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Re: going to attend a trustee sale

Posted by Bill H on March 26, 2007 at 17:35:49:

In Reply to: going to attend a trustee sale posted by first_time_investor on March 25, 2007 at 21:02:54:

Some basics for California:

1. CA is an all cash state. You will be required to give the trustee a cashiers check for the amount you intend to bid prior to being allowed to bid in the sale. He/she WILL NOT allow you to bid past this amount unless you give him more $$$.

2. The property will be yours if you are the successful bidder. The trustee will send you a trustee deed which you must record within 15 days after the sale to maintain your position.

3. CA is a very aggressive state, you will see lots of other bidders there IF it is a decent deal.

4. The opening bid will be whatever amount the lender is owed..or it can be less if there is no equity and the lender desires to sell rather than take back.

5. You MUST do your homework and due diligence PRIOR to the sale. In CA "What you see is what you get." THere is no backing out (the trustee already has your $$$) and no giving it back....SO..be careful.

6. The Notice of Trustee Sale is a matter of public record and easily accessible through a search at the county recorders office.

7. Good Luck, You're gonna' need it.

Bill H

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