What does it mean when you see a Trustee Sale in the Newspaper

When you see a Trustee Sale notice in the newspaper it means that the foreclosure process is almost to the end where the bank may take back the property. However, until that sale date happens, the owner of record is still the legal owner with all the rights of an owner. If you want to try and buy the property you need to contact the current owner and see if you can buy it from them through a short sale. However, the banks are not too keen on doing a short sale at this late date. It also gives you notice that you can show up at the Trustee Sale with cash and see if you can bid on the property. And, cash means, cash, not your check book. Often the bank wants much more than the published balance owing than what was published in the paper. You need to do your homework as there is often a second behind this first and that is information you want to know. Or it could be the second who is foreclosing and then they are liable for the first. Sound confusing? Well, that is why you need to know what you are doing to protect yourself. Hope this information is helpful.

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