What if you don’t close on the property you purchased at trustee sale? ?I know you would forfeit the deposit. ?Is it common practice that trustee will come after you for the difference of the sale price if the property sells less at the trustee sale of your purchase price?
In most states you have to pay in full at the time of sale. No refunds. Arizona is one of the few states that only requires a deposit. My understanding is that you simply forfeit the deposit if you fail to complete the purchase.
In Florida you put up %% (maybe 10%?) at time of sale and have til noon the next day to pay the balance.
In Virginia , you pay the deposit & close in 15 days.The language they use in the memorandum of sale is that you may forfeit deposit & “the defaulting purchaser shall be liable for all costs of re-sale , plus any amount by which the ultimate sale price for the property is less than the defaulting buyer’s bid” My question is it common these days they come after the defaulting buyer for the difference? Sat Jul 7th 2012 at 1:04pm
miket, what happens if you won’t close by noon the next day? Sun Jul 8th 2012 at 6:08am
I can’t recall what would happen if you don’t pay balance besides losing the deposit . Full info is on the Court web site. As mentioned above, never have gotten involved w. fcl, there. Just Ca., Or, Wa. Nv and Ga. miket Sun Jul 8th 2012 at 11:31am