[quote=wanttobuy]what is a trustee auction? How can one be in the auction? Does it require cash purchase?[/quote]
Trustee auction is the foreclosure sale at the courthouse steps. Yes, it’s all cash. There is risk involved since you are not guaranteed clear title as you would be in an escrow situation. You can’t do any conditional inspections and get out of the deal. The bank that is foreclosing sets the opening bid – some are set nice and low, others pretty high.
The risk has kept me out of this – but the rewards *can* be great. I’m still watching for a good rental property… It seems like it would be easier to get a positive cash flow property this way than in a traditional sale. The idea is an interesting one.
Anyone can go to trustee auctions – they are at the various courthouses, on the steps, at 10am each work day. You can get a list of upcoming auctions on fidelityasap.com… but they don’t always post the opening bid before the auction.
