Trying to purchase a property at a trustee sale this coming Wednesday, but the trustee would not tell me how much of a deposit is required. I understand I have to pay the full amount by 5:00 p.m. the following day and I have to show proof of funds, but how much is the deposit if I get the winning bid?
100% of the purchase price. All properties purchased at trustee sale must be paid in full, and in cash (normally using a cashiers check) at the time of sale (the sale actually isn’t final until you hand over the checks).
The information you heard about 5:00pm the following day is incorrect.