[quote=SD Realtor]zk if you can learn as much as possible about the trustee sale process I believe this is where the true value will lie for those who can use cash for purchases. I am hearing more isolated cases of trustee sales where the winning bid is BELOW the default amount of the first mortgage. As the depreciation cycle continues I would expect more and more of this to happen. Not saying it happens all the time but there certainly are cases of it happening and we will see more of them.[/quote]
Yoda is on to something here.
I have been hearing the same things actually.
Don’t really know how accurate any of it is of course.
The one caution I would give is that buying for “less than default” is not a good (or bad) thing unless it is also substantially less than market.
Trustee sales do not permit any contingencies or inspection so you should get a pretty sizable discount (from market comps) for buying what is essentially site unseen. Just saying.
