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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Trustee Sale after Deed in Lieu Posted by Peter in CA on June 23, 2009 at 1:00 AM I bought a property today at a trustee sale. The last regular sale was 2006, with 80/20 financing - both with New Century Mortgage. Buyer gets Grant Deed, New Century 1st and 2nd trust deed. Buyer defaults (not sure when) In 12/2008, US Bank gets the TRUSTEE's deed from the buyer (well, from the trustee, actually). I thought it may have been a deed in lieu. I need to check the documents again. The recorder office said just 'Trustee's Deed'. 6/2009: The trustee sells the property on behalf of US Bank - to me. Two issues: 1) Original purchase price was 628k, with 1st ~ 500k and 2nd ~ 128k. The transfer in 12/2006 lists a value of $325k. My guess: 1st and 2nd combined were 628k and with late fees, 650k. US Bank buys bad mortgages for 50c on the $ from New Century, thus the number of $325k. 2) Why does the new owner (?) - US Bank - use the instrument of a trustee sale? Why don't they sell through the MLS instead? They paid $325k, FMV is $430k and it should sell within 30-40 days. Property is in very good condition. My guess: US Bank needs the $ ASAP, or they worry that a traditional sale won't fly because of the unclear title situation??? What do you think about my guesses? Thanks for reading, and also my compliments, this is a great forum. I just discovered it last week. -Peter Follow Ups: I figured it out - I think Peter in CA 2:22 PM, 06/23/09 (3) good home work Skimmer 9:18 PM, 06/23/09 (1) Re: good home work Peter in CA 10:52 PM, 06/23/09 (0) Makes sense to me (NT) Rick, the Probate Guy 3:43 PM, 06/23/09 (0) Don't ask Tom 10:53 AM, 06/23/09 (1) Re: Don't ask Peter in CA 12:38 AM, 06/23/09 (0) Re: Trustee Sale after Deed in Lieu larrywww 10:45 AM, 06/23/09 (8) Re: Trustee Sale after Deed in Lieu BTI 9:26 AM, 07/20/09 (0) Wipes OFF! Wipes OFF! Wipes OFF! (NT) Rick, the Probate Guy 3:42 PM, 06/23/09 (6) Re: Wipes OFF! Wipes OFF! Wipes OFF! (NT) larrywwww 9:07 AM, 06/24/09 (5) Why would I want to "flame" anyone here? Rick, the Probate Guy 4:18 PM, 06/25/09 (0) Some pros are just chintzy with information... CC in OC 11:39 AM, 06/25/09 (0) Re: Wipes OFF! Wipes OFF! Wipes OFF! (NT) JK (the other JK) 10:37 AM, 06/24/09 (2) Re: Wipes OFF! Wipes OFF! Wipes OFF! (NT) larrywwww 7:22 AM, 06/26/09 (1) Re: Wipes OFF! Wipes OFF! Wipes OFF! (NT) JK (the other JK) 10:04 AM, 06/27/09 (0) Post a Followup: Name : E-Mail : Subject : Comments: : I bought a property today at a trustee sale. : The last regular sale was 2006, with 80/20 financing - both with New Century Mortgage. Buyer gets Grant Deed, New Century 1st and 2nd trust deed. : Buyer defaults (not sure when) : In 12/2008, US Bank gets the TRUSTEE's deed from the buyer (well, from the trustee, actually). I thought it may have been a deed in lieu. I need to check the documents again. The recorder office said just 'Trustee's Deed'. : 6/2009: The trustee sells the property on behalf of US Bank - to me. : : Two issues: : 1) Original purchase price was 628k, with 1st ~ 500k and 2nd ~ 128k. The transfer in 12/2006 lists a value of $325k. : My guess: 1st and 2nd combined were 628k and with late fees, 650k. US Bank buys bad mortgages for 50c on the $ from New Century, thus the number of $325k. : : 2) Why does the new owner (?) - US Bank - use the instrument of a trustee sale? Why don't they sell through the MLS instead? They paid $325k, FMV is $430k and it should sell within 30-40 days. Property is in very good condition. : My guess: US Bank needs the $ ASAP, or they worry that a traditional sale won't fly because of the unclear title situation??? : What do you think about my guesses? Thanks for reading, and also my compliments, this is a great forum. I just discovered it last week. : : -Peter [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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