NFS Trustee Sale This Monday. Help Please!
Hello,
I am new to this board and totally new to this process. I am a recent college graduate, only 2 months ago. I have been tracking foreclosures in a few areas for the past year or so. I live in NY. I recently honed in on one b/c it a block away from my house. My area is a nice neighborhood. The house I am looking at has potential FMV of $400-500k. The property I am talking about is in NFS and the Trustee sale in this coming Monday. The service I use provides the trustee name, bank, and also owner. There will be an open bid I assume at the County Clerks office and bidding starts at $139k. I have a few questions I need help on. My plan is to go to the court house with a certified check for $13,900. NY laws are 10% then 30 days. I assume that if I win at 225k that I have to come up with the rest of the 10% and would write them a check. I will be going down to County Clerks office tomorrow to get more information on the property. I am wondering what I should be looking for to see if there are any more liens on the property. Also I am wondering at this stage 1 week from auction is it to late to work and deal and contact the owner to have the loan assigned over to me or something similar to avoid the trustee sale.
Thank you all for your help in advance. Please any help appreciated.
Steve
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[ Edited by Twinkdogs on Date 07/22/2003 ]
Anyone? Any help appreciated.
You may want to check the local laws regarding the auctions. Most places won't let you write a personal check. You will either need the rest of the 10% in cash, or a certified check. Having these in increments of 5k adn 10k are easiest.
you can do a tile search of the property to find out the rest of the information regarding liens.
If you want to buy the property before it goes to foreclosure, you will have to get a hold of the owners and the lender who holds the mortgage. THere are several posts on this site to get more information on short sales and tracking down prop info.
Good luck.
It sounds to me you need to learn ALOT more before u embark on any of this here is what u need to know
1. Trustee sale laws in your state
2. Also CALL the trustee ie law firm DOING the sale and know EXACTLY what they will except!!
for example the check that they want at the acution maybe a very specific TYPE of check.......note that most are not Cashiers Checks that they say that they require...some Banks just give you what is called an "Official Check" not a cashiers check.
Believe me act like a detective NO EVERYTHING about the process legally and also what each trustee does!!!
SKI
Here is a bit of an update on my situation. I have looked in NY law and its 10% can be cashier check. I will have cash with me to come up with the rest of the 10% if I win the bid. I went to county clerks office today to do some research. Gave them the lot and block and found the mortgage lien and a second mechanics lien for 1200 for wood flooring they put in and never paid for. My aunt has access to other data and taxes are paid up. Tomorrow I will find out if water had been paid up. I also obtained the copy of the judgment for the sale and read through that. So I feel like I have gotten a lot done and am getting more prepared for Monday. Let’s hope it works out. I am going to Contact trustee tomorrow to get 1 more schedule on the Judgment that the clerk did not give me.