FAQ: Will they accept my personal check for a Maryland trustee sale deposit?

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Education & Training with Retired Real Estate Broker, Maryland Blogger
http://actvra.in/BN5

Will they accept my personal check for a Maryland trustee sale deposit?

When you attend a Maryland trustee sale at the county court house, the auctioneer will read the advertisement that provides the terms of the sale.  The required deposit must be in cash or certified funds.  So, personal checks are not acceptable.

Most of the investors that attend trustee sales will have Cashier's checks in various amounts so they can match them up for the required deposit.  The amount of the deposit for each property will be stated in the advertisement that appears in a newspaper one time a week for three weeks before the sale date.  The major trustee sale auctioneers also post their auction schedules and the required deposits on their websites.

The Cashier's checks should be payable to the person that will be attending the sale and bidding on properties.  When a bid is successful, the Cashier's check will be endorsed and handed to the auctioneer.  The auctioneer will provide a copy of the written verification of the sale amount and the deposit on hand.

FAQ: Where are the lists of Maryland trustee sales?

FAQ: Do I need a pre-approval letter to bid on a trustee sale? 

FAQ: Where are the advertisements for Maryland trustee sales?

FAQ: Are Maryland trustee sale properties available for viewing? 

FAQ: Do I need a buyer agent to purchase at a Maryland trustee sale?

 

Dahlia, Kentlands, Spring Flowers IMG_0935 A

Photograph by Roy Kelley using a Canon PowerShot G11 camera.

Roy and Dolores Kelley Photographs

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Roy and Dolores Kelley Photographs

Roy Kelley, a real estate broker since 1960, has retired from his position as Associate Broker with RE/MAX Realty Group in Gaithersburg, Maryland. The needs of past clients and referrals will be met by long time associates. 



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Rainmaker
647,233
Barbara Hensley
Homes for Sale in Rockwall County, Texas
RE/MAX Properties

Roy - this is excellent information.  Being prepared is important if they are serious buyers.  Have a great day!

May 30, 2012 11:34 AM
Rainmaker
275,650
Kasey & John Boles - Jon Gosche Real Estate
Boise, Meridian, Ada/Canyon/Gem/Boise Counties
Jon Gosche Real Estate, Boise ID

Roy, this really is a fantastic series on Trustee sales.  Great information for your Maryland buyers.  -Kasey

May 30, 2012 03:00 PM
Rainmaker
563,424
Chris Smith
South Simcoe, Caledon, King, Orangeville Real Esta
Re/Max Chay Realty Inc., Brokerage

Roy, is a trustee sale a court appointed sale due to delinquent taxes or something similar?

May 30, 2012 03:56 PM
Rainmaker
1,042,265
Robert (Bob) Gilbert
Your Katy TX Real Estate Expert
Berkshire Hathaway HomeServices Anderson Properties

Roy,

Good explanation of the Maryland Trustee sale and use of personal checks. I think it is safe to assume these days that personal check are usually not accepted.

We just got back from vacation late yesterday and I have not been active in AR for several days. I have to get back into the swing of things.

May 30, 2012 04:00 PM
Rainmaker
1,883,558
Roy Kelley
Roy and Dolores Kelley Photographs
Retired Real Estate Broker, Maryland Blogger

Thanks for your comments.

Chris:  A trustee sale in Maryland is a foreclosure auction. The mortgage is in the form of a deed of trust.  When the mortgage borrower defaults, the lender will instruct the trustee under the deed of trust to conduct a trustee sale.

Inticancha Navajo Princess Lily, Kentlands, Spring Flowers IMG_0911

Photograph by Roy Kelley using a Canon PowerShot G11 camera.

Roy and Dolores Kelley Photographs

May 30, 2012 04:04 PM
Rainer
307,045
Jennifer Chiongbian
Real Estate Broker - NYC
Specializing in all types of Manhattan apts & townhouses

I've never had the opportunity to attend a trustee sale.  It must be quite a site to see!

May 30, 2012 04:42 PM
Rainmaker
851,122
Wayne Martin
Sales Manager - New Homes & Condominiums Division
Michael Saunders & Company

Given the amount of check fraud it won't be long before they look for an alternative. Keep up your good work of taking us through the trustee sale process in Maryland. Enjoy your day!

May 31, 2012 04:00 AM
Rainmaker
1,439,417
Lawrence "Larry" & Sheila Agranoff. Call 631-805-4400 (c)
Long Island Condo & Home Sale Specialists
Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803

Roy, This is a nice series on Trustee Sales in Maryland and looks like a buyer must be prepared for any amount that might be the accepted offer...

May 31, 2012 04:02 AM
Rainmaker
1,883,558
Roy Kelley
Roy and Dolores Kelley Photographs
Retired Real Estate Broker, Maryland Blogger

I always appreciate your comments.  Hopefully, this series of posts on trustee sales will encourage more to learn about the process.


May 31, 2012 05:32 AM
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Rainmaker
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Roy Kelley

Roy and Dolores Kelley Photographs
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