I have purchased property at trustee sale and notified the tenants. And Previous owner contacted me and told me that the sale was made by mistake of trustee because owner filed a bankrupcy recently and it can not be sold at the trustee sale. Owner said that he will take legal actions.
I haven’t received trustee deed yet. Do you have any idea what will happen?
It is possible to have a Trustee Sale rescinded. Of course your funds would be returned to you if that happened. Contact the Trustee if you have not received the Trustees Deed.
Can a Trustee Sale be rescinded after the Trustee Deed has recorded? I have a trustee threatening to do so saying that the sale was in error.
Hi Tom,
You would first want to find out the basis for the rescission. I do not believe that they can rescind the sale after the Trustees Deed has been recorded without your cooperation. There is also the issue of your damages that they would need to address. You have lost the use of these funds for this period of time, you have spent money and time researching and buying this property, you may have started work on the property and then there is the loss of profit (which may be somewhat difficult to calculate unless you have a buyer). You may want to consult with a good real estate attorney if you wish to fight the rescission.
i had this happen twice after i recorded the deed. once they basically just took it back, recorded a notice of recission and didnt need any cooperation from me.
the next time i was a little more forceful and the bank ended up PURCHASING the house back from me for 40k over what i paid. i think it is just a case by case basis and whether or not there is enough potential profit to make it worth your time fighting them.
What does - Resinding of a Trustee Deed mean, I had the bank foreclose on me as I was away from the country, Finally I paid the outstanding balance and fees and I was able to get the home back which I live in now. The county records shows : Resinding of Trustee Deed. My tax bills shows up on a Corp Name ??? what do I do… Thanks . Josh
It sometimes takes a few months to change. However, I doubt the County ever picks up a rescission - thus you will need to contact the tax assessor’s office and provide them w. documentation.
They, normally, only look for “Deeds”.
We purchased a property at a Trustee Sale 14 days ago. B of A is the lender and Recon Trust is the Trustee. I’ve called several times yesterday & today to find out why we have not received the Trustee’s Deed. I’ve gotten bounced around like a rubber ball, basically being told it’s still under review with the attorney and they cannot/will not give me any information. We already made contact with the occupant to try to negotiate CFK and the HOA is on our backs to clean up the property and have sent Violation Notices for exterior maintenance. We can’t do anything until we receive the deed. I thought a lender is suppose to produce a Trustee’s Deed to a buyer within 14 days?? It’s impossible to get anyone to help us at the Trustee’s Office or B of A. What optiions do I have and at what point are they required to refund our $287,000 that we paid for the property as highest bidder at the Trustee Sale?
Recontrust is usually very good at sending out their Trustee Deeds in a timely manner. Did you buy at an Auction.com sale? If so, start calling Auction.com to get valid phone numbers for the contact at Recontrust.
Try finding an email address for someone inside Recontrust, they sometimes respond faster to emails. Put your Trustee Sale Number in the subject line
Today was the 15th day after the sale (still no deed), making it impossible for us to duly perfect our deed (requires to be recorded in 15 days). This was NOT bought at auction.com. We purchased at the courthouse steps at the Trustee Sale with cashier’s checks for the full amount (required in CA). I finally sent an email to the CEO at BofA and sent a fax to Recon Trust’s legal dept. Nobody would give me a phone number for the legal dept and nobody at Recon Trust would give me information other than “the deed is under review in the legal department”. I demanded they rescind the sale in my email and fax since I did not receive the deed in 15 days and requested a full refund for my $291,000. They agreed to refund my $291k immediately, AND the legal dept also said they will be paying me 7% interest on my monies for the 15 day period. What a grueling experience! We’ve purchased about 15 properties in the past couple yrs and the only time we’ve had issues getting our Trustee’s Deeds in a timely fashion were on B of A properties. I just wasn’t comfortable with taking title that isn’t duly perfected. It can make an eviction process much more challenging, amongst other things. I wonder if they now own the property since they rescinded the sale on purchaser’s request, or does the borrower still own the house now?? It’s not my problem anymore since they rescinded the sale, but curious how the process works.
Hi Donna, Sorry to hear that the sale was rescinded. This means that the sale is canceled and title does not transfer (the owner remains on title). The trustee would need to record a new Notice of Trustee Sale and set a new sale date in order to proceed with the foreclosure. With the new legislation and following the robo-signing scandals it will be interesting to see if more sales are rescinded.
Hi Donna, Thanks for your comments, I have the fund problem here, I’d like to rescind the transaction, but hard to find any contact from Recon trust and B of A . I’d like to know what’s BOA ceo’s email you sent to, so I can solve my problem. Thanks a lot in advance! Clara