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When a homeowner falls behind on their mortgage or property tax payments, their lender has the right to foreclose the property. A Trustee's Sale refers to the process whereby the trustee of the property arranges to have an auction to sell the property prior to giving the real estate to the bank, in efforts to recover the amount of the loan. A Trustee's Sale is usually advertised in the classified section of local newspapers.
Buying a property from a Trustee's Sale seems straightforward. However, buyers should be aware that they must pay cash for the property during the sale. Also, the property is bought "as is", which means there is no warranty. The buyer will be responsible for all liens that were not wiped out before the foreclosure. For example, if there were property taxes, IRS lines, HOA dues and other assessments, the buyer will be responsible to pay them. Another disadvantage would be that the property site is unseen at the time of purchase. This could be a deal breaker for many, unless a buyer balances their costs against their gains.
Some Trustee's Sale matters may require advice from real property attorneys. An attorney can advise homeowners on their rights and can even stop a foreclosure from taking place. An attorney can negotiate with banks, lenders and bankruptcy trustees. They can give you other options, such as short sale, to ensure you save your home. Real property attorneys can also advise investors, help them research properties and provide them valuable advice for making important decisions.
If you are at risk of losing your home and received a notice of Trustee's Sale, or if you are considering purchasing property from a Trustee's Sale, contact Attorney Search Network. We can help you find a real estate attorney in your area.
If you have any questions about the information provided above, please contact us. Call us toll free at (800) 215-1190 or fill out our online form for your Real Property lawyer referral.
If you have any questions about the information provided above, please contact Attorney Search Network.
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