Arcadia, CA · Member since 2017 · 4 posts · 1 vote
looking to place a bid on a trustee sale in los angeles under the sb10497 law for potential tenant bid. There was a starting amount of 300k, would i need to bid above 300k or any amount over $1 since it has no bid?
From what you wrote, @Morgan Chan, it looks like the lender’s credit bid was $300K. Thus, the lender got the property back at that price. Your bid would have to exceed $300K.
To be an “Eligible Tenant Buyer” you must occupy the property as your primary residence at the time of the sale, with a proper lease dated before the NOD was recorded, and you cannot be a member of the borrower's family. There are lots more rules and the process is very technical and unyielding.
Consider AB-175 which clarified SB-1079 and significantly tightened it.
Call the trustee that represents the lender and ask them what they require. If they can’t or won’t help, you will have to call a lawyer to help you through the process.
From what you wrote, @Morgan Chan, it looks like the lender’s credit bid was $300K. Thus, the lender got the property back at that price. Your bid would have to exceed $300K.
To be an “Eligible Tenant Buyer” you must occupy the property as your primary residence at the time of the sale, with a proper lease dated before the NOD was recorded, and you cannot be a member of the borrower's family. There are lots more rules and the process is very technical and unyielding.
Consider AB-175 which clarified SB-1079 and significantly tightened it.
Call the trustee that represents the lender and ask them what they require. If they can’t or won’t help, you will have to call a lawyer to help you through the process.
From what you wrote, @Morgan Chan, it looks like the lender’s credit bid was $300K. Thus, the lender got the property back at that price. Your bid would have to exceed $300K.
To be an “Eligible Tenant Buyer” you must occupy the property as your primary residence at the time of the sale, with a proper lease dated before the NOD was recorded, and you cannot be a member of the borrower's family. There are lots more rules and the process is very technical and unyielding.
Consider AB-175 which clarified SB-1079 and significantly tightened it.
Call the trustee that represents the lender and ask them what they require. If they can’t or won’t help, you will have to call a lawyer to help you through the process.
From what you wrote, @Morgan Chan, it looks like the lender’s credit bid was $300K. Thus, the lender got the property back at that price. Your bid would have to exceed $300K.
To be an “Eligible Tenant Buyer” you must occupy the property as your primary residence at the time of the sale, with a proper lease dated before the NOD was recorded, and you cannot be a member of the borrower's family. There are lots more rules and the process is very technical and unyielding.
Consider AB-175 which clarified SB-1079 and significantly tightened it.
Call the trustee that represents the lender and ask them what they require. If they can’t or won’t help, you will have to call a lawyer to help you through the process.
Good summation. Also worth mentioning that you only have 15 days to submit the bid declaration.