Properties listed here are the result of the various Trusts being the highest bidder at a Referee sale. If the foreclosing trust is the successful bidder it may or may not take title to the property. If it does not take title, TOWER, on behalf of the trust, will offer the successful bid for sale. At the closing the referee will deliver a referee’s deed to the purchaser During a marketing period after the auction, interested purchasers are expected to perform due diligence and may submit bids. You may send a bid to TOWER, attention: Auction Coordinator by fax (800-760-6956) or e-mail marketing@tcmfund.com. You must include your name, address, telephone number, fax number, the borough, block and lot identification of the property on which you are bidding and the amount of your bid. Following the marketing period, TOWER will conduct a sealed bid auction. Unlike a public auction which is held in the open and all interested parties can observe the bidding progress, a sealed bid auction requires the submission of a bid in writing without knowledge of how many parties are participating and what amount competitive bidders are bidding.
TOWER will start the sealed bid auction by faxing a Standard Bid Form to all parties who have expressed an interest in acquiring the property. The bid package describes the procedures to follow and contains the terms and conditions to participate. You can download the Bid form below.
Bids are subject to review and approval by a committee that evaluates all bids. TOWER will notify the successful bidder in writing and call to confirm to whom the Assignment of Bid Agreement should be forwarded. The successful bidder must execute and return the “Assignment and Assumption of Bid Agreement” (for foreclosure bids) or “Purchase and Sale Agreement” (for properties) together with the required 10% deposit within ten business days. Deposits must be made in certified or bank funds and will be held in an escrow account by the attorney representing the trust.
If the winning bidder does not return the signed “Assignment and Assumption of Bid Agreement” or the “Purchase and Sale Agreement” within the required ten day period, TOWER will either award the bid to the next highest bidder or conduct another round of bidding. Each auction is evaluated individually and is subject to committee approval.
The above is a brief summary of the sealed bid auction procedure. TOWER may modify the procedure at anytime. The Standard Bid Form will contain the procedure applicable to any particular auction. In the event of conflicts between the text on this website and the Standard Bid Form, the terms of the Standard Bid Form shall govern.
Closing on the Purchase of a Bid Assignment or Property
At the closing of the purchase of a foreclosure bid, the bid will be assigned to the purchaser and, at the same time, the referee will execute and deliver a referee’s deed conveying the property directly to the purchaser. If the property was owned by a foreclosing trust or a related company, the seller will deliver a quit claim deed or bargain and sale deed without covenants conveying the property to the bidder. Foreclosure bids and properties are sold “as is, where is, and with all faults” and neither TOWER nor any trust can make any representations or warranties. Accordingly, it is extremely important that potential purchasers conduct a thorough investigation prior to making a bid.
