If you are considering purchasing a home or investment property that is being foreclosed on in Arizona, you will need to attend the Trustee’s sale. While many bidders have attended hundreds of foreclosure or trustee’s sales, this may be your first! There are several important aspects of purchasing a property at a trustee’s sale.
Make sure the sale is proceeding at the scheduled date and time
Trustee’s sales are frequently postponed for a variety of reasons, such as the borrower filing bankruptcy, a pending short sale or pending reinstatement by the borrower. A postponement can occur at the last minute, so be sure to call the office of the trustee conducting the sale the morning of the sale to make sure the sale is proceeding. Many trustees also post information about the sales on their websites including cancellations, postponed dates and opening bids. The opening bid amounts must be made available to bidders at least 24 hours prior to the sale.
Have $10,000.00 in hand
All bidders must have $10,000.00 in either certified funds or in cash in order to appear and bid at the sale. Checks are typically payable to the trustee conducting the sale or to the foreclosing beneficiary. Contact the trustee's office ahead of time to find out payment instructions.
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