Suppose I win the auction for a property? I suppose I hand over the check on the spot, yes? And then do I get title right there? Do I get a receipt showing that I won and then fill in the paperwork (like the corporation that is going to own the property) at a later date? How does this work
In CA you would need to pay the full amount at the time of the sale. You will get a receipt and the trustee will prepare the Trustees Deed and send it to you for you to record. If the Trustees Deed is recorded within 15 days of the sale it is effective the date of the sale. Sean O’Toole the Founder of ForeclosureRadar has done an awesome video on what happens at a trustee sale. You can check it out at http://www.foreclosuretruth.com/blog/sean/video-foreclosure-auction-guide/
I bouth a property on December 2 and I received the grand deed Dec 17. I recorded it on Dec 20 because of the weekend. Would that cause a problem? Or is it 15 working days?
Hi Wendy, It is 15 calendar days. Provided there have not been any other documents recorded against the property after the sale then there should not be a problem. If the Trustees Deed is recorded within 15 calendar days from the date of the sale then the trustees deed is effective the date of the actual sale.