I was the high bidder for a property at auction, but the trustee said they would not allow time to get additional funds from a local bank. I only carried $41k to the sale, but my high bid was $45,700. I needed to go to the bank and get another $4700 to complete the deal. However, the trustee said she was forced to pull the property because of my lack of funds. The property was a duplex worth $85 - 90k retail.
I feel very bad about this. Thought I’d let folks know - carry your full bid amount!!! No wiggle room with some of these trustees!
Follow up om the property. You may be able to buy it cheaper as a REO or if pulled it may reappear at next months sale. You could get deed from owner or buy the note from the bank. Several ways to do the deal. I am surprised the trustee did not let you go get a few grand at the bank. I have heard that most will do this. They may have to know you???
Good luck and thank you,
Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas 78737
512-301-9171 home
512-587-6177 mobile
I’m very surprised by that as well. I’ve seen people bid on properties with absolutely NO MONEY on them and the trustee gave them 30 minutes to get to the bank and back with the funds. In one instance the winning bid was over 80k and the trustee let him go get the money. Of course, the next highest bidder was extremely upset as he had the cash in hand.
The smaller counties are usually more forgiving about this sort of thing.