Legal Junkies Forums

#1 Community for Legal Questions and Answers

 
Go Back   Legal Junkies Forums > REAL ESTATE and PROPERTY LAW > Buying and Selling Property > Mortgages, Refinancing, Foreclosure

Register FAQ Tags Members List Search Today's Posts Mark Forums Read Layout

Notices


Reply

 

Thread Tools Search this Thread Rate Thread Display Modes
Old 05-16-2020, 02:24 PM   #1
mikito
Junior Member
Country:  
mikito's Flag is: United States
 
Join Date: May 2020
Posts: 1
Lightbulb Trustee Sales in King County WA

I hope everyone is safe and healthy.

I am reviewing public notices in the local commerce rag and had a question about Trustee Sales of real estate in Seattle.

RCW 61.24.040 has some language: The above-described real property will be sold to satisfy the expense of sale and the obligation secured by the Deed of Trust as provided by statute.

As a naive person should I assume that the intention of the public auction for trustee sales to have a minimum bid to cover all outstanding "obligations" as noted in the RCW? Or is there a magical workflow where those obiligations are simply not paid? Meaning the minimum and perhaps winning bid is really low and one could walk away from the auction feeling really good?

Thanks.
mikito is offline   Reply With Quote


Did you find this post helpful? Yes | No
Old 05-16-2020, 03:37 PM   #2
AFFA
Top Level Member
 
AFFA's Avatar
 
Join Date: Dec 2009
Posts: 23,521
Default Re: Trustee Sales in King County WA

I wish to inform you that RCW 61.24.040 provides how the proceeds will be distributed. Intention of the regulation is to cover cost of sale along with recovery of amount due. Sale in case of public auction is generally to highest bidder so that maximum amount may be recovered.

AFF
AFFA is offline   Reply With Quote


Did you find this post helpful? Yes | No
Old 05-16-2020, 06:24 PM   #3
adjusterjack
Top Level Member
 
Join Date: May 2016
Posts: 2,155
Default Re: Trustee Sales in King County WA

Quote:
Originally Posted by mikito View Post
should I assume that the intention of the public auction for trustee sales to have a minimum bid to cover all outstanding "obligations" as noted in the RCW?

The lender will bid that amount. Anybody else wanting the property would have to outbid the lender.



Quote:
Originally Posted by mikito View Post
Or is there a magical workflow where those obiligations are simply not paid?

Nope.



Quote:
Originally Posted by mikito View Post
Meaning the minimum and perhaps winning bid is really low and one could walk away from the auction feeling really good?

One might still make the winning bid and walk away feeling good if one got the property at a below-market price.


What usually happens is that, by the time it gets to a trustee sale, the property is worth less than what is owed on it. If there was any equity in it the defaulter would have been able to sell it to pay off the loan before it went to foreclosure.
adjusterjack is offline   Reply With Quote


Did you find this post helpful? Yes | No
Reply

Bookmarks

Tags
auction, obligation, sale, trustee

This thread has 2 replies and has been viewed 80 times


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes Rate This Thread
Rate This Thread:


Posting Rules
You may not post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Similar Threads

Thread Thread Starter Forum Replies Last Post
Snohomish County Sheriff writting tickets in King County Unregistered Miscellaneous Topics 86 05-20-2018 08:41 PM
Item Trade/ Exchange - King County Code, WA Unregistered Starting a Nonprofit 2 06-04-2011 12:05 AM
King of Torts Hires King of Pain to Play Holiday Party WSJ Law Blog Law News 0 10-22-2010 05:10 PM
Are all sales final? (ticket sales final policy, pre-sold tickets) Unregistered Miscellaneous Topics 1 05-29-2010 10:02 AM
Russian Law: The Curious Case of King Crab King Arkadi Gontmakher WSJ Law Blog International Law News 1 01-04-2010 05:54 PM




All times are GMT -5. The time now is 04:13 AM.


Use of the Forums is subject to our Disclaimer. Copyright 2009-2020 by LegalJunkies.com