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Inside an Arizona Trustee Sale… NOT what I thought…


So, I went to a trustee sale. You know the ones. Borrower gets their notice of default that their home is going into foreclosure. A date is set for their “trustee sale” on the court house steps.

Here’s what I have always thought about trustee sales:

1. They are not for just Joe Customer. Only savvy real estate investors, banks, big wigs, etc.

2. It isn’t really done on the court house steps.

3. The trustee has a complicated system that I could never follow.

4. I would be lost in the bidding process and never be able to win a bid.

I WAS SO WRONG! First, my heart is beating as I approach the security at the courthouse building. I’m thinking that when I walk into the “trustee room” that everyone in the room is going to turn and stare at me like the 6 men in the Galway bar I walked into in Ireland wondering WHY a blond American girl was in their sacred place. I asked the security guard where the “trustee sale” meetings are held. He points, OUTSIDE. What? Outside? What do you mean OUTSIDE? Where? Right there, he points. Ok. Im still not clear, the only thing I see is the patio cafe shared by the courthouse buildings. Yep. Thats the place he tells me.

Ok so I assume he doesn’t know what I’m referring to and I’ll be re-directed by the cafe. Sure enough the cafe clerk points to the outdoor seating for the cafe and says “It’s right there.”

Literally it is two Maricopa county employees, with laptops on a folding table in the middle of the cafe seating! IF the employee #1 was legal age to drink I’d be surprised but she is ensuring that IF you signed in, that you have your $10K cashiers check to be able to bid. That’s it! Literally that’s it. Now, I can bid. After she checks everyone in, she goes back to reading off the property numbers and address of the THOUSANDS of properties that were postponed for sale.

Employee #2 is reading through the properties set to bid for the day. There is only 9. He starts with “Property Number 1”. Address 123 Main St. “Any interest?” 2 bidders “HousesRUs” and “WeBid.com” or something equally silly, step up to the table. One bids $71k, 72K, 73K back and forth until they reach their max. Employee #2 says “SOLD!! $73K to “HousesRUs”. He takes his $10K cashiers check. Stamps the paperwork and says “On to Property Number 2.”

THAT’S IT? Really? ANYONE can do this! You have to pay CASH within 24 hours of acceptance. You bring your remaining balance back. present it to Employee #2 and he hands you your finalized paperwork.

Any interest in this process or questions about Hard Money lenders who can facilitate the funds on these properties within 24 hours, feel free to contact me!

Thanks Maricopa County Superior Court for FINALLY making something in this real estate /lending business EASY!

Having a dream is good, owning one is better!

Leslie Pelletiere, Owner

First Class Financial Services, proudly mortgage lending since 1999! 602.294.9288(O) 602.294.9830(F)

www.fcfs.net

MB#0902810 NMLS #162494 AZDFI Loan Officer # LO-0911453

Oh by the way, I am never too busy for your mortgage referral!