[quote=spdrun]And the pitfalls of bidding on one?[/quote]
A good start, spdrun, is to do your “homework.” Do not pass Go or collect your $200 until you have.
Hint: you can’t do it from NY, NY 🙂
Then, find a VERY competent title officer in CA, open up an acct with their company and chain them to your ankle for the duration, touching base with him/her at least twice a week, the day before the sale and the day of the sale. Rinse and repeat every time the sale is postponed.
Get the trustee’s phone number and kick them down some coin (or other mutually agreed-upon incentive) to call you when there has been a change in sale date and/or opening bid amount. In any case, touch base with them also once weekly, three days before sale and the day before the sale.
If ever successful in purchasing a trustee’s deed, you may also need a UD law firm at your disposal, as well as at least one flatbed truck and a strong work crew :=0
There is much, much more to this endeavor, but I would have to get published so I could be properly compensated for discussing it. The “nuts and bolts” of non-judicial foreclosure is not a subject that is taught in CA’s colleges :=0
