GENERAL INFORMATION FOR INVESTORS

General Guidelines – DISCLAIMER

The explanations discussed below are general explanations of foreclosure procedures and are by no means to be deemed legal advice or the law of the states of Maryland, Virginia or the District of Columbia. Each trustee, jurisdiction and court may operate differently. When in doubt, you should always defer to the local custom, rule or common practice of each trustee, jurisdiction and court. This firm does not represent you or your interests in any way and therefore, any questions or concerns that you may have should be discussed directly with your attorney.

Deposits

Deposits must be in the form of certified funds, payable to YOU. YOU must be able to endorse the funds to the trustee if you are the successful bidder at the time of the sale. If your deposit is short, not in certified funds, or you do not have the legal authority to endorse the funds to the trustee, you cannot bid. The trustees will accept a greater deposit, but interest will continue to run on the balance of the successful bid amount less the advertised deposit.

Opening Bid Will Be Announced At The Sale Date

The opening bid will be announced at the sale and cannot be provided prior to the sale. The required deposit may not indicate the opening bid amount. We always recommend attending the sale if you are interested in the property.

Bid in the Name of

You may bid in your own name, any company name where 1) you have authority to bind the company to purchase, 2) the company is previously formed and 3) the company has the right to purchase real property in its Articles of Organization. You may not purchase in the name of “and assigns”.

Access to Property, Condition of Property

The trustees do not have access to the property and therefore, you are not entitled to inspect the property prior to sale. The trustees cannot guarantee the number of bedrooms, baths or condition of the property. The trustees do not know if the property is occupied or not. As successful purchaser, you purchase the property AS IS and no warranties of any kind are made as to the condition of property.

Trustees Do Not have Title Prior to Foreclosure Sale

The individual(s) in default own the property and are the only parties that may negotiate with you to purchase the property. The trustees and the banks/mortgage companies do not have title and therefore, have no rights to sell the property until the actual foreclosure sale. The Trustees cannot disclose any information to you regarding the current owners.

Post Sale Audit

The sale is subject to all post sale audits by the Mortgage holder and Trustees to determine whether the borrower filed a timely bankruptcy, entered into any loss mitigation agreements, submitted money prior to the sale or a title issue has arisen that will not provide marketable title. The sale will be deemed null and void and of no legal effect with the Purchaser’s sole remedy in law or in equity being the refund of their deposit without accrued interest.

IRS Right of Redemption

When an IRS lien is secured against the property, the IRS has a 120 day right to redeem the property from sale. The trustee or auctioneer will announce at sale if an IRS right of redemption exists. After sale, the IRS has 120 days from the date of sale to redeem the property.

Risk of Loss

Upon the completion of the foreclosure sale, the risk of loss passes to the successful purchaser.

Settlement

It will be the purchaser’s responsibility to have their settlement company contact us and coordinate the settlement. Settlement shall take place in a timely manner as advertised and/or as required by the jurisdiction of the foreclosing property. The Trustees do not attend settlement but approve in writing all seller documents and deeds prior to the actual settlement occurring. The trustees should not incur any costs of settlement or costs of transferring the title to the property.