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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] It's fairly simple... Posted by Ward-CA- on September 03, 2003 at 10:28 PM In Reply to: Payment Process at a California Trustee's Sale posted by Jim on September 03, 2003 at 1:19 PM : 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 -=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-= Jim, I have bought hundreds of properties at trustee’s sales here in San Diego since 1982. I can tell you that the procedure is much simpler than you imagine. If you are the winning bidder at a CA trustee’s sale you have to pay, then and there, the amount of your winning bid in full, by handing the auctioneer a combination of cashier’s checks totaling the amount of your final bid or more. The auctioneer will give you a receipt in return detailing your name, address, phone numbers, the final bid, the amount of your checks, the amount of change due you and the vesting you want on your Trustee’s Deed to follow. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : 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 : -=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-= : Jim, : I have bought hundreds of properties at trustee’s sales here in San Diego since 1982. I can tell you that the procedure is much simpler than you imagine. : If you are the winning bidder at a CA trustee’s sale you have to pay, then and there, the amount of your winning bid in full, by handing the auctioneer a combination of cashier’s checks totaling the amount of your final bid or more. : The auctioneer will give you a receipt in return detailing your name, address, phone numbers, the final bid, the amount of your checks, the amount of change due you and the vesting you want on your Trustee’s Deed to follow. : Hope this helps. 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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