Is cash required when buying at a trustee sale on the courthouse steps? Or what is the method of payment?

Asked by Linda Langman, Indian Wells, CA Thu Mar 12, 2009

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Linda Langman, Agent, Indian Wells, CA
Thu Apr 30, 2009
HI, There are several on-line services that will provide information on NOD-Notices of Default as well as the homes scheduled for auction. You need to research the property to find out if there are other leins on the properties. Other leins are not released at a bank sale.

There are some great deals available, but I think the risks are less buying REO properties. They will be transferred with a clear title and a title policy. You are buying free and clear of other encumberances. Linda
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Nate Harimoto…, Agent, Westlake Village, CA
Thu Mar 12, 2009
Hello,
During Trustee Sales you must have cash in a form of a money order or cashier's check. There are no other forms of payment allowed. If you're interested in a property that is going to sale/auction then find out the sale date/time, go to the court house and see if anyone bids on the property of interest. If no one does it will revert back to the bank and come on to the market in 30 days or so as a REO (Real Estate Owned)/bank owned property. Either trustee sale or REO you can get great deals in today's market.
Best of luck!
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