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AuthorPosts
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March 25, 2008 at 7:27 AM #12242
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March 25, 2008 at 7:51 AM #175860
jpinpb
ParticipantI’m not too familiar w/the process, but someone told me that if you get something on the steps, you assume everything that’s owed on it, any other loans (seconds), any defaulted property taxes, any judgements, mechanics liens, IRS liens filed on it, defaulted HOAs, if applicable, etc. I could be wrong, as I said, not sure.
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March 25, 2008 at 9:30 AM #175874
boomer
ParticipantIf it is the 1st taking this to sale, the second has the option of either bringing the 1st current, or being completely wiped off – unless the amount of the bid on the 1st leaves $ left over after fully paying off the 1st, that money would spill down to the second. You would still owe property taxes and HOA, and IRS liens may be a problem. Judgements and mechanics liens would be wiped off as well if they were recorded after the 1st.
What’s interesting to me in this case is the speed in which the process took place. I was under the impression that they were not filing NODs for a average of 8 months after payments stopped. Add 3 months under NOD and 3 weeks under NTS and you are pretty close to a year. Was this a private/small bank lender?
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March 25, 2008 at 10:24 AM #175911Participant
boomer – I’m a little slow. Would you please explain to a novice such as myself who is eager to learn, what does it mean the 2nd has the option of bringing the 1st current. Does it just magically go away at foreclosure?
Wouldn’t most liens be recorded after the 1st? What would be the point of filing a lien, then, if it’ll be wiped at foreclosure? I guess it’ll only help if you sell. Answered that myself.
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March 25, 2008 at 11:42 AM #175963Participant
If the 1st forecloses, the second is magically and completely wiped off, assuming the amount bid is equal or less to the amount the 1st is owed. The Second has the right to protect their position – they can bring the 1st current and foreclose on the property themselves. If the second forecloses, they are still responsible for the 1st.
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March 25, 2008 at 11:49 AM #175973Participant
Thank you for the clarification. Next question: Wouldn’t the second also foreclose? I guess I’m assuming if someone doesn’t pay on the 1st and the bank forecloses on the 1st, then I would think the people aren’t paying on the 2nd either. So if the 2nd is foreclosing, then if you’re on the steps, you’ll be on the hook for both, providing payments haven’t been made on either and both are being foreclosed? How does that work? What if someone else bids on the 2nd?
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March 25, 2008 at 12:35 PM #176023
La Jolla Renter
ParticipantThe 2nd would not go to the expense to foreclose when they know there is no money in the property. If the first forecloses, it is all over for the second. That’s why all the seconds are worthless.
My question is… are the banks holding the firsts letting them go for less than the amount of the first? If the first is for 650k and someone offers 600k are they taking it? Or is it just routine for them to just take it back into their inventory of homes to put into the mls?
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March 25, 2008 at 12:35 PM #176375Participant
The 2nd would not go to the expense to foreclose when they know there is no money in the property. If the first forecloses, it is all over for the second. That’s why all the seconds are worthless.
My question is… are the banks holding the firsts letting them go for less than the amount of the first? If the first is for 650k and someone offers 600k are they taking it? Or is it just routine for them to just take it back into their inventory of homes to put into the mls?
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March 25, 2008 at 12:35 PM #176382Participant
The 2nd would not go to the expense to foreclose when they know there is no money in the property. If the first forecloses, it is all over for the second. That’s why all the seconds are worthless.
My question is… are the banks holding the firsts letting them go for less than the amount of the first? If the first is for 650k and someone offers 600k are they taking it? Or is it just routine for them to just take it back into their inventory of homes to put into the mls?
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March 25, 2008 at 12:35 PM #176386Participant
The 2nd would not go to the expense to foreclose when they know there is no money in the property. If the first forecloses, it is all over for the second. That’s why all the seconds are worthless.
My question is… are the banks holding the firsts letting them go for less than the amount of the first? If the first is for 650k and someone offers 600k are they taking it? Or is it just routine for them to just take it back into their inventory of homes to put into the mls?
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March 25, 2008 at 12:35 PM #176474Participant
The 2nd would not go to the expense to foreclose when they know there is no money in the property. If the first forecloses, it is all over for the second. That’s why all the seconds are worthless.
My question is… are the banks holding the firsts letting them go for less than the amount of the first? If the first is for 650k and someone offers 600k are they taking it? Or is it just routine for them to just take it back into their inventory of homes to put into the mls?
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March 25, 2008 at 1:50 PM #176054Participant
When you bid at the Trustee’s sale, you are buying the lenders position in cash. So if you buy the property from the second, there is no second lien anymore, just you owning the property subj. to the first. The highest bid for the second wins.
You can’t bid lower than the opening bid set by the lender. I have heard that they are starting to set the opening bids at an amount lower than the amount they are owed. I think these are somewhat rare at this point.
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March 25, 2008 at 2:28 PM #176093Participant
Thanks for the information. Always good to know. I was misinformed. I thought if you bought the first, you assume the second. I guess it’s more the other way around. Worth checking some of these foreclosures.
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March 25, 2008 at 6:09 PM #176208
Anonymous
GuestCourthouse Steps Information.
I was also interested in this process about 6 months ago when a condo was getting foreclosed on that had substantial equity in it. Although I didn’t have the highest bid on the courthouse steps, I learned a lot in the process. I did pay a real estate lawyer to run a title/lien check on it. There was only one loan on the property so that was fairly straight forward. Unfortunately the HOA fees had been unpaid for months, as well as property taxes and these don’t get wiped out nor do IRS liens which don’t always show up in the lien check and they have a period of time after foreclosure to still pursue (I think a year but I’m not completely sure). Second mortgages, mechanic liens etc do get wiped out.
The bad thing about these types of properties is that unless it’s currently listed for sale, you can’t get in to see the property and know any of the disclosures. It’s risky and you won’t know completely what you’re getting. A friend of mine, did some filming in south San Diego on what some of these properties look like in the inside after foreclosure/REO’s…some are pretty nasty. Holes, tiles removed in floor, appliances gone, and just trashing as much as they can before walking out the door like scratching every wall….one even tried taking down an outside wall by chaining it to a truck.
Other times, the people living there don’t leave at all and then you have to go through the process of evicting.
Dealing with the Bank sounded more appealing to me after hearing this…I personally didn’t need the stress of dealing with unhappy former owners but this is where you will get the best deals if it works out.
If you are interested, go down during a court foreclosure auction and observe. It’s very informal. It is done outside on the courthouse steps (loud bus traffic at times). Also check out http://www.sandiegoforeclosurereport.com for some past sale information. It shows 3rd party successful bid results there as well.
If you are interested in bidding on a property, you need to bring certified cheques made out to yourself that you sign over if you are the successful bidder. It’s a good idea to bring several for increments. Also, a lot of times, properties get postponed and you won’t know until they get to it that day so you might be going down for several weeks until it gets sold. (It’s not uncommon to wait 2 hours for them to get to the property you are interested in and find out it has been postphoned – and you don’t know the order of the properties either).Hope that helps a bit anyway.
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March 25, 2008 at 6:46 PM #176233Participant
Thanks Gina. That was very helpful information.
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March 25, 2008 at 6:46 PM #176587Participant
Thanks Gina. That was very helpful information.
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March 25, 2008 at 6:46 PM #176589Participant
Thanks Gina. That was very helpful information.
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March 25, 2008 at 6:46 PM #176595Participant
Thanks Gina. That was very helpful information.
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March 25, 2008 at 6:46 PM #176684Participant
Thanks Gina. That was very helpful information.
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March 25, 2008 at 6:09 PM #176561Guest
Courthouse Steps Information.
I was also interested in this process about 6 months ago when a condo was getting foreclosed on that had substantial equity in it. Although I didn’t have the highest bid on the courthouse steps, I learned a lot in the process. I did pay a real estate lawyer to run a title/lien check on it. There was only one loan on the property so that was fairly straight forward. Unfortunately the HOA fees had been unpaid for months, as well as property taxes and these don’t get wiped out nor do IRS liens which don’t always show up in the lien check and they have a period of time after foreclosure to still pursue (I think a year but I’m not completely sure). Second mortgages, mechanic liens etc do get wiped out.
The bad thing about these types of properties is that unless it’s currently listed for sale, you can’t get in to see the property and know any of the disclosures. It’s risky and you won’t know completely what you’re getting. A friend of mine, did some filming in south San Diego on what some of these properties look like in the inside after foreclosure/REO’s…some are pretty nasty. Holes, tiles removed in floor, appliances gone, and just trashing as much as they can before walking out the door like scratching every wall….one even tried taking down an outside wall by chaining it to a truck.
Other times, the people living there don’t leave at all and then you have to go through the process of evicting.
Dealing with the Bank sounded more appealing to me after hearing this…I personally didn’t need the stress of dealing with unhappy former owners but this is where you will get the best deals if it works out.
If you are interested, go down during a court foreclosure auction and observe. It’s very informal. It is done outside on the courthouse steps (loud bus traffic at times). Also check out http://www.sandiegoforeclosurereport.com for some past sale information. It shows 3rd party successful bid results there as well.
If you are interested in bidding on a property, you need to bring certified cheques made out to yourself that you sign over if you are the successful bidder. It’s a good idea to bring several for increments. Also, a lot of times, properties get postponed and you won’t know until they get to it that day so you might be going down for several weeks until it gets sold. (It’s not uncommon to wait 2 hours for them to get to the property you are interested in and find out it has been postphoned – and you don’t know the order of the properties either).Hope that helps a bit anyway.
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March 25, 2008 at 6:09 PM #176565Guest
Courthouse Steps Information.
I was also interested in this process about 6 months ago when a condo was getting foreclosed on that had substantial equity in it. Although I didn’t have the highest bid on the courthouse steps, I learned a lot in the process. I did pay a real estate lawyer to run a title/lien check on it. There was only one loan on the property so that was fairly straight forward. Unfortunately the HOA fees had been unpaid for months, as well as property taxes and these don’t get wiped out nor do IRS liens which don’t always show up in the lien check and they have a period of time after foreclosure to still pursue (I think a year but I’m not completely sure). Second mortgages, mechanic liens etc do get wiped out.
