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Trustee Sales in King County WA

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  • 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.

  • #2
    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

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    • #3
      Re: Trustee Sales in King County WA

      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.



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

      Nope.



      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.

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