Memorandum of Private Foreclosure Sale
Held on [date]
I am [name], [title]. [Name of debtor] signed a security agreement in favor of [name of lender], the lender, granting a security interest in [describe collateral], the property in this sale. The lender has given notice to Debtor and any secondary obligor that after [date] the property would be sold at a private sale. The property is [read itemized list of property or offer a copy for review]. [Include if applicable: There will be no warranty relating to title, possession, quiet enjoyment, or the like for the personal property in this disposition.]
I now call for cash bids on the property. Each bidder will please state his or her name, for whom the bid is being made, and the amount of each bid made.
1.Name:
Representing:
Amount bid:
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Repeat above information as needed. |
Are there any further bids?
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If the successful bidder is not the lender, continue with the following. |
Does the bidder require time to obtain cash in the amount of its bid?
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If the answer is “yes,” continue with the following. |
Hearing no further bids, this sale is adjourned until ____________, at which time this sale will reconvene at this location if the bidder has not delivered cash to me in the amount of the bidder’s bid; provided, however, that if the bidder delivers the cash bid, the property will be sold to the bidder without further notice, and this sale will be concluded.
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If the sale is reconvened, this agenda should be reread in full. |
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If the answer is “no” or if the successful bidder is the lender, continue with the following. |
Hearing no further bids, the property is sold to ______________________, who made the highest and best bid.
This concludes the sale.
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Continue with the following. |
[Name of person conducting sale]