Anyone with info on the court house steps?

[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.

[jpinpb]

Thanks Gina. That was very helpful information.

[jpinpb]

Thanks Gina. That was very helpful information.

[jpinpb]

Thanks Gina. That was very helpful information.

[jpinpb]

Thanks Gina. That was very helpful information.

[jpinpb]

Thanks Gina. That was very helpful information.

[Anonymous]

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.

[Anonymous]

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.

[Anonymous]

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.

[Anonymous]

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.

[Anonymous]

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.

[urbanrealtor]

[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).

[urbanrealtor]

[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).

[urbanrealtor]

[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).

[urbanrealtor]

[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).

[Author]

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