What are Trustee Sales?

Here at DMV Probate Group, we know how to assist you in a trustee sale. The Trustee Sale includes the presale, sale, stipulations, and bidding. Here is our current blog which will address all the steps in a trustee sale.

A presale is called 90 days before the sale of the property. The owner has 90 days to try to get his financial situation in order. This gives the owner 90 days to get caught up.

A trustee sale occurs once a homeowner is in default on his mortgage and is in foreclosure. The highest bidder at the trustee sale will become the owner of the property. This is a great opportunity to find a great deal. This is the time for possible bidders to strategize the best ways to buy the property.

To participate in a trustee sale, you must qualify before being able to bid. The bank lender wants you to have the sufficient funds to purchase the home. Most of the time the lender wants a cash offer. The auction will want a form of cash or a cashier's check. Finding an expert that understands this process will help the potential bidder know if they have the funds to purchase the property.

The bidding rules for the property auction is the same for the person who lost the property as the other bidders. The winning bidder will have to pay some other fees. The fee is usually one percent depending on what state the auction is held.

DMV probate serves the District of Columbia, Baltimore to Maryland, and Virginia area. We are experts in the Trustee Sales process. Contact us today.


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