What do I need to take with me to bid at a trustee sale?
To bid you need to qualify, which in most states means you will be required to show the auctioneer identification, and cash or cashiers checks sufficient to cover the full amount you wish to bid (though Arizona requires only a deposit).
Most investors take cashiers checks made out to themselves. If you are not the winning bidder, you can easily redeposit the funds, and if you are the winning bidder, you can endorse the check over to the trustee.
Q-How can I get the opening bids even faster?
The lender gets to make the first bid, which is called the opening bid. Some now also refer to it as the drop bid, because lenders now often substantially discount the opening bid from the amount owed. The laws regarding opening bids vary from state to state. In California the lender/trustee is under no legal obligation to announce the opening bid in advance of the sale. They typically release the opening bid the day before or the morning of the sale. Sometimes the opening bid is not announced until the sale starts. The research team at ForeclosureRadar works diligently to post opening bids as quickly as possible. We also provide the trustee name, phone number and TS number so that you can manually call the trustee for last minute information if you prefer.
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