who do you make checks payable to at the trustees sale


#1

who do you make checks payable to at the trustees sale


#2

If you’ll be bidding it is always best if you can make them out to yourself. That way you can sign them over to whichever trustee happens to represent the property in question.
Otherwise have them made out to the trustee of the particular property you are bidding on (note that this is a real problem if you plan to bid on a few and only buy one).
Finally, don’t forget to bring your drivers license (or other photo ID), the vesting you’ll want to take title under, and your social security number, or if buying for a company the federal tax id.


#3

Thank you Foreclosure Radar!!! Your web site is GOLD!!!


#4

Hi Sean, ? What do you mean by “the vesting you’ll want to take title under”? Thanks ? Sebastian


#5

Vesting refers to how ownership (title) in the property is held. Here is an overview on the different vesting options:? http://www.investopedia.com/articles/mortgages-real-estate/08/title-ownership-property.asp ? ?


#6

ok…so if I were to represent an investor under an LLC at auction, the check would have to be made out to the LLC, then I can sign it over to the trustee once I purchase a property? Do I need to show auctioneer power of attorney or how would that work?


#7

Won’t work. You’d have to prove you have authorization to sign the check over on behalf of the LLC. Even if you put together the required authorization it is doubtful the auctioneer would accept it. Only two options that I have ever seen work: 1. Make the checks out payable to the person bidding (you). You then sign them over to the trustee. 2. Make the checks out payable to the trustee. This option is tough if you are bidding on more than one property.


#8

Hi Sean, the bidder for my corporation purchased a property at trustee sale. Auctioneer accepted the Power of Attorney though it actually had expired. Do you think the trustee will reject it? I dont have deed yet? IM so stressed!


#9

JB - I have no idea if they will, though they probably should. My guess is that they won’t notice and you’ll get the deed. If they do notice and reject it they’ll have to republish the notice of trustee sale, which they won’t be happy about. Very interesting, let us know what happens.