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

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Industry Observer with Retired

FAQ: 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.

 

Dahlia, Kentlands, Spring Flowers IMG_0935 A

Photograph by Roy Kelley, Canon PowerShot G11 Camera

Roy and Dolores Kelley Photographs

Posted by

Roy Kelley, Retired, Former Associate Broker, RE/MAX Realty Group

Gaithersburg, Maryland  

Comments (19)
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Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

This is useful information for those who are interested in obtaining properties via the trustee sale process.

Jun 29, 2017 03:40 AM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

This is a great series of posts on trustee sales. Thanks for sharing.

Jun 29, 2017 03:41 AM
James Dray
Fathom Realty - Bentonville, AR

Good morning Roy.  Same here, no personal checks cash or cashiers check

Jun 29, 2017 03:44 AM
Roy Kelley
Retired - Gaithersburg, MD

Thank you very much for your comments. It is always good to hear from you.

Jun 29, 2017 03:47 AM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Good morning Roy.  I'm wondering when these types of sales will start allowing electronic transfers with our phones.

Jun 29, 2017 03:55 AM
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

Good information Roy. Personal checks are not permitted, and consumers need to know this before they attend one of these auctions.

Jun 29, 2017 04:30 AM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Roy. Gone are the days when a personal check will be considered as good funds. Enjoy your day!

Jun 29, 2017 04:39 AM
Roy Kelley
Retired - Gaithersburg, MD

Thanks, again, for stopping by. Your feedback is always welcome.

Jun 29, 2017 04:49 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Roy, great post for Trustee sale requirements on how the property will be paid.

Jun 29, 2017 05:32 AM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Roy,

Having taken this course as a CEU for renewing my license, I knew the answer.  However, I am sure many were enlightened by  your series on Trustee Sales. A

Jun 29, 2017 06:42 AM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Great question, i was at an auction this week and a guy brought cash, he and the guy with a personal check both were not allowed to bid Roy. 

Jun 29, 2017 06:52 AM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good Morning Roy - that is something I wondered about.  I am sure it is the same in most states.

Jun 29, 2017 07:31 AM
Roy Kelley
Retired - Gaithersburg, MD

Jun 29, 2017 07:50 AM
Roy Kelley
Retired - Gaithersburg, MD

We have another beautiful day in Maryland. Dolores is on the golf course at Montgomery County Club.

Jun 29, 2017 08:07 AM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Roy Kelley - it's wonderful to hear you're having another beautiful day today! I hope summer will be very enjoyable and fun. I've noticed more and more institutions won't take personal checks anymore. It seems like Cashier's checks are the way to go; but to be safe, get the answer in advance. You have provided great information and you are an advocate for staying educated and informed. 
 

Jun 29, 2017 11:43 AM
Roy Kelley
Retired - Gaithersburg, MD

Good Friday morning to all. Have a great day and an outstanding weekend.

Jun 30, 2017 04:33 AM
Roy Kelley
Retired - Gaithersburg, MD

A "code orange" air quality alert is in effect Friday, June 30, issued by the Maryland Department of the Environment and Metropolitan Washington Council of Governments.

When the air quality reaches "code orange," it means pollution concentrations may be unhealthy for sensitive groups — children, older adults and those with respiratory conditions.

Jun 30, 2017 09:06 AM
Roy Kelley
Retired - Gaithersburg, MD

We have a sunny Monday morning in Kentlands and expect a hot day. 

Enjoy the Independence Day holiday!

Jul 03, 2017 03:27 AM
Roy Kelley
Retired - Gaithersburg, MD

Jul 11, 2017 07:05 AM
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