The bad thing about these types of properties is that unless it’s currently listed for sale, you can’t get in to see the property and know any of the disclosures. It’s risky and you won’t know completely what you’re getting. A friend of mine, did some filming in south San Diego on what some of these properties look like in the inside after foreclosure/REO’s…some are pretty nasty. Holes, tiles removed in floor, appliances gone, and just trashing as much as they can before walking out the door like scratching every wall….one even tried taking down an outside wall by chaining it to a truck.
Other times, the people living there don’t leave at all and then you have to go through the process of evicting.
Dealing with the Bank sounded more appealing to me after hearing this…I personally didn’t need the stress of dealing with unhappy former owners but this is where you will get the best deals if it works out.
If you are interested, go down during a court foreclosure auction and observe. It’s very informal. It is done outside on the courthouse steps (loud bus traffic at times). Also check out http://www.sandiegoforeclosurereport.com for some past sale information. It shows 3rd party successful bid results there as well.
If you are interested in bidding on a property, you need to bring certified cheques made out to yourself that you sign over if you are the successful bidder. It’s a good idea to bring several for increments. Also, a lot of times, properties get postponed and you won’t know until they get to it that day so you might be going down for several weeks until it gets sold. (It’s not uncommon to wait 2 hours for them to get to the property you are interested in and find out it has been postphoned – and you don’t know the order of the properties either).Hope that helps a bit anyway.
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March 25, 2008 at 6:09 PM #176570Guest
Courthouse Steps Information.
I was also interested in this process about 6 months ago when a condo was getting foreclosed on that had substantial equity in it. Although I didn’t have the highest bid on the courthouse steps, I learned a lot in the process. I did pay a real estate lawyer to run a title/lien check on it. There was only one loan on the property so that was fairly straight forward. Unfortunately the HOA fees had been unpaid for months, as well as property taxes and these don’t get wiped out nor do IRS liens which don’t always show up in the lien check and they have a period of time after foreclosure to still pursue (I think a year but I’m not completely sure). Second mortgages, mechanic liens etc do get wiped out.
The bad thing about these types of properties is that unless it’s currently listed for sale, you can’t get in to see the property and know any of the disclosures. It’s risky and you won’t know completely what you’re getting. A friend of mine, did some filming in south San Diego on what some of these properties look like in the inside after foreclosure/REO’s…some are pretty nasty. Holes, tiles removed in floor, appliances gone, and just trashing as much as they can before walking out the door like scratching every wall….one even tried taking down an outside wall by chaining it to a truck.
Other times, the people living there don’t leave at all and then you have to go through the process of evicting.
Dealing with the Bank sounded more appealing to me after hearing this…I personally didn’t need the stress of dealing with unhappy former owners but this is where you will get the best deals if it works out.
If you are interested, go down during a court foreclosure auction and observe. It’s very informal. It is done outside on the courthouse steps (loud bus traffic at times). Also check out http://www.sandiegoforeclosurereport.com for some past sale information. It shows 3rd party successful bid results there as well.
If you are interested in bidding on a property, you need to bring certified cheques made out to yourself that you sign over if you are the successful bidder. It’s a good idea to bring several for increments. Also, a lot of times, properties get postponed and you won’t know until they get to it that day so you might be going down for several weeks until it gets sold. (It’s not uncommon to wait 2 hours for them to get to the property you are interested in and find out it has been postphoned – and you don’t know the order of the properties either).Hope that helps a bit anyway.
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March 25, 2008 at 6:09 PM #176658Guest
Courthouse Steps Information.
I was also interested in this process about 6 months ago when a condo was getting foreclosed on that had substantial equity in it. Although I didn’t have the highest bid on the courthouse steps, I learned a lot in the process. I did pay a real estate lawyer to run a title/lien check on it. There was only one loan on the property so that was fairly straight forward. Unfortunately the HOA fees had been unpaid for months, as well as property taxes and these don’t get wiped out nor do IRS liens which don’t always show up in the lien check and they have a period of time after foreclosure to still pursue (I think a year but I’m not completely sure). Second mortgages, mechanic liens etc do get wiped out.
The bad thing about these types of properties is that unless it’s currently listed for sale, you can’t get in to see the property and know any of the disclosures. It’s risky and you won’t know completely what you’re getting. A friend of mine, did some filming in south San Diego on what some of these properties look like in the inside after foreclosure/REO’s…some are pretty nasty. Holes, tiles removed in floor, appliances gone, and just trashing as much as they can before walking out the door like scratching every wall….one even tried taking down an outside wall by chaining it to a truck.
Other times, the people living there don’t leave at all and then you have to go through the process of evicting.
Dealing with the Bank sounded more appealing to me after hearing this…I personally didn’t need the stress of dealing with unhappy former owners but this is where you will get the best deals if it works out.
If you are interested, go down during a court foreclosure auction and observe. It’s very informal. It is done outside on the courthouse steps (loud bus traffic at times). Also check out http://www.sandiegoforeclosurereport.com for some past sale information. It shows 3rd party successful bid results there as well.
If you are interested in bidding on a property, you need to bring certified cheques made out to yourself that you sign over if you are the successful bidder. It’s a good idea to bring several for increments. Also, a lot of times, properties get postponed and you won’t know until they get to it that day so you might be going down for several weeks until it gets sold. (It’s not uncommon to wait 2 hours for them to get to the property you are interested in and find out it has been postphoned – and you don’t know the order of the properties either).Hope that helps a bit anyway.
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March 25, 2008 at 2:28 PM #176447Participant
Thanks for the information. Always good to know. I was misinformed. I thought if you bought the first, you assume the second. I guess it’s more the other way around. Worth checking some of these foreclosures.
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March 25, 2008 at 2:28 PM #176452Participant
Thanks for the information. Always good to know. I was misinformed. I thought if you bought the first, you assume the second. I guess it’s more the other way around. Worth checking some of these foreclosures.
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March 25, 2008 at 2:28 PM #176457Participant
Thanks for the information. Always good to know. I was misinformed. I thought if you bought the first, you assume the second. I guess it’s more the other way around. Worth checking some of these foreclosures.
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March 25, 2008 at 2:28 PM #176546Participant
Thanks for the information. Always good to know. I was misinformed. I thought if you bought the first, you assume the second. I guess it’s more the other way around. Worth checking some of these foreclosures.
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March 25, 2008 at 1:50 PM #176405Participant
When you bid at the Trustee’s sale, you are buying the lenders position in cash. So if you buy the property from the second, there is no second lien anymore, just you owning the property subj. to the first. The highest bid for the second wins.
You can’t bid lower than the opening bid set by the lender. I have heard that they are starting to set the opening bids at an amount lower than the amount they are owed. I think these are somewhat rare at this point.
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March 25, 2008 at 1:50 PM #176410Participant
When you bid at the Trustee’s sale, you are buying the lenders position in cash. So if you buy the property from the second, there is no second lien anymore, just you owning the property subj. to the first. The highest bid for the second wins.
You can’t bid lower than the opening bid set by the lender. I have heard that they are starting to set the opening bids at an amount lower than the amount they are owed. I think these are somewhat rare at this point.
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March 25, 2008 at 1:50 PM #176416Participant
When you bid at the Trustee’s sale, you are buying the lenders position in cash. So if you buy the property from the second, there is no second lien anymore, just you owning the property subj. to the first. The highest bid for the second wins.
You can’t bid lower than the opening bid set by the lender. I have heard that they are starting to set the opening bids at an amount lower than the amount they are owed. I think these are somewhat rare at this point.
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March 25, 2008 at 1:50 PM #176506Participant
When you bid at the Trustee’s sale, you are buying the lenders position in cash. So if you buy the property from the second, there is no second lien anymore, just you owning the property subj. to the first. The highest bid for the second wins.
You can’t bid lower than the opening bid set by the lender. I have heard that they are starting to set the opening bids at an amount lower than the amount they are owed. I think these are somewhat rare at this point.
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March 25, 2008 at 11:49 AM #176326Participant
Thank you for the clarification. Next question: Wouldn’t the second also foreclose? I guess I’m assuming if someone doesn’t pay on the 1st and the bank forecloses on the 1st, then I would think the people aren’t paying on the 2nd either. So if the 2nd is foreclosing, then if you’re on the steps, you’ll be on the hook for both, providing payments haven’t been made on either and both are being foreclosed? How does that work? What if someone else bids on the 2nd?
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March 25, 2008 at 11:49 AM #176331Participant
Thank you for the clarification. Next question: Wouldn’t the second also foreclose? I guess I’m assuming if someone doesn’t pay on the 1st and the bank forecloses on the 1st, then I would think the people aren’t paying on the 2nd either. So if the 2nd is foreclosing, then if you’re on the steps, you’ll be on the hook for both, providing payments haven’t been made on either and both are being foreclosed? How does that work? What if someone else bids on the 2nd?
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March 25, 2008 at 11:49 AM #176334Participant
Thank you for the clarification. Next question: Wouldn’t the second also foreclose? I guess I’m assuming if someone doesn’t pay on the 1st and the bank forecloses on the 1st, then I would think the people aren’t paying on the 2nd either. So if the 2nd is foreclosing, then if you’re on the steps, you’ll be on the hook for both, providing payments haven’t been made on either and both are being foreclosed? How does that work? What if someone else bids on the 2nd?
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March 25, 2008 at 11:49 AM #176424Participant
Thank you for the clarification. Next question: Wouldn’t the second also foreclose? I guess I’m assuming if someone doesn’t pay on the 1st and the bank forecloses on the 1st, then I would think the people aren’t paying on the 2nd either. So if the 2nd is foreclosing, then if you’re on the steps, you’ll be on the hook for both, providing payments haven’t been made on either and both are being foreclosed? How does that work? What if someone else bids on the 2nd?
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March 25, 2008 at 11:42 AM #176316Participant
If the 1st forecloses, the second is magically and completely wiped off, assuming the amount bid is equal or less to the amount the 1st is owed. The Second has the right to protect their position – they can bring the 1st current and foreclose on the property themselves. If the second forecloses, they are still responsible for the 1st.
