed to safely buy the property. You may still choose to attend the sale to see how the process works, it is also a chance to meet other investors who may be at the sale or make a contact with the lender representative so you can follow up on the REO if they are the buyer at the sale.

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