Sykes, Bourdon, Ahern & Levy, P.C.
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Legal FAQ

NOTICE: Sykes, Bourdon, Ahern & Levy, attorneys for the substitute trustees, Commonwealth Asset Services, LLC, is providing the information contained on this site for the convenience of its users. The information contained herein is for informational purposes only. Any user of this site agrees that SBAL and Commonwealth Asset Services, LLC shall bear no liability for any damages suffered by any person or entity for any reliance on the information set forth herein. Every user of this site agrees to hold SBAL and Commonwealth Asset Services, LLC harmless with respect to all materials set forth herein. Prospective bidders should promptly seek legal representation in order to fully protect their legal rights.

- If I wish to bid on a property at a foreclosure sale, how much is the required deposit and what form of funds are accepted at sale?

Unless otherwise stated in the Notice of Sale published in the newspaper, please bring 10% of either the original note amount or the maximum amount you are willing to bid on the property, whichever is less, in either cash, money order, certified or cashier’s check.

Can I obtain the opening bid amount prior to sale?

No, the lender’s opening bid will not be disclosed prior to sale. The Trustee will announce the opening bid at the foreclosure sale.

Can I find out if there are other liens or outstanding taxes on the property, including delinquent Homeowners Association dues?

SBAL will not disclose this information. It is the bidder’s responsibility to obtain such information through the public records prior to the sale date.

Will I be able to inspect the interior condition of the property prior to the foreclosure sale or can the Trustee disclosed the occupancy status of the property?

No, the defaulting borrower is the owner of the property until after the foreclosure sale is held, thus SBAL cannot grant any prospective bidders access to the subject properties. Additionally, our offices do not inspect the property nor do we have information as to the occupancy status. All properties are sold in “AS IS” condition. The successful bidder bears the responsibility of any eviction proceedings after sale should that be necessary.

If I am the successful bidder at the foreclosure sale, how long do I have to settle on the property and what if I am unable to settle within this timeframe?

Generally, unless otherwise stated in the Notice of Sale, settlement must occur within twenty (20) days from the date of the foreclosure sale. Neither the Trustee nor the mortgage lender/servicer has the obligation to extend the time for settlement to occur. In the event you are unable to settle within the time restrictions provided in the Notice to Sale and/or the Memorandum of Sale, you will be deemed to be in default and your deposit may be retained and property resold at your expense. Click here to see a sample Memorandum of Sale.

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