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March 25, 2008 at 11:42 AM #176320Participant
If the 1st forecloses, the second is magically and completely wiped off, assuming the amount bid is equal or less to the amount the 1st is owed. The Second has the right to protect their position – they can bring the 1st current and foreclose on the property themselves. If the second forecloses, they are still responsible for the 1st.
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March 25, 2008 at 11:42 AM #176324Participant
If the 1st forecloses, the second is magically and completely wiped off, assuming the amount bid is equal or less to the amount the 1st is owed. The Second has the right to protect their position – they can bring the 1st current and foreclose on the property themselves. If the second forecloses, they are still responsible for the 1st.
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March 25, 2008 at 11:42 AM #176414Participant
If the 1st forecloses, the second is magically and completely wiped off, assuming the amount bid is equal or less to the amount the 1st is owed. The Second has the right to protect their position – they can bring the 1st current and foreclose on the property themselves. If the second forecloses, they are still responsible for the 1st.
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March 25, 2008 at 10:24 AM #176259Participant
boomer – I’m a little slow. Would you please explain to a novice such as myself who is eager to learn, what does it mean the 2nd has the option of bringing the 1st current. Does it just magically go away at foreclosure?
Wouldn’t most liens be recorded after the 1st? What would be the point of filing a lien, then, if it’ll be wiped at foreclosure? I guess it’ll only help if you sell. Answered that myself.
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March 25, 2008 at 10:24 AM #176266Participant
boomer – I’m a little slow. Would you please explain to a novice such as myself who is eager to learn, what does it mean the 2nd has the option of bringing the 1st current. Does it just magically go away at foreclosure?
Wouldn’t most liens be recorded after the 1st? What would be the point of filing a lien, then, if it’ll be wiped at foreclosure? I guess it’ll only help if you sell. Answered that myself.
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March 25, 2008 at 10:24 AM #176271Participant
boomer – I’m a little slow. Would you please explain to a novice such as myself who is eager to learn, what does it mean the 2nd has the option of bringing the 1st current. Does it just magically go away at foreclosure?
Wouldn’t most liens be recorded after the 1st? What would be the point of filing a lien, then, if it’ll be wiped at foreclosure? I guess it’ll only help if you sell. Answered that myself.
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March 25, 2008 at 10:24 AM #176360Participant
boomer – I’m a little slow. Would you please explain to a novice such as myself who is eager to learn, what does it mean the 2nd has the option of bringing the 1st current. Does it just magically go away at foreclosure?
Wouldn’t most liens be recorded after the 1st? What would be the point of filing a lien, then, if it’ll be wiped at foreclosure? I guess it’ll only help if you sell. Answered that myself.
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March 25, 2008 at 9:30 AM #176226Participant
If it is the 1st taking this to sale, the second has the option of either bringing the 1st current, or being completely wiped off – unless the amount of the bid on the 1st leaves $ left over after fully paying off the 1st, that money would spill down to the second. You would still owe property taxes and HOA, and IRS liens may be a problem. Judgements and mechanics liens would be wiped off as well if they were recorded after the 1st.
What’s interesting to me in this case is the speed in which the process took place. I was under the impression that they were not filing NODs for a average of 8 months after payments stopped. Add 3 months under NOD and 3 weeks under NTS and you are pretty close to a year. Was this a private/small bank lender?
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March 25, 2008 at 9:30 AM #176230Participant
If it is the 1st taking this to sale, the second has the option of either bringing the 1st current, or being completely wiped off – unless the amount of the bid on the 1st leaves $ left over after fully paying off the 1st, that money would spill down to the second. You would still owe property taxes and HOA, and IRS liens may be a problem. Judgements and mechanics liens would be wiped off as well if they were recorded after the 1st.
What’s interesting to me in this case is the speed in which the process took place. I was under the impression that they were not filing NODs for a average of 8 months after payments stopped. Add 3 months under NOD and 3 weeks under NTS and you are pretty close to a year. Was this a private/small bank lender?
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March 25, 2008 at 9:30 AM #176237Participant
If it is the 1st taking this to sale, the second has the option of either bringing the 1st current, or being completely wiped off – unless the amount of the bid on the 1st leaves $ left over after fully paying off the 1st, that money would spill down to the second. You would still owe property taxes and HOA, and IRS liens may be a problem. Judgements and mechanics liens would be wiped off as well if they were recorded after the 1st.
What’s interesting to me in this case is the speed in which the process took place. I was under the impression that they were not filing NODs for a average of 8 months after payments stopped. Add 3 months under NOD and 3 weeks under NTS and you are pretty close to a year. Was this a private/small bank lender?
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March 25, 2008 at 9:30 AM #176327Participant
If it is the 1st taking this to sale, the second has the option of either bringing the 1st current, or being completely wiped off – unless the amount of the bid on the 1st leaves $ left over after fully paying off the 1st, that money would spill down to the second. You would still owe property taxes and HOA, and IRS liens may be a problem. Judgements and mechanics liens would be wiped off as well if they were recorded after the 1st.
What’s interesting to me in this case is the speed in which the process took place. I was under the impression that they were not filing NODs for a average of 8 months after payments stopped. Add 3 months under NOD and 3 weeks under NTS and you are pretty close to a year. Was this a private/small bank lender?
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March 25, 2008 at 7:51 AM #176211Participant
I’m not too familiar w/the process, but someone told me that if you get something on the steps, you assume everything that’s owed on it, any other loans (seconds), any defaulted property taxes, any judgements, mechanics liens, IRS liens filed on it, defaulted HOAs, if applicable, etc. I could be wrong, as I said, not sure.
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March 25, 2008 at 7:51 AM #176215Participant
I’m not too familiar w/the process, but someone told me that if you get something on the steps, you assume everything that’s owed on it, any other loans (seconds), any defaulted property taxes, any judgements, mechanics liens, IRS liens filed on it, defaulted HOAs, if applicable, etc. I could be wrong, as I said, not sure.
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March 25, 2008 at 7:51 AM #176222Participant
I’m not too familiar w/the process, but someone told me that if you get something on the steps, you assume everything that’s owed on it, any other loans (seconds), any defaulted property taxes, any judgements, mechanics liens, IRS liens filed on it, defaulted HOAs, if applicable, etc. I could be wrong, as I said, not sure.
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March 25, 2008 at 7:51 AM #176312Participant
I’m not too familiar w/the process, but someone told me that if you get something on the steps, you assume everything that’s owed on it, any other loans (seconds), any defaulted property taxes, any judgements, mechanics liens, IRS liens filed on it, defaulted HOAs, if applicable, etc. I could be wrong, as I said, not sure.
-
March 8, 2009 at 2:18 PM #362297Guest
Saw your comment about “is this the first step” My question is…is this the last step. What I mean is… if the 1st is higher than it is worth and no one bids, will they auction it at another date on the courthouse steps or will it go back on the market as Bank Owned?
The 1st on the house I am looking at is worth less than the starting bid. I will go to see the process, but should I be looking at another date on the courthouse steps or the Multiple Listing.-
March 8, 2009 at 2:26 PM #362307
urbanrealtor
Participant[quote=Patti B]Saw your comment about “is this the first step” My question is…is this the last step. What I mean is… if the 1st is higher than it is worth and no one bids, will they auction it at another date on the courthouse steps or will it go back on the market as Bank Owned?
The 1st on the house I am looking at is worth less than the starting bid. I will go to see the process, but should I be looking at another date on the courthouse steps or the Multiple Listing.[/quote]Typically the opening bid is higher than market. The lender generally expects that they will take it back. When they do take it back (99.9% of the time) they will either
A:put it back in the MLS when they hire an agent or B:they will do a resale auction (like one of those redc auctions at the convention center) or they will
C:leave it vacant (due either to market timing or just being too busy to deal with it)or
D:hold on to it and rent it out (this last one is a more recent phenomenon).-
March 12, 2009 at 5:14 PM #364869Guest
Do you know the web site I can subscribe to for all court house sales in San Diego.
We were at the courthouse today and had only the free listing from reconstruct.
Good info, by the way. Thanks -
March 12, 2009 at 5:20 PM #364883
SD Realtor
ParticipantGood for you for going down there! How did it go? Did you see many homes get purchased by private buyers and if so where were they with respect to the opening bid?
Next time you go please let us know. If you can jot down some of the homes that get purchased by private parties we can look them up to see what they went for in relation to the debt owed to the lender from the original recording.
-
March 12, 2009 at 6:05 PM #364898Guest
When we left 3 homes were sold and I don’t know what happened to the last 6. The auctionere (sp) was waiting for an o.k. on them by phone. There were about 19 people there and 6 when we left.One guy paid 168. for a house. I talked to him and he said the first was 220. I looked it up. I am not in real estate. Houses around it were going for the low 400’s. I was an observer this morning who wasn’t afraid to approach people. Fortunatey some talked to me. It is a pretty tight group as you can imagine.
One more thing…do you know where to get that list that people seemed to subscribe to. One important question I forgot to ask. -
March 12, 2009 at 6:21 PM #364923
dbapig
ParticipantRead sad/interesting article. Excerpts of a diary from an ex-banker who lost his house after losing income
http://www.msnbc.msn.com/id/29516455/pag…
—
The auctioneer (the only woman present) and bank rep are loosened up and friendlier now, and the two share with me what they are seeing out there. Auctions more frequent, few if any buyers, banks more often than not buying back the properties and sitting on them. Left empty in this part of the country in winter, pipes burst and freeze. Banks aren’t prepared to care. Why is that? I think. As a former banker who witnessed the mortgage meltdown in the ’80s, I think there’s got to be fellows on the inside of these institutions who know what they should be doing. But the people at the top aren’t listening. And Rome under their watch continues to burn.
—
Note this part… buying back the properties and sitting on them.
Same greed/stupidity worsening the catastrophe that was brought upon us by greed/stupidity?
Sorry repost but thought this was relevant to this thread.
