All Forum Posts by: Sean Dinneen

I have been tracking a property for a while and the Trustee's Sale has been posponed 3 times.

The sale is now set for 5/30/08. The reason for the postponment is a Chaper 11 that was filed in 11/07. The Chapter 11 case was closed on 4/30/08.

Will the sale take place now that the Ch 11 has been closed? What else can postpone the sale again, if anything?

Thanks in Advance!

Thanks swgprop.

The first is foreclosing but Countrywide also has the second. Since CW has both the 1st & 2nd will the min bid be equal to the 1st & 2nd or just the first?

thx.

I have been tracking a foreclosure for a while now. The original Trustee Sale was 3/17/08 and has been postponed until 5/16/08. I know the owner filed BK in 11/07. The property has been on the MLS for 100 days plus and has still not found a buyer. The owner is also the listing broker.

There is a first and second on the house for aprox 1.4MM and a third with a private party. The first and second are held with Countrywde and the property is def not worth the $1.4MM. Prop taxes also have not been paid so im sure there is a tax lein. The property was built in 1960 and needs a ton of TLC...

1. How long can a BK delay a Trustee sale?
2. What will the opening bid be? (first and second Trust Deed + fees or less?)
3. What are the chances of trying to purchase the property (i will be the principal) during the time of the Trustee sale (i will attend sale to track the sale) and before it is listed as an REO assuming no one buyes it at the Trustees Sale?

The house is worth less than the First TD ($1.2mm) on todays market.

Thanks in advance!