What does trustee sale mean?
A trustee sale is a publicly-held auction where buyers can bid on real estate properties. Trustee sales are conducted when a homeowner is in default of his mortgage payment for more than 60 days.
What is the difference between a trustee sale and a sheriff sale?
A trustee’s sale is effectively the same as a sheriff’s sale. It is the last step in a nonjudicial foreclosure. The main difference is that a trustee, the party that handles the nonjudicial foreclosure process in some states, holds the auction.
Can a trustee sale be stopped?
In California, unless there are a few narrow legal circumstances, such as a mistake with the trustee’s property bidding instructions, all trustee sales are considered final, with virtually no means to void or rescind the sale.
Can you get a loan for a trustee sale?
When you receive a trustee sale loan to purchase a foreclosed property, potential buyers will provide their offers based on the wholesaler’s asking price. The benefit of this method is that the price of a wholesale property will most likely not increase, so you can offer lower than the asking price.
Can a trustee sell property?
Trustees aren’t allowed to sell trust property to themselves unless the trust agreement has explicitly allowed them to do so. They also shouldn’t sell the trust property to another trust that they manage, or borrow trust funds for personal use.
What’s the difference between foreclosure and sheriff’s sale?
At a foreclosure auction, a lender is selling a property it repossessed, whereas in a sheriff sale, the property was repossessed by a lender through court-ordered means. California operates a system of non-judicial foreclosure which means the lender does not need a court order to seize and sell your home.
How do trust sales work?
In a trust sale, there is usually one trustee who is the decision maker and has the authority to sell the home, though sometimes several siblings may all be trustees and therefore decision makers as well. The flexibility allows the trustee to time the sale of real property with favorable markets.
What is a trustee sale number?
Trustee Sale Number. A written document which is prepared and signed by the trustee when the secured property is sold at a trustee’s sale.
What is a substitution of trustee in real estate?
A substitution of trustee is a legal document filed when it is necessary to change a trustee. Two common situations where such a document can come up can be seen in the real estate industry and in the management of private trusts. In real estate, a trustee is appointed by a lender so in the event…
What is a substitute trustee sale?
Legal Definition – The Trustee or Substitute Trustee is the authorized individual, acting as an agent of the court, who oversees the sale process and makes certain the property is sold in a fair and equitable manner. Trustees and Substitute Trustees are basically identical in their capacity to coordinate the foreclosure sale process.
What is a trustee sale in California?
A trustee sale is a public auction at which a piece of real estate is sold. These sales are held when people default on their mortgages and the lenders take possession of the property, and they are also held when people fail to pay their property taxes and the taxing authority takes the property.