- This topic has 10 replies, 3 voices, and was last updated 17 years ago by
SD Realtor.
-
AuthorPosts
-
April 1, 2008 at 5:21 PM #12317April 1, 2008 at 5:48 PM #179442
temeculaguy
ParticipantI don’t know anything about the trustee sale you mentioned in Carlsbad or where the info came from but often times the extremely low recorded numbers from trustees sales are missing some information or that it was only the second loan that you saw. The vast majority of trustee sales or “courthouse steps” sales today are far from a bargain and just a legal step in the foreclosure process. If the actual loan was lower than the market value it would have sold before the trustee sale, almost all trustee sales are upside down. The whole concept of the “short sale” is to stop wasting time and just jump to the new low, rather than go through the waste of time that trustee sales are, and time is money. That is why nobody here talks about them. After the required trustee sale fails, the bank gets it back and determines the true market value, which will be far below what they loaned, how much lower is up to the market. It isn’t the lack of warranty or inspection that keeps us away, it’s the fact that the loan is higher than the value and trustee sales are not auctions, they don’t go to the highest bidder, they go the person that will pay off the debt. I guess if you missed out on being an FB in 2006 and really want to get in on the action, you can buy one at the courthouse.
There are exceptions, but too few to warrant consideration.
April 1, 2008 at 5:48 PM #179810temeculaguy
ParticipantI don’t know anything about the trustee sale you mentioned in Carlsbad or where the info came from but often times the extremely low recorded numbers from trustees sales are missing some information or that it was only the second loan that you saw. The vast majority of trustee sales or “courthouse steps” sales today are far from a bargain and just a legal step in the foreclosure process. If the actual loan was lower than the market value it would have sold before the trustee sale, almost all trustee sales are upside down. The whole concept of the “short sale” is to stop wasting time and just jump to the new low, rather than go through the waste of time that trustee sales are, and time is money. That is why nobody here talks about them. After the required trustee sale fails, the bank gets it back and determines the true market value, which will be far below what they loaned, how much lower is up to the market. It isn’t the lack of warranty or inspection that keeps us away, it’s the fact that the loan is higher than the value and trustee sales are not auctions, they don’t go to the highest bidder, they go the person that will pay off the debt. I guess if you missed out on being an FB in 2006 and really want to get in on the action, you can buy one at the courthouse.
There are exceptions, but too few to warrant consideration.
April 1, 2008 at 5:48 PM #179813temeculaguy
ParticipantI don’t know anything about the trustee sale you mentioned in Carlsbad or where the info came from but often times the extremely low recorded numbers from trustees sales are missing some information or that it was only the second loan that you saw. The vast majority of trustee sales or “courthouse steps” sales today are far from a bargain and just a legal step in the foreclosure process. If the actual loan was lower than the market value it would have sold before the trustee sale, almost all trustee sales are upside down. The whole concept of the “short sale” is to stop wasting time and just jump to the new low, rather than go through the waste of time that trustee sales are, and time is money. That is why nobody here talks about them. After the required trustee sale fails, the bank gets it back and determines the true market value, which will be far below what they loaned, how much lower is up to the market. It isn’t the lack of warranty or inspection that keeps us away, it’s the fact that the loan is higher than the value and trustee sales are not auctions, they don’t go to the highest bidder, they go the person that will pay off the debt. I guess if you missed out on being an FB in 2006 and really want to get in on the action, you can buy one at the courthouse.
There are exceptions, but too few to warrant consideration.
April 1, 2008 at 5:48 PM #179824temeculaguy
ParticipantI don’t know anything about the trustee sale you mentioned in Carlsbad or where the info came from but often times the extremely low recorded numbers from trustees sales are missing some information or that it was only the second loan that you saw. The vast majority of trustee sales or “courthouse steps” sales today are far from a bargain and just a legal step in the foreclosure process. If the actual loan was lower than the market value it would have sold before the trustee sale, almost all trustee sales are upside down. The whole concept of the “short sale” is to stop wasting time and just jump to the new low, rather than go through the waste of time that trustee sales are, and time is money. That is why nobody here talks about them. After the required trustee sale fails, the bank gets it back and determines the true market value, which will be far below what they loaned, how much lower is up to the market. It isn’t the lack of warranty or inspection that keeps us away, it’s the fact that the loan is higher than the value and trustee sales are not auctions, they don’t go to the highest bidder, they go the person that will pay off the debt. I guess if you missed out on being an FB in 2006 and really want to get in on the action, you can buy one at the courthouse.
There are exceptions, but too few to warrant consideration.
April 1, 2008 at 5:48 PM #179901temeculaguy
ParticipantI don’t know anything about the trustee sale you mentioned in Carlsbad or where the info came from but often times the extremely low recorded numbers from trustees sales are missing some information or that it was only the second loan that you saw. The vast majority of trustee sales or “courthouse steps” sales today are far from a bargain and just a legal step in the foreclosure process. If the actual loan was lower than the market value it would have sold before the trustee sale, almost all trustee sales are upside down. The whole concept of the “short sale” is to stop wasting time and just jump to the new low, rather than go through the waste of time that trustee sales are, and time is money. That is why nobody here talks about them. After the required trustee sale fails, the bank gets it back and determines the true market value, which will be far below what they loaned, how much lower is up to the market. It isn’t the lack of warranty or inspection that keeps us away, it’s the fact that the loan is higher than the value and trustee sales are not auctions, they don’t go to the highest bidder, they go the person that will pay off the debt. I guess if you missed out on being an FB in 2006 and really want to get in on the action, you can buy one at the courthouse.
