Excess Funds After Lien Purchase
I go or an agent goes to auction, purhcases liens and there are excess funds left over. Does the muni cut me a check for the difference of my certified check and the cost of my transaction? Does the excess go to an agent if i use one? is the check cut immediately or do i get it with my certificate? I'm thinking about the process of purchasing the subsequent liens and a potential logistical nightmare of getting $$ back, going to the bank and getting more certified checks, and sending them back to whom ever to buy the subsequent liens...has anyone come across this and how did you resolve this potential bottleneck??
thanks
Suggest you take a combination of certified checks (1 X $500. some thousands, five thousands,) that fit your situation and some cash. The municipality will generally accept an overage ( but I have seen this refused) but most will mail you a difference check sometime in the 8 week period following the sale. You might phone the municipality at least one week before the sale and see if they will take a bank letter and a regular check. It is worth a try. Good luck