-
March 12, 2009 at 6:21 PM #365210Participant
Read sad/interesting article. Excerpts of a diary from an ex-banker who lost his house after losing income
http://www.msnbc.msn.com/id/29516455/pag…
—
The auctioneer (the only woman present) and bank rep are loosened up and friendlier now, and the two share with me what they are seeing out there. Auctions more frequent, few if any buyers, banks more often than not buying back the properties and sitting on them. Left empty in this part of the country in winter, pipes burst and freeze. Banks aren’t prepared to care. Why is that? I think. As a former banker who witnessed the mortgage meltdown in the ’80s, I think there’s got to be fellows on the inside of these institutions who know what they should be doing. But the people at the top aren’t listening. And Rome under their watch continues to burn.
—
Note this part… buying back the properties and sitting on them.
Same greed/stupidity worsening the catastrophe that was brought upon us by greed/stupidity?
Sorry repost but thought this was relevant to this thread.
-
March 12, 2009 at 6:21 PM #365369Participant
Read sad/interesting article. Excerpts of a diary from an ex-banker who lost his house after losing income
http://www.msnbc.msn.com/id/29516455/pag…
—
The auctioneer (the only woman present) and bank rep are loosened up and friendlier now, and the two share with me what they are seeing out there. Auctions more frequent, few if any buyers, banks more often than not buying back the properties and sitting on them. Left empty in this part of the country in winter, pipes burst and freeze. Banks aren’t prepared to care. Why is that? I think. As a former banker who witnessed the mortgage meltdown in the ’80s, I think there’s got to be fellows on the inside of these institutions who know what they should be doing. But the people at the top aren’t listening. And Rome under their watch continues to burn.
—
Note this part… buying back the properties and sitting on them.
Same greed/stupidity worsening the catastrophe that was brought upon us by greed/stupidity?
Sorry repost but thought this was relevant to this thread.
-
March 12, 2009 at 6:21 PM #365408Participant
Read sad/interesting article. Excerpts of a diary from an ex-banker who lost his house after losing income
http://www.msnbc.msn.com/id/29516455/pag…
—
The auctioneer (the only woman present) and bank rep are loosened up and friendlier now, and the two share with me what they are seeing out there. Auctions more frequent, few if any buyers, banks more often than not buying back the properties and sitting on them. Left empty in this part of the country in winter, pipes burst and freeze. Banks aren’t prepared to care. Why is that? I think. As a former banker who witnessed the mortgage meltdown in the ’80s, I think there’s got to be fellows on the inside of these institutions who know what they should be doing. But the people at the top aren’t listening. And Rome under their watch continues to burn.
—
Note this part… buying back the properties and sitting on them.
Same greed/stupidity worsening the catastrophe that was brought upon us by greed/stupidity?
Sorry repost but thought this was relevant to this thread.
-
March 12, 2009 at 6:21 PM #365518Participant
Read sad/interesting article. Excerpts of a diary from an ex-banker who lost his house after losing income
http://www.msnbc.msn.com/id/29516455/pag…
—
The auctioneer (the only woman present) and bank rep are loosened up and friendlier now, and the two share with me what they are seeing out there. Auctions more frequent, few if any buyers, banks more often than not buying back the properties and sitting on them. Left empty in this part of the country in winter, pipes burst and freeze. Banks aren’t prepared to care. Why is that? I think. As a former banker who witnessed the mortgage meltdown in the ’80s, I think there’s got to be fellows on the inside of these institutions who know what they should be doing. But the people at the top aren’t listening. And Rome under their watch continues to burn.
—
Note this part… buying back the properties and sitting on them.
Same greed/stupidity worsening the catastrophe that was brought upon us by greed/stupidity?
Sorry repost but thought this was relevant to this thread.
-
March 12, 2009 at 6:21 PM #364928Participant
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March 12, 2009 at 6:21 PM #365216Participant
deleted
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March 12, 2009 at 6:21 PM #365374Participant
deleted
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March 12, 2009 at 6:21 PM #365413Participant
deleted
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March 12, 2009 at 6:21 PM #365523Participant
deleted
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March 12, 2009 at 6:21 PM #364934Participant
I am sorry but I am not sure what list you are referring to. My bad.
You may want to go to a website called fidelityasap.com. They have a search engine that may be a little bit useful to see what trustee sales are scheduled. For instance if you type in CA and San Diego County you will see alot of the upcoming sales. Now the site tries to mark down what are postponed and what are not but it is a free resource so you get what you pay for.
I think you may want to do a few dry runs. That is, find some properties that you are interested that are coming up for sale. Note what they are in default for, and then watch to see what they sell for.
I think there was an earlier post on this thread that properties will not sell for below the loan amount or the opening bid but I do not think that is accurate. I think you can get away with a deal, you just need the cash.
Gina who posted on this thread made very very accurate statements. If you do end up going for a serious purchase bring all increments. That is, suppose your budget is 300k. Then you want to bring the following incremental checks, 150k, 75k, 37.5k, 18.75k …. etc. This will allow you to have an exact amount of money all the way up to 300k. I know that sounds stupid but it is a failsafe.
As far as finding out about a home, yes if it is a foreclosure then it is pretty much impossible to get into. However… if you are tracking it prior to foreclosure then nothing is stopping you from driving to the home and checking it out. Can you even knock on the door and politely offer to look around? Yes. Will the owners or tenants most likely not let you in? Yes. Can you offer them money to let you bring an inspector over? Yes… Also you can contact a title company and have them run a preliminary title report and perform a search for all liens. There is alot that can be done.
As you can see the trustee sale is part of the process but for the buyer who REALLY is serious about this and wants to have a go at saving some big money, it can happen and it can be done right but take it slow and dry run some homes.
-
March 12, 2009 at 9:27 PM #364988Guest
I will try that web site.’thank you also for the advise.
Of course we know cash or chashier’s check is the only way that you go on this route. Having increments of cash is best. What we did find out is that do return the difference in cash.
thanks for all your info. Still looking for that site. -
March 12, 2009 at 9:27 PM #365277Guest
I will try that web site.’thank you also for the advise.
Of course we know cash or chashier’s check is the only way that you go on this route. Having increments of cash is best. What we did find out is that do return the difference in cash.
thanks for all your info. Still looking for that site. -
March 12, 2009 at 9:27 PM #365435Guest
I will try that web site.’thank you also for the advise.
Of course we know cash or chashier’s check is the only way that you go on this route. Having increments of cash is best. What we did find out is that do return the difference in cash.
thanks for all your info. Still looking for that site. -
March 12, 2009 at 9:27 PM #365472Guest
I will try that web site.’thank you also for the advise.
Of course we know cash or chashier’s check is the only way that you go on this route. Having increments of cash is best. What we did find out is that do return the difference in cash.
thanks for all your info. Still looking for that site. -
March 12, 2009 at 9:27 PM #365583Guest
I will try that web site.’thank you also for the advise.
Of course we know cash or chashier’s check is the only way that you go on this route. Having increments of cash is best. What we did find out is that do return the difference in cash.
thanks for all your info. Still looking for that site. -
March 12, 2009 at 6:21 PM #365220Participant
I am sorry but I am not sure what list you are referring to. My bad.
You may want to go to a website called fidelityasap.com. They have a search engine that may be a little bit useful to see what trustee sales are scheduled. For instance if you type in CA and San Diego County you will see alot of the upcoming sales. Now the site tries to mark down what are postponed and what are not but it is a free resource so you get what you pay for.
I think you may want to do a few dry runs. That is, find some properties that you are interested that are coming up for sale. Note what they are in default for, and then watch to see what they sell for.
I think there was an earlier post on this thread that properties will not sell for below the loan amount or the opening bid but I do not think that is accurate. I think you can get away with a deal, you just need the cash.
Gina who posted on this thread made very very accurate statements. If you do end up going for a serious purchase bring all increments. That is, suppose your budget is 300k. Then you want to bring the following incremental checks, 150k, 75k, 37.5k, 18.75k …. etc. This will allow you to have an exact amount of money all the way up to 300k. I know that sounds stupid but it is a failsafe.
As far as finding out about a home, yes if it is a foreclosure then it is pretty much impossible to get into. However… if you are tracking it prior to foreclosure then nothing is stopping you from driving to the home and checking it out. Can you even knock on the door and politely offer to look around? Yes. Will the owners or tenants most likely not let you in? Yes. Can you offer them money to let you bring an inspector over? Yes… Also you can contact a title company and have them run a preliminary title report and perform a search for all liens. There is alot that can be done.
As you can see the trustee sale is part of the process but for the buyer who REALLY is serious about this and wants to have a go at saving some big money, it can happen and it can be done right but take it slow and dry run some homes.
-
March 12, 2009 at 6:21 PM #365379Participant
I am sorry but I am not sure what list you are referring to. My bad.
You may want to go to a website called fidelityasap.com. They have a search engine that may be a little bit useful to see what trustee sales are scheduled. For instance if you type in CA and San Diego County you will see alot of the upcoming sales. Now the site tries to mark down what are postponed and what are not but it is a free resource so you get what you pay for.
I think you may want to do a few dry runs. That is, find some properties that you are interested that are coming up for sale. Note what they are in default for, and then watch to see what they sell for.
I think there was an earlier post on this thread that properties will not sell for below the loan amount or the opening bid but I do not think that is accurate. I think you can get away with a deal, you just need the cash.
Gina who posted on this thread made very very accurate statements. If you do end up going for a serious purchase bring all increments. That is, suppose your budget is 300k. Then you want to bring the following incremental checks, 150k, 75k, 37.5k, 18.75k …. etc. This will allow you to have an exact amount of money all the way up to 300k. I know that sounds stupid but it is a failsafe.
As far as finding out about a home, yes if it is a foreclosure then it is pretty much impossible to get into. However… if you are tracking it prior to foreclosure then nothing is stopping you from driving to the home and checking it out. Can you even knock on the door and politely offer to look around? Yes. Will the owners or tenants most likely not let you in? Yes. Can you offer them money to let you bring an inspector over? Yes… Also you can contact a title company and have them run a preliminary title report and perform a search for all liens. There is alot that can be done.
As you can see the trustee sale is part of the process but for the buyer who REALLY is serious about this and wants to have a go at saving some big money, it can happen and it can be done right but take it slow and dry run some homes.
-
March 12, 2009 at 6:21 PM #365418Participant
I am sorry but I am not sure what list you are referring to. My bad.
