Who SHOULD NOT buy at trustee sales auctions?
Trustee sales auctions are an extremely fast paced way to buy real estate that requires investors to make many quick decisions under ambiguous circumstances and without perfect information. All sales are final and have to be paid in full cash by 5:00 the next business day. Here are some things to consider: – You will probably have to bid on 15 to 20 properties to win one. This means you have to be confortable buying what you get, not what you absolutely want unless you’re willing to pay way above what everyone else is bidding at the auction to get the property. This is okay. You just won’t get a huge discount. – You have to have $10,000 up front just to bid, and be able to pay for the property the next day in full cash. You cannot wire funds from Canada to pay the trustee. The funds MUST be in a U.S. bank account and able to be drawn immediately with a certified funds check. The way we do business, you will be required to wire you funds to our brokerage trust account well ahead of when
