| NOTICE: Sykes, Bourdon,
Ahern & Levy, attorneys for the substitute
trustees, Commonwealth Asset Services, LLC, is
providing the information contained on this site
for the convenience of its users. The information
contained herein is for informational purposes
only. Any user of this site agrees that SBAL and
Commonwealth Asset Services, LLC shall bear no
liability for any damages suffered by any person
or entity for any reliance on the information
set forth herein. Every user of this site agrees
to hold SBAL and Commonwealth Asset Services,
LLC harmless with respect to all materials set
forth herein. Prospective bidders should promptly
seek legal representation in order to fully protect
their legal rights.
- If I wish to bid on a property at a
foreclosure sale, how much is the required deposit
and what form of funds are accepted at sale?
Unless otherwise
stated in the Notice of Sale published in the
newspaper, please bring 10% of either the original
note amount or the maximum amount you are willing
to bid on the property, whichever is less, in
either cash, money order, certified or cashier’s
check.
-Can I obtain
the opening bid amount prior to sale?
No, the lender’s
opening bid will not be disclosed prior to sale.
The Trustee will announce the opening bid at the
foreclosure sale.
-Can I find
out if there are other liens or outstanding taxes
on the property, including delinquent Homeowners
Association dues?
SBAL will not disclose this information. It is
the bidder’s responsibility to obtain such
information through the public records prior to
the sale date.
-Will I be able to
inspect the interior condition of the property
prior to the foreclosure sale or can the Trustee
disclosed the occupancy status of the property?
No, the defaulting
borrower is the owner of the property until after
the foreclosure sale is held, thus SBAL cannot
grant any prospective bidders access to the subject
properties. Additionally, our offices do not inspect
the property nor do we have information as to
the occupancy status. All properties are sold
in “AS IS” condition.
The successful bidder bears the responsibility
of any eviction proceedings after sale should
that be necessary.
-If I am
the successful bidder at the foreclosure sale,
how long do I have to settle on the property and
what if I am unable to settle within this timeframe?
Generally, unless
otherwise stated in the Notice of Sale, settlement
must occur within twenty (20) days from the date
of the foreclosure sale. Neither the Trustee nor
the mortgage lender/servicer has the obligation
to extend the time for settlement to occur. In
the event you are unable to settle within the
time restrictions provided in the Notice to Sale
and/or the Memorandum of Sale, you will be deemed
to be in default and your deposit may be retained
and property resold at your expense. Click
here to see a sample Memorandum of Sale.
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