Trustee's sale "payable in full"
hi
what does the follwoing sentence mean exactly? I read it on a CA Trustee's sale ad:
"..at public auction, to the highest bidder for cash or check,.., payable in full at time of sale.."
Does it mean that the highest bidder has to pay the WHOLE amount right after the auction ends?? For this particular sale, there is "no opening bid" (as per the Trustee phone recording), the total indebtness is $40,000. Does it mean that I can attend the sale with no proof of minimum cash in my possession? Can I do my own "title search" by going to the County's clerk office? I can NOT find any company on the web that would do a title search for me (for a reasonable cost). If I go to the County's clerk office and do my own researches, will I find all the liens, the encumbrances, etc..?
Thanks
Luc
Regarding title search; find a friendly
agent or go to the title company
and find out when in the week they
are least busy, go back and ask
the customer service person to check
(have the street address and AP #)
they should help.
The sales I bought in went as follows,
the guy (crier) ask that all bidders
sign-up with him. He requires each
person to privately show him all of
the money you intend to bid. He writes
down your name and how much you
have on you. If the bidding gets over
the amount he noted next to your name
he will tell you that you are out.
I may be able to get info on parcels
and houses that you are interested
in if you get me the address and county.
Good luck,
Bukzin
Hello Luc,
There are different types of auctions that you may attend. The one that I purchased a dulpex here in KY required that I put 10% down and to pay the balance withing 30 days. Some auctions require that you have money in set aside in order to bit on property. As to getting the title search. I would go ahead and pay the closing agent the fee for the search as well as ordering title insurance. This is the only way that I can think of getting title insurance coverage. I would never purchase a property at auction without title insurance. Go ahead and pay the money for the safety that you will have from a professional having completed the title search. Plus it is tax deductable.