What other items other than liens should be looked at, and how, and where? Looking in an ad for auction, it says “beneficiary may elect to bid less than the total amount due”, what do they mean, and who is the beneficiary? If people are still living @ the property, how does the buyer take possession of the property since the ad claimes ” the sale in an ‘as is’ condition, without covenant or warranty, regarding title, possession or encumbrances to satisfy the “indebtness secured by said Deed of Trust, advances thereunder, with interest as provided, and the unpaid principal of the Note secured by said Deed of Trust with interest thereon as provided in said Note, pluse fees, charges and expenses of the Trustee and of the Trusts created by said Deed of Trust”? Looks like there are so many legal issues intended by this language in the ad that I like to know exactly what is involved? Also Is it O.K. to approach owners, and what should be offered?
All you title experts, lawyers, auction buyers can offer any idea’s how to buy auctions from newspaper ads? Any guidance on bidding on first or second mortgages?
Is beneficiary the Trustee? And why the lender does not bid again after the initial bidding?