There are exceptions, but too few to warrant consideration.
April 1, 2008 at 11:22 PM #179562SD Realtor
ParticipantNeophyte there is absolutely nothing wrong with attending the trustee sale and learning how the process runs. Just remember, you are swimming with the sharks. There are more then a few experts who have made ALOT of money attending trustee sales and procurring property. These guys do the homework and have pretty strong resources to make sure that they are not buying a turd. Even with that, every now and then they get stuck with a turd anyways.
So the reality is, if you are very serious about the process, you should attend them, see how they work and check it out. Like anything else, you CAN find a good deal, but it is not like, okay I will find a home, get it at the trustee sale and walk away with a bargain.
Real professionals find homes in distress, contact the owners, and try to get the home before it goes to auction. Again, it is alot of legwork, alot of time and energy but that is where bargains are had. You can learn about the home, check it out, get inspections done, etc… You pick and choose homes that have decent equity… yada yada… Again, it takes more work then just saying I am gonna go to a trustee sale and find the home. However if you are serious about it, then yeah you may find a good bargain. Just don’t limit yourself to going to the auctions.
SD Realtor
April 1, 2008 at 11:22 PM #179929SD Realtor
ParticipantNeophyte there is absolutely nothing wrong with attending the trustee sale and learning how the process runs. Just remember, you are swimming with the sharks. There are more then a few experts who have made ALOT of money attending trustee sales and procurring property. These guys do the homework and have pretty strong resources to make sure that they are not buying a turd. Even with that, every now and then they get stuck with a turd anyways.
So the reality is, if you are very serious about the process, you should attend them, see how they work and check it out. Like anything else, you CAN find a good deal, but it is not like, okay I will find a home, get it at the trustee sale and walk away with a bargain.
Real professionals find homes in distress, contact the owners, and try to get the home before it goes to auction. Again, it is alot of legwork, alot of time and energy but that is where bargains are had. You can learn about the home, check it out, get inspections done, etc… You pick and choose homes that have decent equity… yada yada… Again, it takes more work then just saying I am gonna go to a trustee sale and find the home. However if you are serious about it, then yeah you may find a good bargain. Just don’t limit yourself to going to the auctions.
SD Realtor
April 1, 2008 at 11:22 PM #179933SD Realtor
ParticipantNeophyte there is absolutely nothing wrong with attending the trustee sale and learning how the process runs. Just remember, you are swimming with the sharks. There are more then a few experts who have made ALOT of money attending trustee sales and procurring property. These guys do the homework and have pretty strong resources to make sure that they are not buying a turd. Even with that, every now and then they get stuck with a turd anyways.
So the reality is, if you are very serious about the process, you should attend them, see how they work and check it out. Like anything else, you CAN find a good deal, but it is not like, okay I will find a home, get it at the trustee sale and walk away with a bargain.
Real professionals find homes in distress, contact the owners, and try to get the home before it goes to auction. Again, it is alot of legwork, alot of time and energy but that is where bargains are had. You can learn about the home, check it out, get inspections done, etc… You pick and choose homes that have decent equity… yada yada… Again, it takes more work then just saying I am gonna go to a trustee sale and find the home. However if you are serious about it, then yeah you may find a good bargain. Just don’t limit yourself to going to the auctions.
SD Realtor
April 1, 2008 at 11:22 PM #179945SD Realtor
ParticipantNeophyte there is absolutely nothing wrong with attending the trustee sale and learning how the process runs. Just remember, you are swimming with the sharks. There are more then a few experts who have made ALOT of money attending trustee sales and procurring property. These guys do the homework and have pretty strong resources to make sure that they are not buying a turd. Even with that, every now and then they get stuck with a turd anyways.
So the reality is, if you are very serious about the process, you should attend them, see how they work and check it out. Like anything else, you CAN find a good deal, but it is not like, okay I will find a home, get it at the trustee sale and walk away with a bargain.
Real professionals find homes in distress, contact the owners, and try to get the home before it goes to auction. Again, it is alot of legwork, alot of time and energy but that is where bargains are had. You can learn about the home, check it out, get inspections done, etc… You pick and choose homes that have decent equity… yada yada… Again, it takes more work then just saying I am gonna go to a trustee sale and find the home. However if you are serious about it, then yeah you may find a good bargain. Just don’t limit yourself to going to the auctions.
SD Realtor
April 1, 2008 at 11:22 PM #180021SD Realtor
ParticipantNeophyte there is absolutely nothing wrong with attending the trustee sale and learning how the process runs. Just remember, you are swimming with the sharks. There are more then a few experts who have made ALOT of money attending trustee sales and procurring property. These guys do the homework and have pretty strong resources to make sure that they are not buying a turd. Even with that, every now and then they get stuck with a turd anyways.
So the reality is, if you are very serious about the process, you should attend them, see how they work and check it out. Like anything else, you CAN find a good deal, but it is not like, okay I will find a home, get it at the trustee sale and walk away with a bargain.
Real professionals find homes in distress, contact the owners, and try to get the home before it goes to auction. Again, it is alot of legwork, alot of time and energy but that is where bargains are had. You can learn about the home, check it out, get inspections done, etc… You pick and choose homes that have decent equity… yada yada… Again, it takes more work then just saying I am gonna go to a trustee sale and find the home. However if you are serious about it, then yeah you may find a good bargain. Just don’t limit yourself to going to the auctions.
SD Realtor
-
AuthorPosts
- You must be logged in to reply to this topic.