InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Codes 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 60+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Trustee sales are final.... Posted by investor on July 15, 2003 at 7:54 PM In Reply to: Trustee sales are final.... posted by Ward-CA- on July 15, 2003 at 6:14 PM : : It appears that some bidders will bid on a property only if they see another person bidding or if they see many people bidding, then they will start bidding. At times it appears that they do not even know what they are bidding on. In some cases I have seen bidders buy manufactured homes and severly damaged homes and not know it. Often times they will be bid up by a person that knows the property in an attempt to totally burn the jumper. If a bidder gets a terrible deal, are they able to back out of it? I was under the impression that that was totally unacceptable and it should be. Can they be barred from sale site. Los Angeles sale sites. : ============== : In CA all trustee sales are final. They are not cancellable. One is supposed to know everything about the property before they bid. So if they assume the risk of bidding blindly they have no one to blame except themselves. : What are you referring to as being unacceptable?? I was referring to a person bidding blindly and then not handing the checks over to the auctioneer or cancelling the sale in some other way thereafter. I felt that this behavior would be totally wrong and a person doing this would hopefully be banned from future sales. I agree with you and feel that bidders that jump in without knowing the property should be forced to complete the transaction. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : It appears that some bidders will bid on a property only if they see another person bidding or if they see many people bidding, then they will start bidding. At times it appears that they do not even know what they are bidding on. In some cases I have seen bidders buy manufactured homes and severly damaged homes and not know it. Often times they will be bid up by a person that knows the property in an attempt to totally burn the jumper. If a bidder gets a terrible deal, are they able to back out of it? I was under the impression that that was totally unacceptable and it should be. Can they be barred from sale site. Los Angeles sale sites. : : ============== : : In CA all trustee sales are final. They are not cancellable. One is supposed to know everything about the property before they bid. So if they assume the risk of bidding blindly they have no one to blame except themselves. : : What are you referring to as being unacceptable?? : I was referring to a person bidding blindly and then not handing the checks over to the auctioneer or cancelling the sale in some other way thereafter. I felt that this behavior would be totally wrong and a person doing this would hopefully be banned from future sales. I agree with you and feel that bidders that jump in without knowing the property should be forced to complete the transaction. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction.

Copyright © 1997-2003, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455