Everyone has stories about how their barber’s cousin’s neighbor got an amazing deal on a foreclosure by going to the courthouse steps for an auction – a trustee’s sale. Usually, those stories end with a description of how much profit the person made by flipping the distressed property. However, for each of these tales, there are others that you don’t hear about, where someone bought a property at a trustee’s sale only to discover afterwards that, between unpaid property taxes, weed abatement liens, and other debts which didn’t get wiped out, they were stuck in an investment nightmare.
If you still want to take the chance with a trustee’s sale, do your homework and have a good relationship with a title company who can check for unexpected pitfalls. This video will help with the homework part, as Bill Bergschneider, president of USA National Title Company, provides a clear and detailed guide to the trustee’s sale process. Not only does he explain how it works, he also goes through the things that you need to look out for and that you need to make sure your title company is looking out for.