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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Assuming... Posted by Ward Hanigan on October 11, 2003 at 11:26 PM In Reply to: Trustee sale Proceed posted by Kenny on October 10, 2003 at 3:43 PM : Ward, : I bought a house that should go to Trustee sale in about 2 weeks. I am thinking about letting it ride to the sale. At the sale - if the price will not be high enough I will buy it, but if the price will be high enough I will let it go to the higher bidder. : Who will get the access amount - I am as the owner of the house, or the previous owner, since he is in foreclosure and his name is on the loan? : Thanks, : Kenny. -=-=-=-=-=-=-=-=-=-=- Kenny, I’m going to assume that you have recorded your deed to the property. I’m also going to assume that there’s just a first trust deed lien against the title of the property — that no other liens exist. I assume the opening bid of the foreclosing first will be less than 80% of the perceived fair market value of the property and that your local real estate market is considered a Seller’s market. Given the above conditions, there should be a final bid in excess of the opening bid. That overage will be distributed, on a protanto basis, in a descending progression to the next equity holder, which in your case should be you, the owner of the property at the time of the foreclosure auction. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Ward, : : I bought a house that should go to Trustee sale in about 2 weeks. I am thinking about letting it ride to the sale. At the sale - if the price will not be high enough I will buy it, but if the price will be high enough I will let it go to the higher bidder. : : Who will get the access amount - I am as the owner of the house, or the previous owner, since he is in foreclosure and his name is on the loan? : : Thanks, : : Kenny. : -=-=-=-=-=-=-=-=-=-=- : Kenny, : I’m going to assume that you have recorded your deed to the property. : I’m also going to assume that there’s just a first trust deed lien against the title of the property — that no other liens exist. : I assume the opening bid of the foreclosing first will be less than 80% of the perceived fair market value of the property and that your local real estate market is considered a Seller’s market. : Given the above conditions, there should be a final bid in excess of the opening bid. That overage will be distributed, on a protanto basis, in a descending progression to the next equity holder, which in your case should be you, the owner of the property at the time of the foreclosure auction. : 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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