[WSBAPT] Trustee Sale Opening Bid

[Marcus J. Fry]

I have seen trustees state the opening bid has been provided by the beneficiary of the note at the minimum amount to clear the debt and then state the next bid must be $X amount above that bid to cover the trustees costs in processing and depositing surplus with the court.


Marcus J. Fry
Attorney | Witherspoon • Kelley
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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Rod Harmon
Sent: Wednesday, October 27, 2021 7:44 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] Trustee Sale Opening Bid

Rich:

I would think that the opening bid would only consist of what is listed in the notice of trustee’s sale and notice of default.  Nothing more.  As a practical matter, if the beneficiary is the only bidder, so what if it underbid?
If a third party bids, then there will be a surplus from which the trustee is entitled to deduct his fees and costs to deposit the surplus in court.  If the surplus is de minimis, like $1, most trustees don’t bother to deposit.

Rod Harmon

RODNEY T. HARMON
       Attorney at Law
         P.O. Box 1066
      Bothell, WA   98041
     Tel:   (425) 402-7800
     Fax:  (425) 458-9096
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From: wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Rich McEntee
Sent: Wednesday, October 27, 2021 12:23 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>>
Subject: [WSBAPT] Trustee Sale Opening Bid

Good afternoon

This is a cross post from another listserv. I apologize for duplication.

I have a question regarding an upcoming trustee sale that I am handling. In putting together the opening credit bid to be made by the beneficiary at the sale, I am wondering if there are any miscellaneous items that should be included that don’t immediately stand out, i.e. do you include the superior court filing fee that would be paid to the clerk in the event of a surplus get included? are there other fees that I am missing? Does anyone have a “cheat sheet” that they would be wiling to share? Or general thoughts and strategy regarding setting the opening bid?

Thank you
Rich

RICH McENTEE
McENTEE LAW OFFICE
3800 Bridgeport Way W, Ste A411
University Place, WA 98466
253.227.9894(m)
jrmcentee at gmail.com<mailto:jrmcentee at gmail.com>


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