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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Wasted my gas Posted by Skimmer on June 29, 2011 at 9:36 PM In Reply to: Auction.com Trustee Sales - Legit? posted by 427 on June 25, 2011 at 2:59 PM Curious how they handle it, I drove by once. They listed a very attractive low bid, but once the auction started, they jumped right to their reserve price which is close to the market price, and asked who will offer $1,000 more. Will not waste my gas again. Skimmer : Any thoughts on this? It doesnt seem like it could actually be a trustee sale. A few questions- : -Why are trustee sales usually held at the courthouse steps? Why not usually someplace else? : -Is the sale final or not at auction.com "trustee sales"? I have heard that there are shill bidders, loud music, lots of distractions. If no one buys the property, does it go back to the bank to become a bank owned REO or does it go to another "Trustee Sale" at the next auction.com auction. : -What is the definition of a trustee sale, what elements need to exist to be a trustee sale? : To me you need- : A bank files a default, then files a notice of trustee sale. On auction day, the sale can take place or not take place. If the sale takes place, it is final. The results of a sale that takes place could be -sold to 3rd party or sold to beneficiary : Any thougths appreciated Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : Curious how they handle it, I drove by once. They listed a very attractive low bid, but once the auction started, they jumped right to their reserve price which is close to the market price, and asked who will offer $1,000 more. Will not waste my gas again. : Skimmer : : Any thoughts on this? It doesnt seem like it could actually be a trustee sale. A few questions- : : -Why are trustee sales usually held at the courthouse steps? Why not usually someplace else? : : -Is the sale final or not at auction.com "trustee sales"? I have heard that there are shill bidders, loud music, lots of distractions. If no one buys the property, does it go back to the bank to become a bank owned REO or does it go to another "Trustee Sale" at the next auction.com auction. : : -What is the definition of a trustee sale, what elements need to exist to be a trustee sale? : : To me you need- : : A bank files a default, then files a notice of trustee sale. On auction day, the sale can take place or not take place. If the sale takes place, it is final. The results of a sale that takes place could be -sold to 3rd party or sold to beneficiary : : Any thougths appreciated [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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