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 ] FULL AMOUNT DUE ON SALE Posted by Ken on September 03, 2003 at 2:45 PM In Reply to: Payment Process at a California Trustee's Sale posted by Jim on September 03, 2003 at 1:19 PM NOt so lucky, you gotta have all the cash at sale. : 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: Post a Followup: Name : E-Mail : Subject : Comments: : NOt so lucky, you gotta have all the cash at sale. : : 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

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. Read our privacy policy.

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