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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] To recap w/another Q Posted by Eric - CA on August 22, 2001 at 10:24 AM In Reply to: Re: U.S. Marshal sales posted by Ward-CA- on August 21, 2001 at 6:44 PM So... I should do a complete title search and look up all of the Jones', the Trust Company, and all defendants to be sure I know what recorded liens are out there. You state that the minimum will cover all senior liens, does that mean that all juniors, if any, are wiped out? Could there be a scenario where I buy it for the minimum $125k and then end up owing another $300k to some other note holder or ...? Since this sale is in CA, does it follow CA law? Since the USA was a defendant does that mean IRS or property tax liens are wiped as well? Is the title's lack of insurability the same 1 year time restriction. Meaning I could sell to someone in a year and title insurance could be gotten at that time? Figures I would find something that seems to be a mongrel, not a sheriff sale, not a foreclosure, not a REO, ....But as I have seen you post several times, oftentimes the good ones are the "hardest" as it weeds out the weak or lazy. Thanks : : I may want to bid at a United States Marshal's sale (same as a Sheriff's sale?). There are some items in the notice of Marshal's sale that give me some trouble and I would like/need clarification. Here is a paraphrase of some of the troubling parts: : : ...By Decree of Sale issued under US District Court on a judgement awarded against J Jones and A Jones, wherein stipulation of G Jones disclaiming interest in the property, I will offer for sale ..... : : ...The realty shall be free and clear of any interests of J Jones, A Jones, G Jones, The X Trust Company and the United States of America or any other defendant in this action... : : ...The sale shall be subject to confirmation by the US District Court... : : ...Upon confirmation the US Marshal shall execute and deliver a quit claim deed conveying the realty to the purchaser... : : ...Bidders should refer to the court' decree of sale and to 28 U.S.C. Section 2001(a) and, 2002... : : ...Minimum bid $125,000 : : Where to start. Title search, reviewing court decree? : : Free and clear of defendants only? Does this means all other liens remain in place. A title search should show the lien holders and then I will do thorough search myself. But what to look for? : : Subjet to confirmation? For how long? Is that a problem? : : I get a quit claim deed, is that acceptable? Can I get title insurance? : : What is the biggest mistake I am going to make? : : What's missing? If $125k is a bargain, why not make the minimum higher? And if these types of sales represent .1% of sales, should I expect many bidders? : : Thanks for everyones help. : =•=•=•=•=•=•=•=•=•=•=•=•= : Eric, yes there’s a difference between a County Sheriff’s sale and the U.S. Marshal’s sale. One’s state oriented and the other is federal. These sales usually start with a forfeiture of ownership by some crooks to the DEA (a plea bargaining sweetner). Thus the recitation that the Jones’s are no longer the owners of the property. : The DEA takes title subject to any senior liens. Said lien holders have to go through a proof that they haven’t collaborated in any way in assisting the crooked owners in laundering their ill gotten gains. : The DEA then has the U.S. Marshal’s office dispose of the property at auction. The minimum bid is set high enough to cash out the balances owed the senior liens. : The only type of deed you will ever get at any forced sale, whether it’s state or federal, is a version of a quit claim deed (ie: sheriff’s deed, marshal’s deed, director’s deed, trustee’s deed). : You won’t be able to get title insurance at this type of forced sale. : Your biggest risk is not checking everything out—assuming something instead of actually knowing. : The government will keep any surplus over and above the minimum bid. The degree of your competition depends on the promotion of the upcoming sale. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : So... : I should do a complete title search and look up all of the Jones', the Trust Company, and all defendants to be sure I know what recorded liens are out there. : You state that the minimum will cover all senior liens, does that mean that all juniors, if any, are wiped out? Could there be a scenario where I buy it for the minimum $125k and then end up owing another $300k to some other note holder or ...? Since this sale is in CA, does it follow CA law? Since the USA was a defendant does that mean IRS or property tax liens are wiped as well? : Is the title's lack of insurability the same 1 year time restriction. Meaning I could sell to someone in a year and title insurance could be gotten at that time? : Figures I would find something that seems to be a mongrel, not a sheriff sale, not a foreclosure, not a REO, ....But as I have seen you post several times, oftentimes the good ones are the "hardest" as it weeds out the weak or lazy. : Thanks : : : : I may want to bid at a United States Marshal's sale (same as a Sheriff's sale?). There are some items in the notice of Marshal's sale that give me some trouble and I would like/need clarification. Here is a paraphrase of some of the troubling parts: : : : ...By Decree of Sale issued under US District Court on a judgement awarded against J Jones and A Jones, wherein stipulation of G Jones disclaiming interest in the property, I will offer for sale ..... : : : ...The realty shall be free and clear of any interests of J Jones, A Jones, G Jones, The X Trust Company and the United States of America or any other defendant in this action... : : : ...The sale shall be subject to confirmation by the US District Court... : : : ...Upon confirmation the US Marshal shall execute and deliver a quit claim deed conveying the realty to the purchaser... : : : ...Bidders should refer to the court' decree of sale and to 28 U.S.C. Section 2001(a) and, 2002... : : : ...Minimum bid $125,000 : : : Where to start. Title search, reviewing court decree? : : : Free and clear of defendants only? Does this means all other liens remain in place. A title search should show the lien holders and then I will do thorough search myself. But what to look for? : : : Subjet to confirmation? For how long? Is that a problem? : : : I get a quit claim deed, is that acceptable? Can I get title insurance? : : : What is the biggest mistake I am going to make? : : : What's missing? If $125k is a bargain, why not make the minimum higher? And if these types of sales represent .1% of sales, should I expect many bidders? : : : Thanks for everyones help. : : =•=•=•=•=•=•=•=•=•=•=•=•= : : Eric, yes there’s a difference between a County Sheriff’s sale and the U.S. Marshal’s sale. One’s state oriented and the other is federal. These sales usually start with a forfeiture of ownership by some crooks to the DEA (a plea bargaining sweetner). Thus the recitation that the Jones’s are no longer the owners of the property. : : The DEA takes title subject to any senior liens. Said lien holders have to go through a proof that they haven’t collaborated in any way in assisting the crooked owners in laundering their ill gotten gains. : : The DEA then has the U.S. Marshal’s office dispose of the property at auction. The minimum bid is set high enough to cash out the balances owed the senior liens. : : The only type of deed you will ever get at any forced sale, whether it’s state or federal, is a version of a quit claim deed (ie: sheriff’s deed, marshal’s deed, director’s deed, trustee’s deed). : : You won’t be able to get title insurance at this type of forced sale. : : Your biggest risk is not checking everything out—assuming something instead of actually knowing. : : The government will keep any surplus over and above the minimum bid. The degree of your competition depends on the promotion of the upcoming sale. 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