Convention regarding check amounts?


#1

I understand that by convention bids are for multiples of $100 (other than the first 3rd party bid, which can be just a penny over the beneficiary’s opening bid).

Perhaps it doesn’t matter, but is there a convention for the smallest checks used when qualifying and when paying? I assume those could be different, e.g., one might qualify to a multiple of $10K, but also have smaller checks (like one $5K and four $1K checks) available to use when paying. Is there a reason the trustee or auctioneer would care much about this issue?


#2

It’s a good idea to have a variety of checks that can be combined to get as close as possible the the final bid. Some have used cash (as in the green stuff) to make up the final amount. The last property I bought I was able to tender the exact amount and the result was that I received the Trustee’s Deed Upon Sale in just 5 days. If I was due a refund it might take another 3, 4 or 5 days to get the deed.

Auctioneer and Trustee don’t care how many checks you tender. They likely also prefer that you give them the exact amount.


#3

Danny, thanks, it seems clearly better to make exact payment if it can speed up the delivery of the deed. I assume from your comment that 5 days would be considered a fast turnaround from a typical trustee? I’d be interested how long people usually have to wait to get the TDUS from most trustees (and how that time varies depending on whether a check is included).