Anyone with info on the court house steps?

[La Jolla Renter]

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?

[boomer]

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.

[boomer]

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.

[boomer]

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.

[boomer]

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.

[boomer]

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.

[jpinpb]

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.

[jpinpb]

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.

[jpinpb]

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.

[jpinpb]

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.

[jpinpb]

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.

[Anonymous]

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.

[Anonymous]

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.

[Anonymous]

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.

[Anonymous]

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.

[Author]

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