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 must be in the form of certified funds or cash. The trustees will accept a greater deposit, which will reduce your daily interest rate to be collected at settlement. If your deposit is short, or is not in certified funds, you cannot bid.
Opening Bid Will Be Announced At The Sale Date
The deposit is approximately 10% of the total debt.
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.
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.
It will be the purchaser’s responsibility to have their settlement company contact us and coordinate the settlement. 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.