Trustee Sale - Help Please

[chilibill]

What is the name of your state? Arizona

Several months ago I made an offer to buy a house. The purchase was contingent upon the sale of my current home by the middle of November. I was unable to sell my home, but stayed in touch with the owner and the real estate agent. I kept $1,000 in escrow. I recently sold my home and contacted the realtor in an attempt to buy the house for the same amount as the original contract. After some foot dragging, the realtor told me the house would be offered at a trustee sale in April and he could not take my offer. It seems the seller owes about $10,000 more than he accepted in the original contract.

I am still interested in the house and would like to know what to expect at a trustee sale. How do they work? Is it like an auction? How are the prices based? Does the buyer need to have cash in hand or is he given a period of time to produce certified funds? Any help would be appreciated.

 

[HomeGuru]

What is the name of your state? Arizona

Several months ago I made an offer to buy a house. The purchase was contingent upon the sale of my current home by the middle of November. I was unable to sell my home, but stayed in touch with the owner and the real estate agent. I kept $1,000 in escrow. I recently sold my home and contacted the realtor in an attempt to buy the house for the same amount as the original contract. After some foot dragging, the realtor told me the house would be offered at a trustee sale in April and he could not take my offer. It seems the seller owes about $10,000 more than he accepted in the original contract.

I am still interested in the house and would like to know what to expect at a trustee sale. How do they work? Is it like an auction? How are the prices based? Does the buyer need to have cash in hand or is he given a period of time to produce certified funds? Any help would be appreciated.

**A: ask the Realtor for the Trustee's contact info and pose your questions to the Trustee. Trustees may be appointed for differing circumstances such as BK, estate, foreclosure etc. In general, a cash or a cashier's check must be produced for say 10% of the bid price, if at an auction, and a loan committment for financing must be forwarded within a certain period of time, say 1-4 weeks.

 

[chilibill]

Trustee Sale - Help

**A: ask the Realtor for the Trustee's contact info and pose your questions to the Trustee. **

HOMEGURU,

Thanks for your advice. I contacted the trustee's office, but they refused to give me any details without permission of the owner who is being foreclosed on for non-payment. Is there any other way to determine how the sale will be conducted and the pricing?

 

[HomeGuru]

You should have asked general questions about procedure, method of valuation etc. and not specific questions about price of the specific property etc.
So did you ask the Trustee to ask the owner?