You may want to go to a website called fidelityasap.com. They have a search engine that may be a little bit useful to see what trustee sales are scheduled. For instance if you type in CA and San Diego County you will see alot of the upcoming sales. Now the site tries to mark down what are postponed and what are not but it is a free resource so you get what you pay for.
I think you may want to do a few dry runs. That is, find some properties that you are interested that are coming up for sale. Note what they are in default for, and then watch to see what they sell for.
I think there was an earlier post on this thread that properties will not sell for below the loan amount or the opening bid but I do not think that is accurate. I think you can get away with a deal, you just need the cash.
Gina who posted on this thread made very very accurate statements. If you do end up going for a serious purchase bring all increments. That is, suppose your budget is 300k. Then you want to bring the following incremental checks, 150k, 75k, 37.5k, 18.75k …. etc. This will allow you to have an exact amount of money all the way up to 300k. I know that sounds stupid but it is a failsafe.
As far as finding out about a home, yes if it is a foreclosure then it is pretty much impossible to get into. However… if you are tracking it prior to foreclosure then nothing is stopping you from driving to the home and checking it out. Can you even knock on the door and politely offer to look around? Yes. Will the owners or tenants most likely not let you in? Yes. Can you offer them money to let you bring an inspector over? Yes… Also you can contact a title company and have them run a preliminary title report and perform a search for all liens. There is alot that can be done.
As you can see the trustee sale is part of the process but for the buyer who REALLY is serious about this and wants to have a go at saving some big money, it can happen and it can be done right but take it slow and dry run some homes.
-
March 12, 2009 at 6:21 PM #365528Participant
I am sorry but I am not sure what list you are referring to. My bad.
You may want to go to a website called fidelityasap.com. They have a search engine that may be a little bit useful to see what trustee sales are scheduled. For instance if you type in CA and San Diego County you will see alot of the upcoming sales. Now the site tries to mark down what are postponed and what are not but it is a free resource so you get what you pay for.
I think you may want to do a few dry runs. That is, find some properties that you are interested that are coming up for sale. Note what they are in default for, and then watch to see what they sell for.
I think there was an earlier post on this thread that properties will not sell for below the loan amount or the opening bid but I do not think that is accurate. I think you can get away with a deal, you just need the cash.
Gina who posted on this thread made very very accurate statements. If you do end up going for a serious purchase bring all increments. That is, suppose your budget is 300k. Then you want to bring the following incremental checks, 150k, 75k, 37.5k, 18.75k …. etc. This will allow you to have an exact amount of money all the way up to 300k. I know that sounds stupid but it is a failsafe.
As far as finding out about a home, yes if it is a foreclosure then it is pretty much impossible to get into. However… if you are tracking it prior to foreclosure then nothing is stopping you from driving to the home and checking it out. Can you even knock on the door and politely offer to look around? Yes. Will the owners or tenants most likely not let you in? Yes. Can you offer them money to let you bring an inspector over? Yes… Also you can contact a title company and have them run a preliminary title report and perform a search for all liens. There is alot that can be done.
As you can see the trustee sale is part of the process but for the buyer who REALLY is serious about this and wants to have a go at saving some big money, it can happen and it can be done right but take it slow and dry run some homes.
-
March 12, 2009 at 6:05 PM #365185Guest
When we left 3 homes were sold and I don’t know what happened to the last 6. The auctionere (sp) was waiting for an o.k. on them by phone. There were about 19 people there and 6 when we left.One guy paid 168. for a house. I talked to him and he said the first was 220. I looked it up. I am not in real estate. Houses around it were going for the low 400’s. I was an observer this morning who wasn’t afraid to approach people. Fortunatey some talked to me. It is a pretty tight group as you can imagine.
One more thing…do you know where to get that list that people seemed to subscribe to. One important question I forgot to ask. -
March 12, 2009 at 6:05 PM #365344Guest
When we left 3 homes were sold and I don’t know what happened to the last 6. The auctionere (sp) was waiting for an o.k. on them by phone. There were about 19 people there and 6 when we left.One guy paid 168. for a house. I talked to him and he said the first was 220. I looked it up. I am not in real estate. Houses around it were going for the low 400’s. I was an observer this morning who wasn’t afraid to approach people. Fortunatey some talked to me. It is a pretty tight group as you can imagine.
One more thing…do you know where to get that list that people seemed to subscribe to. One important question I forgot to ask. -
March 12, 2009 at 6:05 PM #365383Guest
When we left 3 homes were sold and I don’t know what happened to the last 6. The auctionere (sp) was waiting for an o.k. on them by phone. There were about 19 people there and 6 when we left.One guy paid 168. for a house. I talked to him and he said the first was 220. I looked it up. I am not in real estate. Houses around it were going for the low 400’s. I was an observer this morning who wasn’t afraid to approach people. Fortunatey some talked to me. It is a pretty tight group as you can imagine.
One more thing…do you know where to get that list that people seemed to subscribe to. One important question I forgot to ask. -
March 12, 2009 at 6:05 PM #365493Guest
When we left 3 homes were sold and I don’t know what happened to the last 6. The auctionere (sp) was waiting for an o.k. on them by phone. There were about 19 people there and 6 when we left.One guy paid 168. for a house. I talked to him and he said the first was 220. I looked it up. I am not in real estate. Houses around it were going for the low 400’s. I was an observer this morning who wasn’t afraid to approach people. Fortunatey some talked to me. It is a pretty tight group as you can imagine.
One more thing…do you know where to get that list that people seemed to subscribe to. One important question I forgot to ask. -
March 12, 2009 at 5:20 PM #365170Participant
Good for you for going down there! How did it go? Did you see many homes get purchased by private buyers and if so where were they with respect to the opening bid?
Next time you go please let us know. If you can jot down some of the homes that get purchased by private parties we can look them up to see what they went for in relation to the debt owed to the lender from the original recording.
-
March 12, 2009 at 5:20 PM #365329Participant
Good for you for going down there! How did it go? Did you see many homes get purchased by private buyers and if so where were they with respect to the opening bid?
Next time you go please let us know. If you can jot down some of the homes that get purchased by private parties we can look them up to see what they went for in relation to the debt owed to the lender from the original recording.
-
March 12, 2009 at 5:20 PM #365368Participant
Good for you for going down there! How did it go? Did you see many homes get purchased by private buyers and if so where were they with respect to the opening bid?
Next time you go please let us know. If you can jot down some of the homes that get purchased by private parties we can look them up to see what they went for in relation to the debt owed to the lender from the original recording.
-
March 12, 2009 at 5:20 PM #365478Participant
Good for you for going down there! How did it go? Did you see many homes get purchased by private buyers and if so where were they with respect to the opening bid?
Next time you go please let us know. If you can jot down some of the homes that get purchased by private parties we can look them up to see what they went for in relation to the debt owed to the lender from the original recording.
-
March 12, 2009 at 5:14 PM #365155Guest
Do you know the web site I can subscribe to for all court house sales in San Diego.
We were at the courthouse today and had only the free listing from reconstruct.
Good info, by the way. Thanks -
March 12, 2009 at 5:14 PM #365314Guest
Do you know the web site I can subscribe to for all court house sales in San Diego.
We were at the courthouse today and had only the free listing from reconstruct.
Good info, by the way. Thanks -
March 12, 2009 at 5:14 PM #365353Guest
Do you know the web site I can subscribe to for all court house sales in San Diego.
We were at the courthouse today and had only the free listing from reconstruct.
Good info, by the way. Thanks -
March 12, 2009 at 5:14 PM #365462Guest
Do you know the web site I can subscribe to for all court house sales in San Diego.
We were at the courthouse today and had only the free listing from reconstruct.
Good info, by the way. Thanks
-
-
March 8, 2009 at 2:26 PM #362604Participant
[quote=Patti B]Saw your comment about “is this the first step” My question is…is this the last step. What I mean is… if the 1st is higher than it is worth and no one bids, will they auction it at another date on the courthouse steps or will it go back on the market as Bank Owned?
The 1st on the house I am looking at is worth less than the starting bid. I will go to see the process, but should I be looking at another date on the courthouse steps or the Multiple Listing.[/quote]Typically the opening bid is higher than market. The lender generally expects that they will take it back. When they do take it back (99.9% of the time) they will either
A:put it back in the MLS when they hire an agent or B:they will do a resale auction (like one of those redc auctions at the convention center) or they will
C:leave it vacant (due either to market timing or just being too busy to deal with it)or
D:hold on to it and rent it out (this last one is a more recent phenomenon). -
March 8, 2009 at 2:26 PM #362749Participant
[quote=Patti B]Saw your comment about “is this the first step” My question is…is this the last step. What I mean is… if the 1st is higher than it is worth and no one bids, will they auction it at another date on the courthouse steps or will it go back on the market as Bank Owned?
The 1st on the house I am looking at is worth less than the starting bid. I will go to see the process, but should I be looking at another date on the courthouse steps or the Multiple Listing.[/quote]Typically the opening bid is higher than market. The lender generally expects that they will take it back. When they do take it back (99.9% of the time) they will either
A:put it back in the MLS when they hire an agent or B:they will do a resale auction (like one of those redc auctions at the convention center) or they will
C:leave it vacant (due either to market timing or just being too busy to deal with it)or
D:hold on to it and rent it out (this last one is a more recent phenomenon). -
March 8, 2009 at 2:26 PM #362792Participant
[quote=Patti B]Saw your comment about “is this the first step” My question is…is this the last step. What I mean is… if the 1st is higher than it is worth and no one bids, will they auction it at another date on the courthouse steps or will it go back on the market as Bank Owned?
The 1st on the house I am looking at is worth less than the starting bid. I will go to see the process, but should I be looking at another date on the courthouse steps or the Multiple Listing.[/quote]Typically the opening bid is higher than market. The lender generally expects that they will take it back. When they do take it back (99.9% of the time) they will either
A:put it back in the MLS when they hire an agent or B:they will do a resale auction (like one of those redc auctions at the convention center) or they will
C:leave it vacant (due either to market timing or just being too busy to deal with it)or
D:hold on to it and rent it out (this last one is a more recent phenomenon). -
March 8, 2009 at 2:26 PM #362900Participant
[quote=Patti B]Saw your comment about “is this the first step” My question is…is this the last step. What I mean is… if the 1st is higher than it is worth and no one bids, will they auction it at another date on the courthouse steps or will it go back on the market as Bank Owned?
