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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Payment Process at a California Trustee's Sale Posted by Jim on September 03, 2003 at 1:19 PM Hi, I'm trying to thoroughly investigate the Trustee's Sale process and would like someone with experience to help me understand the payment process upon winning a bid. I had loan brokers and real estate agents tell me conflicting stories - obviously they don't understand the details. I'm lead to understand: 1). Upon successful winning bid, 10% of the bid is due immediately (cash or cashier's check) - funds verifiable by Trustee prior to the auction. 2). The remaining 90% is due within 30 days. 3). If the remaining 90% is not paid within the 30 day timeframe, this amount becomes "liquidating damages". Any help from those who have experienced the process, will be greatly appreciated. I'm planning to attend a couple of auctions here in San Jose for the experience (watching only) and would like to know what to expect. Thanks very much. Jim Follow Ups: It's fairly simple... Ward-CA- 10:28 PM, 09/03/03 (0) FULL AMOUNT DUE ON SALE Ken 2:45 PM, 09/03/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Hi, : I'm trying to thoroughly investigate the Trustee's Sale process and would like someone with experience to help me understand the payment process upon winning a bid. I had loan brokers and real estate agents tell me conflicting stories - obviously they don't understand the details. : I'm lead to understand: : 1). Upon successful winning bid, 10% of the bid is due immediately (cash or cashier's check) - funds verifiable by Trustee prior to the auction. : 2). The remaining 90% is due within 30 days. : 3). If the remaining 90% is not paid within the 30 day timeframe, this amount becomes "liquidating damages". : Any help from those who have experienced the process, will be greatly appreciated. I'm planning to attend a couple of auctions here in San Jose for the experience (watching only) and would like to know what to expect. : Thanks very much. : Jim 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

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