Actually I am not surprised that they have not changed the venue earlier. What happened is that as the trustee sales participation grew over the past few years it did start to be a pain in the butt for the courthouse. Bidders pretty much clogging up the main entry to the courthouse, standing in the planters, etc… Also this is not a municipal event in any way, shape, or form… This is a public auction but there is nothing that requires it to be anywhere special.
Funny that the NCTIMES said at times there could be up to 40 bidders. When we were going last year I am pretty sure there were some days when there would be twice that if not more.
***************
As for the trustees having to reissuees NOTs with the new location, that makes perfect sense. I am not crying for them though because they have a pretty sweet deal and I am sure they will figure out a way to pass the cost on to the loan servicer who will then pass it on to the defaulted homeowner and the cost will be sucked up by the investors as part of the write off.
***************
So it is an end to a tradition but as municipal budgets tighten up those days of freebies are over. I am sure ACE Parking would give a lot up for daily use for trustee sales at a nice little cost.