The 1st on the house I am looking at is worth less than the starting bid. I will go to see the process, but should I be looking at another date on the courthouse steps or the Multiple Listing.[/quote]Typically the opening bid is higher than market. The lender generally expects that they will take it back. When they do take it back (99.9% of the time) they will either
A:put it back in the MLS when they hire an agent or B:they will do a resale auction (like one of those redc auctions at the convention center) or they will
C:leave it vacant (due either to market timing or just being too busy to deal with it)or
D:hold on to it and rent it out (this last one is a more recent phenomenon).
-
-
March 8, 2009 at 2:18 PM #362594Guest
Saw your comment about “is this the first step” My question is…is this the last step. What I mean is… if the 1st is higher than it is worth and no one bids, will they auction it at another date on the courthouse steps or will it go back on the market as Bank Owned?
The 1st on the house I am looking at is worth less than the starting bid. I will go to see the process, but should I be looking at another date on the courthouse steps or the Multiple Listing. -
March 8, 2009 at 2:18 PM #362739Guest
Saw your comment about “is this the first step” My question is…is this the last step. What I mean is… if the 1st is higher than it is worth and no one bids, will they auction it at another date on the courthouse steps or will it go back on the market as Bank Owned?
The 1st on the house I am looking at is worth less than the starting bid. I will go to see the process, but should I be looking at another date on the courthouse steps or the Multiple Listing. -
March 8, 2009 at 2:18 PM #362782Guest
Saw your comment about “is this the first step” My question is…is this the last step. What I mean is… if the 1st is higher than it is worth and no one bids, will they auction it at another date on the courthouse steps or will it go back on the market as Bank Owned?
The 1st on the house I am looking at is worth less than the starting bid. I will go to see the process, but should I be looking at another date on the courthouse steps or the Multiple Listing. -
March 8, 2009 at 2:18 PM #362890Guest
Saw your comment about “is this the first step” My question is…is this the last step. What I mean is… if the 1st is higher than it is worth and no one bids, will they auction it at another date on the courthouse steps or will it go back on the market as Bank Owned?
The 1st on the house I am looking at is worth less than the starting bid. I will go to see the process, but should I be looking at another date on the courthouse steps or the Multiple Listing. -
March 12, 2009 at 7:12 PM #364983
massey
ParticipantIs there any way to participate in the court house step sales if you intend to finance the property with a loan, or must you have the sale price in cash?
-
March 12, 2009 at 10:15 PM #365063Participant
[quote=massey]Is there any way to participate in the court house step sales if you intend to finance the property with a loan, or must you have the sale price in cash?[/quote]
No.
You need good funds (cash or equivalent) on site.If you bid 400 when you only have 350, you are committing a criminal act.
This is what i was told by my title officer and by auctioneers on site.
Do bear in mind that money from a loan on something else (eg: a cashiers check from your heloc) can be good funds.
There is no appraisal.
There is no inspection.
If a tax lien shows up down the road it can be re-attached to the property anytime in the next 4 months. That would become the buyer’s responsibility then.Conceivably, you could pull funds out of a heloc, buy a place with a cashier’s check (and yes they do give you change if you win for less than the check) and then take out a loan after purchase to pay back the heloc.
If you can do enough detective work prior to the auction, it can be worth it but assume others will do some of the same work.
Last time I was there, half the people had phones, multipage spreadsheets, and laptops with 3g antennas. This screams corporate sponsorship to me. Just sayin.
-
March 13, 2009 at 10:14 AM #365221
peterb
ParticipantI’ve also heard that banks are putting in lower asking bids on the day of the auction. So it can be very last minute. Deals abound….
-
March 13, 2009 at 2:38 PM #365395Participant
Good Site:
http://www.priorityposting.com -
March 13, 2009 at 2:38 PM #365684Participant
Good Site:
http://www.priorityposting.com -
March 13, 2009 at 2:38 PM #365846Participant
Good Site:
http://www.priorityposting.com -
March 13, 2009 at 2:38 PM #365883Participant
Good Site:
http://www.priorityposting.com -
March 13, 2009 at 2:38 PM #365993Participant
Good Site:
http://www.priorityposting.com -
March 13, 2009 at 10:14 AM #365510Participant
I’ve also heard that banks are putting in lower asking bids on the day of the auction. So it can be very last minute. Deals abound….
-
March 13, 2009 at 10:14 AM #365671Participant
I’ve also heard that banks are putting in lower asking bids on the day of the auction. So it can be very last minute. Deals abound….
-
March 13, 2009 at 10:14 AM #365707Participant
I’ve also heard that banks are putting in lower asking bids on the day of the auction. So it can be very last minute. Deals abound….
-
March 13, 2009 at 10:14 AM #365818Participant
I’ve also heard that banks are putting in lower asking bids on the day of the auction. So it can be very last minute. Deals abound….
-
-
March 12, 2009 at 10:15 PM #365350Participant
[quote=massey]Is there any way to participate in the court house step sales if you intend to finance the property with a loan, or must you have the sale price in cash?[/quote]
No.
You need good funds (cash or equivalent) on site.If you bid 400 when you only have 350, you are committing a criminal act.
This is what i was told by my title officer and by auctioneers on site.
Do bear in mind that money from a loan on something else (eg: a cashiers check from your heloc) can be good funds.
There is no appraisal.
There is no inspection.
If a tax lien shows up down the road it can be re-attached to the property anytime in the next 4 months. That would become the buyer’s responsibility then.Conceivably, you could pull funds out of a heloc, buy a place with a cashier’s check (and yes they do give you change if you win for less than the check) and then take out a loan after purchase to pay back the heloc.
If you can do enough detective work prior to the auction, it can be worth it but assume others will do some of the same work.
Last time I was there, half the people had phones, multipage spreadsheets, and laptops with 3g antennas. This screams corporate sponsorship to me. Just sayin.
-
March 12, 2009 at 10:15 PM #365511Participant
[quote=massey]Is there any way to participate in the court house step sales if you intend to finance the property with a loan, or must you have the sale price in cash?[/quote]
No.
You need good funds (cash or equivalent) on site.If you bid 400 when you only have 350, you are committing a criminal act.
This is what i was told by my title officer and by auctioneers on site.
Do bear in mind that money from a loan on something else (eg: a cashiers check from your heloc) can be good funds.
There is no appraisal.
There is no inspection.
If a tax lien shows up down the road it can be re-attached to the property anytime in the next 4 months. That would become the buyer’s responsibility then.Conceivably, you could pull funds out of a heloc, buy a place with a cashier’s check (and yes they do give you change if you win for less than the check) and then take out a loan after purchase to pay back the heloc.
If you can do enough detective work prior to the auction, it can be worth it but assume others will do some of the same work.
Last time I was there, half the people had phones, multipage spreadsheets, and laptops with 3g antennas. This screams corporate sponsorship to me. Just sayin.
-
March 12, 2009 at 10:15 PM #365547Participant
[quote=massey]Is there any way to participate in the court house step sales if you intend to finance the property with a loan, or must you have the sale price in cash?[/quote]
No.
You need good funds (cash or equivalent) on site.If you bid 400 when you only have 350, you are committing a criminal act.
This is what i was told by my title officer and by auctioneers on site.
Do bear in mind that money from a loan on something else (eg: a cashiers check from your heloc) can be good funds.
There is no appraisal.
There is no inspection.
If a tax lien shows up down the road it can be re-attached to the property anytime in the next 4 months. That would become the buyer’s responsibility then.Conceivably, you could pull funds out of a heloc, buy a place with a cashier’s check (and yes they do give you change if you win for less than the check) and then take out a loan after purchase to pay back the heloc.
If you can do enough detective work prior to the auction, it can be worth it but assume others will do some of the same work.
Last time I was there, half the people had phones, multipage spreadsheets, and laptops with 3g antennas. This screams corporate sponsorship to me. Just sayin.
-
March 12, 2009 at 10:15 PM #365658Participant
[quote=massey]Is there any way to participate in the court house step sales if you intend to finance the property with a loan, or must you have the sale price in cash?[/quote]
No.
You need good funds (cash or equivalent) on site.If you bid 400 when you only have 350, you are committing a criminal act.
This is what i was told by my title officer and by auctioneers on site.
Do bear in mind that money from a loan on something else (eg: a cashiers check from your heloc) can be good funds.
There is no appraisal.
There is no inspection.
If a tax lien shows up down the road it can be re-attached to the property anytime in the next 4 months. That would become the buyer’s responsibility then.Conceivably, you could pull funds out of a heloc, buy a place with a cashier’s check (and yes they do give you change if you win for less than the check) and then take out a loan after purchase to pay back the heloc.
If you can do enough detective work prior to the auction, it can be worth it but assume others will do some of the same work.
Last time I was there, half the people had phones, multipage spreadsheets, and laptops with 3g antennas. This screams corporate sponsorship to me. Just sayin.
-
-
March 12, 2009 at 7:12 PM #365272Participant
Is there any way to participate in the court house step sales if you intend to finance the property with a loan, or must you have the sale price in cash?
-
March 12, 2009 at 7:12 PM #365430Participant
Is there any way to participate in the court house step sales if you intend to finance the property with a loan, or must you have the sale price in cash?
-
March 12, 2009 at 7:12 PM #365467Participant
Is there any way to participate in the court house step sales if you intend to finance the property with a loan, or must you have the sale price in cash?
-
March 12, 2009 at 7:12 PM #365578Participant
Is there any way to participate in the court house step sales if you intend to finance the property with a loan, or must you have the sale price in cash?
-
March 12, 2009 at 9:40 PM #365023
pizzaman
ParticipantI spent about a year tracking houses through the foreclosure process and in September 2008 I did buy a house at the Trustee sale on the courthouse steps. I ended up buying the house that I was already living in. I’ll say this, It was a very different experience. I left in the morning a renter and came back that afternoon as an owner. No escrow, no title insurance, no loan just a handwritten receipt for the $483.000 in cashiers checks that I had just handed over. A couple of weeks later I got a Trustees deed in the mail which I then recorded at the county recorders office and it was done.
