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Cindy, Home Buyer in Maricopa, AZ

Trustee Sale Question

Asked by Cindy, Maricopa, AZ Mon Dec 8, 2008

I am interested in bidding on a home listed as one of four that will be auctioned at a trustee sale. The problem is that the trustee has informed me that all four homes will be auctioned as one entity. I can only assume this is a result of the builder defaulting on the loan? Is it actually legal to auction all four properties as one? Shouldn't the properties be auctioned individually?

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http://www.montoyatrusteesales.com Can answer all of your trustee sale questions! We occasionally run into this issue. What happends is one house will go up for auction but the builder will put a lien which is usually in the millions. End result nobody ends up bidding because of the lien.
0 votes Thank Flag Link Wed Mar 3, 2010
Cindy - it depends on how the property is deeded and how the lien is recorded against the properties. Likely, the builder purchased when it was all one lot, and the builder may have subdivided, therefore the lien is against all four equally, not separately.
0 votes Thank Flag Link Tue Dec 9, 2008
The seller is selling all four properties as a "lot," not one individual property. If I were you, I would follow the auction, then approach the buyer to purchase the home that you are interested in. However, do this thru a Realtor to protect your interest.
Web Reference: http://www.cindihagley.com
0 votes Thank Flag Link Mon Dec 8, 2008
Cindi Hagley…, Real Estate Pro in San Ramon, CA
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