Trustee Sales and the Foreclosure Process

Online, October 17, 2009 (Newswire.com) - Trustee Sales are the final step in the foreclosure process. When a homeowner is not able to make their mortgage payments and falls late by 60 days or more, it triggers the start of the foreclosure process. The first step occurs when the bank or lien holder records a Notice of Default with the county and sends that same notice to the borrower. From this point, the homeowner has 90 days to reinstate the mortgage according to the terms of the lender or they will receive a Notice of Sale. The Notice of Sale is recorded at the County Recorder's Office and is also often posted on the property. This notice sets the date for the Trustee Sale. There are approximately 30 days from the date the Notice of Sale is issued to the Trustee Sale. During those 30 days, the homeowner still has a chance to reinstate their mortgage.

For Clark County properties, the Trustee Sale takes place on the Las Vegas courthouse steps downtown. The county will list what properties are expected to come up for sale and what the starting bid will be. The potential buyer is responsible for performing all due diligence on a property before the Sale. If there are no third party bidders for the property at the Trustee Sale, or if the minimum reserve amount is not met, the property will usually revert back to the bank and become an REO. This REO will then be marked up and placed for sale through a real estate broker contracted by the bank.

Trustee Sales are the best opportunity for investors to purchase properties for prices well below market value, without the hassle of dealing with short sales or other "creative" purchase methods. I specialize in helping my investor clients purchase properties through the Trustee Sale. I have developed a turn-key method for analyzing potential deals and obtaining properties. Rainmaker Investors specializes in helping investors to purchase properties in the greater Las Vegas area through Trustee Sales.