As far as finding the properties there are some free sites like http://www.fidelityasap.comf but at least in my area they only listed a percentage of the homes scheduled for auction. Additionally most of the trustees had their own sites, for example all of Countrywides foreclosures are listed here http://www.recontrustco.com/index.aspx. If you want to track all the upcoming sales you might consider subscribing to a foreclosure tracking service. I used Foreclosureradar.com.I think the price was around $50 per month. Through Foreclosureradar was able to track all of the NOD, NOT and ultimately the sale prices of all the houses in my area.
I was looking for something fairly specific and over the course of the year I was looking I focused on about 6 properties that I followed through the process, one of which I ultimately bought. One thing I learned quickly was that the process can take a very long time and does not necessarily end with a sale at a price that is attractive. Most properties still go back to the bank because nobody would consider buying them at the opening bid price. There is no rhyme or reason to how the opening bid is set. Very few are priced substantially below market and considering that you must pay all cash you are in most cases better to wait until the bank gets it back and lists it for sale. Having said that if you are patient and prepared there are some deals that slip through.
Some examples
-The house I bought had loans totaling $974,000 and a market value of $600,000 (Peak value 1m) and I bought it for $483,000.
-Another house that was on my short list was bought by my business partner for $336,000 and then resold 30 days later for $500,000
Several others I was following turned out to be really bad deals. One went back to the bank for a price well above market and the former owner decided to squat. The house was sold to the bank in Feb of 2008 and the former owner is STILL there. The bank had to file three unlawful detainer lawsuits before finally prevailing in court in December of 2008. Even then the judge gave the old owner 90 more days before they had to leave. I think the moral of this story is to stay away from purchasing at auction any house that is occupied.
My advice to anyone considering buying at the Trustee sale would be to be sure you know what you are buying because there is no changing your mind. Get a title report and be sure you understand what liens will and won’t be extinguished at the sale. Find a way into the property so you can see whats there (or not there) and if you bid on a house that’s occupied understand what it may take in both time and money to evict the former owners.
Happy hunting!-
March 25, 2009 at 4:29 PM #372924Guest
Do you know if alot of properties have opening bid’s below the Notice Of Sale? I am curious, I am actually going down to the court house tomorrow to check out the process. Thanks
-
March 25, 2009 at 4:46 PM #372934Participant
Get there 30 minutes early and see if you can get a look at the opening bid prices. I heard Ward Hannigan saying that the lenders are lowering some, not many, of the starting prices the day of auction. I think this is why people there have cell phones at the ready and laptops on Internet connection…if some are way lower than they were listed, the bidders can call their title people and get data ASAP on the property to see if they want to go for it.
-
March 26, 2009 at 4:14 PM #373441Guest
Thanks, it’s amazing how many properties didn’t sell. I was surprised. I went today actually, I am interested in one particular coming-up. It’s a very mellow thing, I expected it be more of an auction.
-
March 26, 2009 at 4:44 PM #373481Participant
Did you notice the price/address of any of them that did sell? If you have that info we can see if it met the default price.
-
March 26, 2009 at 5:27 PM #373520Guest
1930 Mesa Park Lane Zip 92114. Sold for $173,900.01.
-
March 26, 2009 at 5:34 PM #373530Participant
The realist tax roll shows this home was purchased for 500k. They had a first for 400k and a second for 100k. The judgement amount on the realist tax roll lists a judgement amount of 424,742. So I do not know what the original opening bid was but… who knows, it could have been below that 173,900.
Were there any other bidders on it was that the only bidder?
-
March 26, 2009 at 5:53 PM #373535Guest
The opening bid was $173,900 and the winning big was $173,900.01. One penny above, one bidder.
-
March 26, 2009 at 5:53 PM #373817Guest
The opening bid was $173,900 and the winning big was $173,900.01. One penny above, one bidder.
-
March 26, 2009 at 5:53 PM #373989Guest
The opening bid was $173,900 and the winning big was $173,900.01. One penny above, one bidder.
-
March 26, 2009 at 5:53 PM #374033Guest
The opening bid was $173,900 and the winning big was $173,900.01. One penny above, one bidder.
-
March 26, 2009 at 5:53 PM #374150Guest
The opening bid was $173,900 and the winning big was $173,900.01. One penny above, one bidder.
-
March 26, 2009 at 5:34 PM #373812Participant
The realist tax roll shows this home was purchased for 500k. They had a first for 400k and a second for 100k. The judgement amount on the realist tax roll lists a judgement amount of 424,742. So I do not know what the original opening bid was but… who knows, it could have been below that 173,900.
Were there any other bidders on it was that the only bidder?
-
March 26, 2009 at 5:34 PM #373984Participant
The realist tax roll shows this home was purchased for 500k. They had a first for 400k and a second for 100k. The judgement amount on the realist tax roll lists a judgement amount of 424,742. So I do not know what the original opening bid was but… who knows, it could have been below that 173,900.
Were there any other bidders on it was that the only bidder?
-
March 26, 2009 at 5:34 PM #374028Participant
The realist tax roll shows this home was purchased for 500k. They had a first for 400k and a second for 100k. The judgement amount on the realist tax roll lists a judgement amount of 424,742. So I do not know what the original opening bid was but… who knows, it could have been below that 173,900.
Were there any other bidders on it was that the only bidder?
-
March 26, 2009 at 5:34 PM #374146Participant
The realist tax roll shows this home was purchased for 500k. They had a first for 400k and a second for 100k. The judgement amount on the realist tax roll lists a judgement amount of 424,742. So I do not know what the original opening bid was but… who knows, it could have been below that 173,900.
Were there any other bidders on it was that the only bidder?
-
March 26, 2009 at 5:27 PM #373803Guest
1930 Mesa Park Lane Zip 92114. Sold for $173,900.01.
-
March 26, 2009 at 5:27 PM #373974Guest
1930 Mesa Park Lane Zip 92114. Sold for $173,900.01.
-
March 26, 2009 at 5:27 PM #374018Guest
1930 Mesa Park Lane Zip 92114. Sold for $173,900.01.
-
March 26, 2009 at 5:27 PM #374136Guest
1930 Mesa Park Lane Zip 92114. Sold for $173,900.01.
-
March 26, 2009 at 4:44 PM #373763Participant
Did you notice the price/address of any of them that did sell? If you have that info we can see if it met the default price.
-
March 26, 2009 at 4:44 PM #373935Participant
Did you notice the price/address of any of them that did sell? If you have that info we can see if it met the default price.
-
March 26, 2009 at 4:44 PM #373978Participant
Did you notice the price/address of any of them that did sell? If you have that info we can see if it met the default price.
-
March 26, 2009 at 4:44 PM #374096Participant
Did you notice the price/address of any of them that did sell? If you have that info we can see if it met the default price.
-
March 26, 2009 at 4:14 PM #373723Guest
Thanks, it’s amazing how many properties didn’t sell. I was surprised. I went today actually, I am interested in one particular coming-up. It’s a very mellow thing, I expected it be more of an auction.
-
March 26, 2009 at 4:14 PM #373895Guest
Thanks, it’s amazing how many properties didn’t sell. I was surprised. I went today actually, I am interested in one particular coming-up. It’s a very mellow thing, I expected it be more of an auction.
-
March 26, 2009 at 4:14 PM #373939Guest
Thanks, it’s amazing how many properties didn’t sell. I was surprised. I went today actually, I am interested in one particular coming-up. It’s a very mellow thing, I expected it be more of an auction.
-
March 26, 2009 at 4:14 PM #374057Guest
Thanks, it’s amazing how many properties didn’t sell. I was surprised. I went today actually, I am interested in one particular coming-up. It’s a very mellow thing, I expected it be more of an auction.
-
March 25, 2009 at 4:46 PM #373215Participant
Get there 30 minutes early and see if you can get a look at the opening bid prices. I heard Ward Hannigan saying that the lenders are lowering some, not many, of the starting prices the day of auction. I think this is why people there have cell phones at the ready and laptops on Internet connection…if some are way lower than they were listed, the bidders can call their title people and get data ASAP on the property to see if they want to go for it.
-
March 25, 2009 at 4:46 PM #373390Participant
Get there 30 minutes early and see if you can get a look at the opening bid prices. I heard Ward Hannigan saying that the lenders are lowering some, not many, of the starting prices the day of auction. I think this is why people there have cell phones at the ready and laptops on Internet connection…if some are way lower than they were listed, the bidders can call their title people and get data ASAP on the property to see if they want to go for it.
-
March 25, 2009 at 4:46 PM #373433Participant
Get there 30 minutes early and see if you can get a look at the opening bid prices. I heard Ward Hannigan saying that the lenders are lowering some, not many, of the starting prices the day of auction. I think this is why people there have cell phones at the ready and laptops on Internet connection…if some are way lower than they were listed, the bidders can call their title people and get data ASAP on the property to see if they want to go for it.
-
March 25, 2009 at 4:46 PM #373547Participant
Get there 30 minutes early and see if you can get a look at the opening bid prices. I heard Ward Hannigan saying that the lenders are lowering some, not many, of the starting prices the day of auction. I think this is why people there have cell phones at the ready and laptops on Internet connection…if some are way lower than they were listed, the bidders can call their title people and get data ASAP on the property to see if they want to go for it.
-
-
March 25, 2009 at 4:29 PM #373205Guest
Do you know if alot of properties have opening bid’s below the Notice Of Sale? I am curious, I am actually going down to the court house tomorrow to check out the process. Thanks
-
March 25, 2009 at 4:29 PM #373380Guest
Do you know if alot of properties have opening bid’s below the Notice Of Sale? I am curious, I am actually going down to the court house tomorrow to check out the process. Thanks
-
March 25, 2009 at 4:29 PM #373423Guest
Do you know if alot of properties have opening bid’s below the Notice Of Sale? I am curious, I am actually going down to the court house tomorrow to check out the process. Thanks
-
March 25, 2009 at 4:29 PM #373537Guest
Do you know if alot of properties have opening bid’s below the Notice Of Sale? I am curious, I am actually going down to the court house tomorrow to check out the process. Thanks
-
-
March 12, 2009 at 9:40 PM #365310Participant
I spent about a year tracking houses through the foreclosure process and in September 2008 I did buy a house at the Trustee sale on the courthouse steps. I ended up buying the house that I was already living in. I’ll say this, It was a very different experience. I left in the morning a renter and came back that afternoon as an owner. No escrow, no title insurance, no loan just a handwritten receipt for the $483.000 in cashiers checks that I had just handed over. A couple of weeks later I got a Trustees deed in the mail which I then recorded at the county recorders office and it was done.
