Expert: Dick Dennis - 2/28/2007

Question
Hello,

I will be bidding at a Forclosure Auction at the Court house steps and wanted to know who I make the Cashiers Checks payable to? To: Cash or the To: The Lender. After I pay how do I transfer the home into my name? Where do I need to go to transfer or record the property into my name?

Thanks so much for your help,
Sarah
from California

Answer
Glad you're bidding in California, Sarah. Here in CA, the foreclosure procedure is different from all other states. You should make the cashier's check payable to the Trustee (most likely the company for whom the auctioneer is working for) or cash or yourself.

In most cases, if you are the successful bidder, the auctioneer will ask you who is to get title and you will tell him or her. A day or two later, the title will be put in the name you choose and about two weeks later it will be mailed to the address you stipulate. Just know that you should consider the property yours upon you being advised that you are the successful bidder. I hope you have done your homework on the property so that you will know what the county number of the property is so that you can go look up the fact that it has indeed been recorded in your name. I do wish you well.

Dick Dennis