The property that we were wanting to purchase at the trustee sale had a minimum bid but the lender via the trustee had given instructions to the person conducting the sale to bid against other bidders trying to purchase the property up to a certain amount above the starting bid.
We were the only party trying to purchase the property & we didn’t want to go as high as the auctioneer was instructed to bid to. The property went back to the beneficiary for the opening bid. The person conducting the sale called the trustee to see if they would take an offer at the opening bid but they could only say that they would tell the lender & took our contact information. We’d like to contact the REO Asset Manager for U.S. Bank to see if they would accept our offer before it’s listed for sale.
Contact the trustee and see if they will put you in touch with the asset manager at US Bank. They don’t have to, so be sure to ask nice.
Thanks Sean for the advice. I had previously contacted the trustee & their response was that they don’t give out any information regarding the lender. I waited several days & called the trustee again and even though I spoke with a different person, the response was the same.