Friday, February 18, 2011

Trustee Auction Sales in California After Foreclosure

trustee auction sales 

On the date and time of the trustee sale auction after foreclosure in California, one of four things might occur with the property:

1.  The auction for the particular loan may be cancelled. 

  • This may occur because the property was sold before the auction, and therefore the loan was repaid (or partially repaid in the case of a short sale); the owner was able to refinance the loan; the owner came up with the cash to bring the loan current; or, there may have been an error made in the sale process, and the trustee has decided it would be better to restart the process. 

2.  The auction may be postponed to a later date and time.

  • Common reasons for postponement include: mutual agreement, where the borrower and lender agree to delay the sale; beneficiaries request, where the lender decides to postpone; trustees discretion, where the trustee decides to postpone, often because it can't reach the lender for bidding instructions; bankruptcy, which actually doesn't completely stop foreclosure, but instead puts a temporary stay on the sale until the lender can get a motion granted by the judge allowing them to continue the sale; and operation of law, where a court has ordered that the sale not be held.

3.  The property may be Sold to 3rd party.  after foreclosure

  • The loan being foreclosed on was offered for sale by the trustee, and a bidder (other than the lender) ended up purchasing the loan. 

4.  The property may be Sold to the Lender/Bank. 

  • It is the trustee, not the bank, that sells the home.  Since the lender clearly has the most to lose in the transaction, and because they are the beneficiary of any funds received from the sale, they are allow to place the first bid, and are allowed to credit bid (bid without bringing cash to the sale), up to the amount they are owed.

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Source: ForeclosureRadar.com.  This is for information about trustee auctions after foreclosure in California only and not the providing of tax or legal services.  If your property is subject to foreclosure and trustee auction sale, you should consult with a lawyer.  Buying of properties at trustee sale auctions is tricky and risky, and you should hire an experienced Realtor to help you with that.

If you want a list of properties scheduled for trustee sale auctions after foreclosure in your Orange County area, please contact us - click here

If you want to talk about selling, buying, or investing in homes and real estate at Orange County, California, please contact me.  Harrison K. Long - solutions for real estate and business - REALTOR® and broker associate, Coldwell Banker Residential Brokerage- 949-854-7747 (phone) - ExploreProperties@gmail.com (email) - CA DRE 01410855 - SFR short sale and foreclosure resource certified by the National Association of REALTORs®.

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Posted via email from Explore OC Homes

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