As far as finding the properties there are some free sites like http://www.fidelityasap.comf but at least in my area they only listed a percentage of the homes scheduled for auction. Additionally most of the trustees had their own sites, for example all of Countrywides foreclosures are listed here http://www.recontrustco.com/index.aspx. If you want to track all the upcoming sales you might consider subscribing to a foreclosure tracking service. I used Foreclosureradar.com.I think the price was around $50 per month. Through Foreclosureradar was able to track all of the NOD, NOT and ultimately the sale prices of all the houses in my area.
I was looking for something fairly specific and over the course of the year I was looking I focused on about 6 properties that I followed through the process, one of which I ultimately bought. One thing I learned quickly was that the process can take a very long time and does not necessarily end with a sale at a price that is attractive. Most properties still go back to the bank because nobody would consider buying them at the opening bid price. There is no rhyme or reason to how the opening bid is set. Very few are priced substantially below market and considering that you must pay all cash you are in most cases better to wait until the bank gets it back and lists it for sale. Having said that if you are patient and prepared there are some deals that slip through.
Some examples
-The house I bought had loans totaling $974,000 and a market value of $600,000 (Peak value 1m) and I bought it for $483,000.
-Another house that was on my short list was bought by my business partner for $336,000 and then resold 30 days later for $500,000
Several others I was following turned out to be really bad deals. One went back to the bank for a price well above market and the former owner decided to squat. The house was sold to the bank in Feb of 2008 and the former owner is STILL there. The bank had to file three unlawful detainer lawsuits before finally prevailing in court in December of 2008. Even then the judge gave the old owner 90 more days before they had to leave. I think the moral of this story is to stay away from purchasing at auction any house that is occupied.
My advice to anyone considering buying at the Trustee sale would be to be sure you know what you are buying because there is no changing your mind. Get a title report and be sure you understand what liens will and won’t be extinguished at the sale. Find a way into the property so you can see whats there (or not there) and if you bid on a house that’s occupied understand what it may take in both time and money to evict the former owners.
Happy hunting! -
March 12, 2009 at 9:40 PM #365471Participant
I spent about a year tracking houses through the foreclosure process and in September 2008 I did buy a house at the Trustee sale on the courthouse steps. I ended up buying the house that I was already living in. I’ll say this, It was a very different experience. I left in the morning a renter and came back that afternoon as an owner. No escrow, no title insurance, no loan just a handwritten receipt for the $483.000 in cashiers checks that I had just handed over. A couple of weeks later I got a Trustees deed in the mail which I then recorded at the county recorders office and it was done.
As far as finding the properties there are some free sites like http://www.fidelityasap.comf but at least in my area they only listed a percentage of the homes scheduled for auction. Additionally most of the trustees had their own sites, for example all of Countrywides foreclosures are listed here http://www.recontrustco.com/index.aspx. If you want to track all the upcoming sales you might consider subscribing to a foreclosure tracking service. I used Foreclosureradar.com.I think the price was around $50 per month. Through Foreclosureradar was able to track all of the NOD, NOT and ultimately the sale prices of all the houses in my area.
I was looking for something fairly specific and over the course of the year I was looking I focused on about 6 properties that I followed through the process, one of which I ultimately bought. One thing I learned quickly was that the process can take a very long time and does not necessarily end with a sale at a price that is attractive. Most properties still go back to the bank because nobody would consider buying them at the opening bid price. There is no rhyme or reason to how the opening bid is set. Very few are priced substantially below market and considering that you must pay all cash you are in most cases better to wait until the bank gets it back and lists it for sale. Having said that if you are patient and prepared there are some deals that slip through.
Some examples
-The house I bought had loans totaling $974,000 and a market value of $600,000 (Peak value 1m) and I bought it for $483,000.
-Another house that was on my short list was bought by my business partner for $336,000 and then resold 30 days later for $500,000
Several others I was following turned out to be really bad deals. One went back to the bank for a price well above market and the former owner decided to squat. The house was sold to the bank in Feb of 2008 and the former owner is STILL there. The bank had to file three unlawful detainer lawsuits before finally prevailing in court in December of 2008. Even then the judge gave the old owner 90 more days before they had to leave. I think the moral of this story is to stay away from purchasing at auction any house that is occupied.
My advice to anyone considering buying at the Trustee sale would be to be sure you know what you are buying because there is no changing your mind. Get a title report and be sure you understand what liens will and won’t be extinguished at the sale. Find a way into the property so you can see whats there (or not there) and if you bid on a house that’s occupied understand what it may take in both time and money to evict the former owners.
Happy hunting! -
March 12, 2009 at 9:40 PM #365507Participant
I spent about a year tracking houses through the foreclosure process and in September 2008 I did buy a house at the Trustee sale on the courthouse steps. I ended up buying the house that I was already living in. I’ll say this, It was a very different experience. I left in the morning a renter and came back that afternoon as an owner. No escrow, no title insurance, no loan just a handwritten receipt for the $483.000 in cashiers checks that I had just handed over. A couple of weeks later I got a Trustees deed in the mail which I then recorded at the county recorders office and it was done.
As far as finding the properties there are some free sites like http://www.fidelityasap.comf but at least in my area they only listed a percentage of the homes scheduled for auction. Additionally most of the trustees had their own sites, for example all of Countrywides foreclosures are listed here http://www.recontrustco.com/index.aspx. If you want to track all the upcoming sales you might consider subscribing to a foreclosure tracking service. I used Foreclosureradar.com.I think the price was around $50 per month. Through Foreclosureradar was able to track all of the NOD, NOT and ultimately the sale prices of all the houses in my area.
I was looking for something fairly specific and over the course of the year I was looking I focused on about 6 properties that I followed through the process, one of which I ultimately bought. One thing I learned quickly was that the process can take a very long time and does not necessarily end with a sale at a price that is attractive. Most properties still go back to the bank because nobody would consider buying them at the opening bid price. There is no rhyme or reason to how the opening bid is set. Very few are priced substantially below market and considering that you must pay all cash you are in most cases better to wait until the bank gets it back and lists it for sale. Having said that if you are patient and prepared there are some deals that slip through.
Some examples
-The house I bought had loans totaling $974,000 and a market value of $600,000 (Peak value 1m) and I bought it for $483,000.
-Another house that was on my short list was bought by my business partner for $336,000 and then resold 30 days later for $500,000
Several others I was following turned out to be really bad deals. One went back to the bank for a price well above market and the former owner decided to squat. The house was sold to the bank in Feb of 2008 and the former owner is STILL there. The bank had to file three unlawful detainer lawsuits before finally prevailing in court in December of 2008. Even then the judge gave the old owner 90 more days before they had to leave. I think the moral of this story is to stay away from purchasing at auction any house that is occupied.
My advice to anyone considering buying at the Trustee sale would be to be sure you know what you are buying because there is no changing your mind. Get a title report and be sure you understand what liens will and won’t be extinguished at the sale. Find a way into the property so you can see whats there (or not there) and if you bid on a house that’s occupied understand what it may take in both time and money to evict the former owners.
Happy hunting! -
March 12, 2009 at 9:40 PM #365618Participant
I spent about a year tracking houses through the foreclosure process and in September 2008 I did buy a house at the Trustee sale on the courthouse steps. I ended up buying the house that I was already living in. I’ll say this, It was a very different experience. I left in the morning a renter and came back that afternoon as an owner. No escrow, no title insurance, no loan just a handwritten receipt for the $483.000 in cashiers checks that I had just handed over. A couple of weeks later I got a Trustees deed in the mail which I then recorded at the county recorders office and it was done.
As far as finding the properties there are some free sites like http://www.fidelityasap.comf but at least in my area they only listed a percentage of the homes scheduled for auction. Additionally most of the trustees had their own sites, for example all of Countrywides foreclosures are listed here http://www.recontrustco.com/index.aspx. If you want to track all the upcoming sales you might consider subscribing to a foreclosure tracking service. I used Foreclosureradar.com.I think the price was around $50 per month. Through Foreclosureradar was able to track all of the NOD, NOT and ultimately the sale prices of all the houses in my area.
I was looking for something fairly specific and over the course of the year I was looking I focused on about 6 properties that I followed through the process, one of which I ultimately bought. One thing I learned quickly was that the process can take a very long time and does not necessarily end with a sale at a price that is attractive. Most properties still go back to the bank because nobody would consider buying them at the opening bid price. There is no rhyme or reason to how the opening bid is set. Very few are priced substantially below market and considering that you must pay all cash you are in most cases better to wait until the bank gets it back and lists it for sale. Having said that if you are patient and prepared there are some deals that slip through.
Some examples
-The house I bought had loans totaling $974,000 and a market value of $600,000 (Peak value 1m) and I bought it for $483,000.
-Another house that was on my short list was bought by my business partner for $336,000 and then resold 30 days later for $500,000
Several others I was following turned out to be really bad deals. One went back to the bank for a price well above market and the former owner decided to squat. The house was sold to the bank in Feb of 2008 and the former owner is STILL there. The bank had to file three unlawful detainer lawsuits before finally prevailing in court in December of 2008. Even then the judge gave the old owner 90 more days before they had to leave. I think the moral of this story is to stay away from purchasing at auction any house that is occupied.
My advice to anyone considering buying at the Trustee sale would be to be sure you know what you are buying because there is no changing your mind. Get a title report and be sure you understand what liens will and won’t be extinguished at the sale. Find a way into the property so you can see whats there (or not there) and if you bid on a house that’s occupied understand what it may take in both time and money to evict the former owners.
Happy hunting!
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