FAQ's about Foreclosure Sales
I have never bid on homes before. How do I get started?
Local newspapers carry publications of foreclosure notices. If you find
a property you are interested in, make a note of the trustee's sale number
from the publication. The opening bid amounts, sale location and date information
can be checked on our website using that number. Please note that foreclosure
sales are cash only. You must have certified funds for at least the opening
bid or you will not be able to participate in bidding.
How do I determine the value of the property and decide what to bid?
In order to determine value of a property you will need to do some homework. Appraisers, title companies and other real estate professionals can provide valuable information, sometimes for a fee.
What happens next if I am the successful bidder at a sale?
Once we receive the funds in our office we will issue a Trustee’s Deed and send it for recording, with the exception of sales in California and Nevada. In California and Nevada, we will forward the Trustee’s Deed to you to record. If you are due a refund, it will be sent within 24 hours of receipt of funds.
How do I find out what is owed on the property I am interested in?
You might wish to seek assistance of counsel or a qualified real estate professional to research the property’s title and status.
I found a property I am interested in. How do I go about bidding on it?
First, you must be prepared with cash/certified funds at the sale location listed in our Notice. Foreclosure Sales are cash only and you must appear with certified funds for at least the opening bid or you will not be qualified to bid.
Further, it is advisable to seek assistance of counsel of a qualified real estate professional to research the property’s title and status. Once you have determined that you wish to bid, check the website for the status of the sale. You will need to be prepared to pre-qualify for bidding with the person conducting the sale.
How do I find out more about the property, how many bedrooms, etc.?
Information regarding the specifics of a property is available from other resources on the net. You can also seek the advice of an appraiser or other qualified real estate professional to research the property’s title and status.
What if I want to purchase the property before the sale date?
The beneficiary of the deed of trust has no ability to sell the property prior to the completion of the foreclosure sale. You will have to contact the borrower and see if he/she/they wish to sell the property to you.
Who do I make my cashiers check out to?
Cashier’s check can made out to Servicing company or to yourself and endorse it to the servicing company at the sale.