[WSBARP] Bidding at nonjudicial foreclosure auction

[Rick Hoss]

1.      Owners frequently bid in less than the full amount owed for at
least 3 reasons: they are hoping to get another bidder to outbid them with
cash; they want to make a later claim for waste; or they have a guarantor.
The mortgagee can credit bid less than the amount owed, then increase
credit bidding until the total owed is reached. Then the mortgagee must
bid above the amount owed with cash / cashier’s check – and the surplus
gets sent to the clerk to be paid out according to the recorded interests
in the property.

2.     Check with the trustee ahead of time because each has its own
rules. Options include continuing the sale for an hour so the bidder can
run to the bank or a bank letter of credit. The experienced buyers come
with cashier checks in varying amounts. We frequently agree to refund the
difference if too large a denomination cashier check is tendered.

Rick Hoss

 

From: wsbarp-owner at lists.wsbarppt.com
[mailto:wsbarp-owner at lists.wsbarppt.com] On Behalf Of Craig Blackmon
Sent: Wednesday, September 03, 2014 9:57 AM
To: wsbarp at lists.wsbarppt.com
Subject: [WSBARP] Bidding at nonjudicial foreclosure auction

 

Listmates, a client has a couple of “practical” questions about bidding on
a property at the nonjudicial auction.  The specific answers are in the
RCW, but I don’t have any experience with how these things work in
practice:

1)      Would it raise any eyebrows or likely cause any problems if the
owner/debtor bid on the property (assuming of course the opening bid is
less than the debt)?

2)      How do folks bring “cash” to the auction?  As I recall, some
people bring several cashier’s checks in various amounts?  Some other
option?

Your insight as always is deeply appreciated.

 

Craig

 

Craig Blackmon

Attorney at Law

Holmquist  <http://lawhg.net/> & Gardiner, PLLC

1000 2nd Ave, Ste 1770 Seattle, WA  98104

Main: (206) 438-9083   Direct:  (206) 438-9295   

Cell: (206) 369-5949   Fax: (206) 694-4601

 

Founder and Designated Broker, Quill Realty
<http://quillrealty.com/quill-realtys-mission-statement/> 

Every transaction has risk. A lawyer reduces it
<http://quillrealty.com/category/lawyers-reduce-risk/> .

 

 

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Information provided on this list should not be considered legal advice.
As with all lists - let the reader beware! No warranties or
representations are made as to the accuracy of any information provided.
All opinions and comments in this message represent the views of the
author and do not necessarily have the endorsement of the Washington State
Bar Association nor its officers or agents. 

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