In 2007 I located a property of interest which was on the Bankruptcy Trustee auction block and being advertised by an auction company. It was to be a live auction which contained all of the normal circus performers.
With a quick tongue the unyielding crowd gathers, undulating and tightening together, as if rolled in the coils of the mighty Everglades python. The circus veterans turn in dismay as the bidding exceeds value of the property, so as to catch a glimpse of the clowns who continue to bid. In disbelief the crowded circus tent becomes a boom of chatter as onlookers wag their heads to and fro. As the bidding escalates the staged lion tamer quickens his demands and demeanor until the bidding subsides.
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The high bid was on a mobile home in mid nowhere Florida. After the final gavel is thrown down the python grip is momentarily relaxed until the whip is brought back to the arena and another property is auctioned.
Bankruptcy Trustee Auction
It was also in 2007, as memory serves, when I had my eye on a small home in Marion County Florida which was being brought forward in a Bankruptcy Trustee Auction. All looked good and was scheduled to be auctioned by the Brevard County auctioneering company mentioned above. As with many real estate properties offered through bankruptcy trustee auctions the conveyance was to be made via Trustee's Deed without warranty. The trustee was conveying the interest of the debtor in the bankruptcy, which is the norm.
About a week prior to the bankruptcy trustee auction I conducted my title and history search when I discovered that the debtor in the bankruptcy no longer had an interest in the property. She had conveyed her interest by quit claim deed to a relative which I believed was her son. The conveyance to her son had been recorded about a week prior. With the debtor no longer having an interest in the property that conveyance by Trustee's Deed was worthless.
Being in the mood and having a free moment, I contacted the auction company and informed them of the demise and was informed that they would look into the situation further. I asked if the interest being conveyed was to be that solely of the debtor in the bankruptcy. I was informed that they had no title information or knowledge of the conveyance to be made so I should contact the trustee. I really didn't expect them to as they are their to auction goods and get their percentage, why would they care if a bidder got duped as the property auctioned is caveat emptor "buyer beware." I then contacted the Bankruptcy Trustee via phone, left a message and by email which received no response.
The auction moved forward and the property was sold. A smile upon the faces of a few others in the crowd proved I wasn't the only one who knew the truth. Someone had just paid good money for a zero percent interest in a property. I believe the winning bidder fell victim in two distinctive ways.
1. I shall bid because others are bidding and my ego is bigger than my feeling of self preservation. "I shall not be outbid by a meager $100!"
2. I shall bid though my ability to do the proper diligence is lacking.
Put these two things together and you have the makings of an interesting circus clown.
I believe the winning bidder had grounds for overturning the auction bid as the Bankruptcy Trustee auction was in error. It would have probably required hiring an attorney to challenge the Trustee as the advertisement and offering were false and misleading. Fighting with anyone in a legal capacity is expensive, time consuming and in this scenario could have been avoided.
Do your due diligence!
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