Posted by: Gay Potter | November 20, 2008

Gay Potter’s take on Trustee Sales……….What an adventure!

Arizona is flooded with properties that are reverting back to the lender through a image trustee sale.   I was excited to help one of my clients obtain the home they had been trying to buy from the bank only to be put in second position behind another offer.  When the bank decided not to continue with the short sale on the property – off to the trustee sale we went and returned with the property we set out to buy.

The basic requirements for bidding at a trustee sale is:

1.  $10,000.00 Cashiers check

2.  Ability to pay cash for property by 5 p.m. the next day.  (if you are the successful bidder but unable to close transaction by 5 p.m. the next day – $10,000.00 will be forfeited)

3.  Have a heart beat.

Nerves, stress and excitement exist while standing on the steps of the courthouse.  As the caller, quietly calls the sale, you strain to hear the number you came to bid on.  Some are not cut out for all this excitement.  If that is you, please do not hesitate to contact me,  I have worked with many investors interested in purchasing a property through a trustee sale.

Finding a home which is being foreclosed upon that is in first position is half the battle,  I have many resources available which streamline this process.  There are many things you must be aware of before you buy one of these properties – a professional Realtor like myself makes the process easier.



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