Question for SDR
It is my understanding that trustee auctions require substantial deposits (like 20%) and good funds within a few days. It is also my understanding that there is no inspection or contingency period. In other words, you go to the courthouse with a cashier’s check and close within a week or so.
Is this your understanding as well?
I ask because you mention a due diligence and investigation period. My understanding is that there is no such standard allowance.
If you understand differently please advise. I am curious to know if the practice on these is changing.
To Bubba:
Your post does not demonstrate understanding of current practices. Very few of existing REO sales are based on default valuations.
They are typically based on current market values (not always successfully though).
You have a point regarding rent though. It can serve as a semi-backstop to price declines.
