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Frequently Asked Questions

Q.
Are there any other liens against the property?  
A.

Glasser and Glasser, P.L.C. makes no assurances as to the status of title unless otherwise disclosed in the advertisement. We recommend truly interested parties conduct their own due diligence such as having a title examination done.

 

Q.
Can you please tell me what the opening bid will be?  
A.

The opening bid is not available for disclosure until the time of sale.

 

Q.
How is the opening bid amount established (what is it based on)?
A.

Mortgage companies determine their bids on a case by case basis using their own business practices. Amounts can vary extremely, but usually do not exceed the entire amount owed plus the cost of sale.

 

Q.
Who is/are the homeowner(s)?  
A.

Fair debt collection practices require Trustees to protect the identity of the debtor.

 

Q.
Who is the Lender?
A.

That information is considered attorney client information and will not be disclosed.

 

Q.
If the property is still occupied at sale time, who is responsible for their eviction?  
A.

The Trustee does not warrant or transfer title with assurances of possession. It is the high bidder’s responsibility, after completion of the sale, to acquire possession by eviction or other lawful means.

 

Q.
How long do the occupants have to vacate the property after the sale?
A.

Occupants should vacate after the date of sale. If the Occupants have not vacated the premises following completion of the sale and transfer of title to the high bidder, they will be subject to initiation of an eviction process.

 

Q.
Where is the foreclosure sale held?  
A.

Generally, it is held on the Circuit Court steps of the jurisdiction (city or county) in which the property is located and is described in the advertisement. The sale location for each sale is published in the newspaper advertisement and can be confirmed on our website glasserlaw.com.

 

Q.
Why would a foreclosure sale be canceled?
A.

Lender instruction, bankruptcy or resolution of debt by payoff, reinstatement or repayment plan are the most common reasons for cancellation.

 

Q.
Why do you foreclose on a property?
A.

Default under the terms of the deed of trust

 

Q.
How may I see the property before the foreclosure sale? 
A.

The borrower owns the property up to the time of sale. Glasser and Glasser as Trustee, auctions the property as-is with no warrenties and does not have access to the property nor do we have keys.

 

Q.
May I make an offer to buy the property before the foreclosure sale?
A.

The borrower owns the property up to the time of sale. Glasser and Glasser as Trustee, has no authority to negotiate ownership of the property and is not involved in efforts to contact the borrower in that regard.

 

Q.
How many bedrooms? bathrooms? square footage? age of the property? 
A.

We normally do not have any specific structural information about the property. Local assessors offices or their websites can answer some general questions about the structures themselves.

 

Q.
What do I need in order to bid at a foreclosure sale?
A.

You will need to have a bid deposit in the amount stated in the advertisement or on our website. This deposit should be in the form of cash or a certified check (cashier’s check). You may have the certified check issued in your name and endorse it over to Glasser and Glasser, P.L.C. as Substitute Trustee at the time you become the high bidder.

 

Q.
How do I know how much 10% will be?
A.
If the required bid deposit is advertised as being 10%, you should calculate 10% of the maximum amount you are willing to purchase the property for and be prepared to attend sale with certified funds or cash in that amount.

GLASSER AND GLASSER, P.LC. HAS PROVIDED THE ABOVE AS GENERAL INFORMATION ONLY, AND NOT AS LEGAL OPINION OR LEGAL ADVICE.

WE RECOMMEND THAT INTERESTED BIDDERS CONSULT WITH AN ATTORNEY REGARDING QUESTIONS PERTAINING TO VIRGINIA FORECLOSURE PRACTICE AND/OR AND SPECIFIC PROPERTY