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Auction.com Trustee Sales - Legit?

Posted by 427 on June 25, 2011 at 2:59 PM

Any thoughts on this? It doesnt seem like it could actually be a trustee sale. A few questions-

-Why are trustee sales usually held at the courthouse steps? Why not usually someplace else?

-Is the sale final or not at auction.com "trustee sales"? I have heard that there are shill bidders, loud music, lots of distractions. If no one buys the property, does it go back to the bank to become a bank owned REO or does it go to another "Trustee Sale" at the next auction.com auction.

-What is the definition of a trustee sale, what elements need to exist to be a trustee sale?

To me you need-
A bank files a default, then files a notice of trustee sale. On auction day, the sale can take place or not take place. If the sale takes place, it is final. The results of a sale that takes place could be -sold to 3rd party or sold to beneficiary

Any thougths appreciated

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