Auction and outstanding unpaid balance
Hello! I am interested in joining a foreclosure auction taking place in my district court (this is my first time, yeay!) for a property that was sold in 2007. The announcement says that the sale is in execution of a deed of trust recorded in 2007 for 274K. Does that mean this is the minimum amount that the trustee will accept for the sale? This is the text as it appears in the announcement: TRUSTEE'S SALE … . In execution of a certain Deed of Trust dated … 2007, in the original principal amount of $274,000.00 recorded in the Clerk’s Office, Circuit Court. The undersigned Substitute Trustee will offer for sale at public auction in the front of the Circuit Court building for Arlington County the property described in said Deed of Trust, located at the above address……. TERMS OF SALE: ALL CASH. A bidder’s deposit of ten percent (10%) of the sale price or ten percent (10%) of the original principal balance of the subject Deed of Trust, whichever is lower, in the form of cash or certified funds payable to the Substitute Trustee must be present at the time of the sale. and the open liens on the property are as follows (image attached).