The information set forth herein is of a general nature only, and is intended to address some of the questions frequently asked by parties interested in participating in a foreclosure auction. This material is not intended, and should not be construed, as legal advice. Orlans PC makes no representations with respect to the information contained herein, shall not be responsible for any inaccuracy or omission which may exist, and shall bear no liability for any damages suffered by any person in reliance thereon. Prospective bidders should promptly seek legal representation in order to fully protect their legal rights.
I wish to bid on a property at an upcoming auction. I understand that I will have to place a deposit if I am the successful bidder. What form of funds will be accepted at the sale?
All deposits must be in the form of certified check, cashiers check or money order.
Can I obtain the lender's "upset price" or opening bid prior to the sale?
No. Orlans PC does not release this information prior to the sale. The Trustee will announce the lender's opening bid at the time and place of the sale. Please do not contact this office to request this information in advance.
Is there any information available about the general condition of the property?
No. Orlans PC does not provide any information and makes no representations with respect to the physical condition of the property. All properties are sold in "AS IS" condition.
Will I be able to inspect the interior of the property prior to bidding at the foreclosure sale?
No. Until the auction is completed, the defaulting mortgagor owns the premises being foreclosed. Neither Orlans PC nor the foreclosing lender is authorized to grant prospective bidders access to the property.
What is the amount of the annual tax assessment on this property?
Orlans PC does not provide this information. It is the bidder's responsibility to obtain such information through the public records prior to the sale date.
What about condominium common charges or homeowners' association dues?
Orlans PC does not provide this information to prospective bidders.
Is the property being offered at the foreclosure sale currently occupied?
Orlans PC has no information regarding whether or not a given property is occupied at the time of sale, and makes no representations that the property is vacant. The purchaser bears the responsibility for any eviction proceeding that may be necessary.
If I am the successful bidder at the foreclosure sale, how much time do I have to close on the property?
Depending on the laws of the jurisdiction where the property is located, you may have as little as 20 days to tender the entire balance of the purchase price.
Is the purchase of the property contingent on my ability to obtain financing?
No. It is the bidder's responsibility to arrange for financing of the balance of the purchase price. There is no obligation to extend your time to close if you are unable to obtain financing by the settlement date set forth in the Memorandum of Sale.
What happens if I am the successful bidder at the foreclosure auction and am unable to settle within the time set forth in the Memorandum of Sale?
You will be deemed to be in default of the purchase agreement and your deposit may be retained and property resold.
Why was a sale postponed or cancelled?
Orlans PC does not provide information as to why a specific sale was postponed or cancelled.