Will they accept my personal check for a Maryland trustee sale deposit?

When you attend a Maryland trustee sale at the county court house, the auctioneer will read the advertisement that provides the terms of the sale.  The required deposit must be in cash or certified funds.  So, personal checks are not acceptable.

Most of the investors that attend trustee sales will have Cashier's checks in various amounts so they can match them up for the required deposit.  The amount of the deposit for each property will be stated in the advertisement that appears in a newspaper one time a week for three weeks before the sale date.  The major trustee sale auctioneers also post their auction schedules and the required deposits on their websites.

The Cashier's checks should be payable to the person that will be attending the sale and bidding on properties.  When a bid is successful, the Cashier's check will be endorsed and handed to the auctioneer.  The auctioneer will provide a copy of the written verification of the sale amount and the deposit on hand.

FAQ: Where are the lists of Maryland trustee sales?

FAQ: Do I need a pre-approval letter to bid on a trustee sale? 

FAQ: Where are the advertisements for Maryland trustee sales?

FAQ: Are Maryland trustee sale properties available for viewing? 

FAQ: Do I need a buyer agent to purchase at a Maryland trustee sale?

 

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Photograph by Roy Kelley using a Canon PowerShot G11 camera.

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We represent home buyers and sellers as their exclusive agents in the Maryland suburbs of Washington DC. 

Roy Kelley
Roy Kelley & Associates
Associate Broker, RE/MAX Realty Group 

Client Assistance:  301-670-8996   

Recipient of the RE/MAX International Lifetime Achievement Award - 2008

 
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9 Comments on FAQ: Will they accept my personal check for a Maryland trustee sale deposit?

MAY
30
2012
541,912 Points 54 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Roy - this is excellent information.  Being prepared is important if they are serious buyers.  Have a great day!
11:34am • #1
239,069 Points 9 Featured Posts Outside Blog Called Shot Master

Roy, this really is a fantastic series on Trustee sales.  Great information for your Maryland buyers.  -Kasey
3:00pm • #2
549,245 Points 3 Featured Posts Outside Blog

Roy, is a trustee sale a court appointed sale due to delinquent taxes or something similar?
3:56pm • #3
725,244 Points 10 Featured Posts Outside Blog Called Shot Master

Roy,

Good explanation of the Maryland Trustee sale and use of personal checks. I think it is safe to assume these days that personal check are usually not accepted.

We just got back from vacation late yesterday and I have not been active in AR for several days. I have to get back into the swing of things.

4:00pm • #4
1,470,778 Points 27 Featured Posts Outside Blog Called Shot Master

Thanks for your comments.

Chris:  A trustee sale in Maryland is a foreclosure auction. The mortgage is in the form of a deed of trust.  When the mortgage borrower defaults, the lender will instruct the trustee under the deed of trust to conduct a trustee sale.

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Photograph by Roy Kelley using a Canon PowerShot G11 camera.

Roy and Dolores Kelley Photographs
4:04pm • #5
306,252 Points 6 Featured Posts

I've never had the opportunity to attend a trustee sale.  It must be quite a site to see!
4:42pm • #6
MAY
31
2012
580,350 Points 11 Featured Posts Called Shot Master

Given the amount of check fraud it won't be long before they look for an alternative. Keep up your good work of taking us through the trustee sale process in Maryland. Enjoy your day!
4:00am • #7
1,133,460 Points 75 Featured Posts

Roy, This is a nice series on Trustee Sales in Maryland and looks like a buyer must be prepared for any amount that might be the accepted offer...
4:02am • #8
1,470,778 Points 27 Featured Posts Outside Blog Called Shot Master

I always appreciate your comments.  Hopefully, this series of posts on trustee sales will encourage more to learn about the process.
5:32am • #9

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Roy Kelley advises home buyers, sellers and REO asset managers, in the Maryland suburbs of Washington DC and nearby counties. REO and foreclosures sales. Market area includes Montgomery County, Frederick County, Washington County and Prince George's County. Real Estate blogs


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