Trustee Sale Listings (UCGal or Others)

[SD Realtor]

As I have posted earlier, we stopped our trustee sale purchases several months ago due to slim margins. Everyone and his brother are doing it. We still keep an eye on stuff but it is improbable we will continue. It was a strategic play and it worked out well.

I was talking to a large investment group manager yesterday who has two funds, one for trust deed sales and one for long term rental investments. He was telling me that they are advising all of their clients who purchase at trustee sales and flip to now purchase title insurance due to increased litigation. He reeled off a few stories to me about investors getting stuck while properties go through the process. Nightmare. It is certainly not the norm but increased caution is prudent. Also if you are planning on purchasing for other reasons then to flip I think they are still a decent play.

[javatestcase]

Thanks SD,

Not currently planning to participate in any auctions, we’ve been trying to buy a home in PL/OB. My interest is primarily knowing what stage short sales are in.

Specifically, we are involved in one short sale where the seller agent informed us that a trustee sale had been set, and gave us the date. However, I could never locate the Notice of Trustee sale, and still can’t on any of the sites we discussed.

If I were to participate, even though I have a large amount saved, I don’t have the 6-800k it would take to participate in auctions for houses I would like in our area. For example 33219 Trumbull was a solid deal at auction for $720k.

Is there some vehicle which would let you borrow unsecured as cash for auction with intent of securing against the house? Sounds pretty crazy to me…

Again, thanks for the help!

[javatestcase]

Thanks SD,

Not currently planning to participate in any auctions, we’ve been trying to buy a home in PL/OB. My interest is primarily knowing what stage short sales are in.

Specifically, we are involved in one short sale where the seller agent informed us that a trustee sale had been set, and gave us the date. However, I could never locate the Notice of Trustee sale, and still can’t on any of the sites we discussed.

If I were to participate, even though I have a large amount saved, I don’t have the 6-800k it would take to participate in auctions for houses I would like in our area. For example 33219 Trumbull was a solid deal at auction for $720k.

Is there some vehicle which would let you borrow unsecured as cash for auction with intent of securing against the house? Sounds pretty crazy to me…

Again, thanks for the help!

[javatestcase]

Thanks SD,

Not currently planning to participate in any auctions, we’ve been trying to buy a home in PL/OB. My interest is primarily knowing what stage short sales are in.

Specifically, we are involved in one short sale where the seller agent informed us that a trustee sale had been set, and gave us the date. However, I could never locate the Notice of Trustee sale, and still can’t on any of the sites we discussed.

If I were to participate, even though I have a large amount saved, I don’t have the 6-800k it would take to participate in auctions for houses I would like in our area. For example 33219 Trumbull was a solid deal at auction for $720k.

Is there some vehicle which would let you borrow unsecured as cash for auction with intent of securing against the house? Sounds pretty crazy to me…

Again, thanks for the help!

[javatestcase]

Thanks SD,

Not currently planning to participate in any auctions, we’ve been trying to buy a home in PL/OB. My interest is primarily knowing what stage short sales are in.

Specifically, we are involved in one short sale where the seller agent informed us that a trustee sale had been set, and gave us the date. However, I could never locate the Notice of Trustee sale, and still can’t on any of the sites we discussed.

If I were to participate, even though I have a large amount saved, I don’t have the 6-800k it would take to participate in auctions for houses I would like in our area. For example 33219 Trumbull was a solid deal at auction for $720k.

Is there some vehicle which would let you borrow unsecured as cash for auction with intent of securing against the house? Sounds pretty crazy to me…

Again, thanks for the help!

[javatestcase]

Thanks SD,

Not currently planning to participate in any auctions, we’ve been trying to buy a home in PL/OB. My interest is primarily knowing what stage short sales are in.

Specifically, we are involved in one short sale where the seller agent informed us that a trustee sale had been set, and gave us the date. However, I could never locate the Notice of Trustee sale, and still can’t on any of the sites we discussed.

If I were to participate, even though I have a large amount saved, I don’t have the 6-800k it would take to participate in auctions for houses I would like in our area. For example 33219 Trumbull was a solid deal at auction for $720k.

Is there some vehicle which would let you borrow unsecured as cash for auction with intent of securing against the house? Sounds pretty crazy to me…

Again, thanks for the help!

[SD Realtor]

You “may” be able to find a hard money lender but you will have to have a pretty good equity stake in the deal. Most hard money lenders will loan on a deal that is 60% ltv. They will give you a 1 year loan at 10-12% and charge a few points. Your goal would be to use the cash then refi and cash out and may them off. So if you wanna take the Turnbull place at 720k, if you came in with half and the hard money guy may come in with half it may get done.

With that said alot of hard money lenders do not like to lend to people purchasing at trustee sale because of potential problems with title after purchase. Still there are some guys out there if you look enough. If you are really serious about it lemme know and I may be able to help you out.

Also realize that there is no correlation between a short sale and a default process. That is they are orthogonal. It is very much the responsibility of the short sale negotiator to make sure that they get in touch with the legal dept at the lender and tell the legal dept that they need to tell the trustee to postpone the trustee sale. This usually happens but sometimes is screwed up.

In the short sale you are in, have your agent ask the listing agent the status of the postponement of the trustee sale. Also if possible you can try to get the name of the trustee and the trustee sale number and call them up to get status.

[SD Realtor]

You “may” be able to find a hard money lender but you will have to have a pretty good equity stake in the deal. Most hard money lenders will loan on a deal that is 60% ltv. They will give you a 1 year loan at 10-12% and charge a few points. Your goal would be to use the cash then refi and cash out and may them off. So if you wanna take the Turnbull place at 720k, if you came in with half and the hard money guy may come in with half it may get done.

With that said alot of hard money lenders do not like to lend to people purchasing at trustee sale because of potential problems with title after purchase. Still there are some guys out there if you look enough. If you are really serious about it lemme know and I may be able to help you out.

Also realize that there is no correlation between a short sale and a default process. That is they are orthogonal. It is very much the responsibility of the short sale negotiator to make sure that they get in touch with the legal dept at the lender and tell the legal dept that they need to tell the trustee to postpone the trustee sale. This usually happens but sometimes is screwed up.

In the short sale you are in, have your agent ask the listing agent the status of the postponement of the trustee sale. Also if possible you can try to get the name of the trustee and the trustee sale number and call them up to get status.

[SD Realtor]

You “may” be able to find a hard money lender but you will have to have a pretty good equity stake in the deal. Most hard money lenders will loan on a deal that is 60% ltv. They will give you a 1 year loan at 10-12% and charge a few points. Your goal would be to use the cash then refi and cash out and may them off. So if you wanna take the Turnbull place at 720k, if you came in with half and the hard money guy may come in with half it may get done.

With that said alot of hard money lenders do not like to lend to people purchasing at trustee sale because of potential problems with title after purchase. Still there are some guys out there if you look enough. If you are really serious about it lemme know and I may be able to help you out.

Also realize that there is no correlation between a short sale and a default process. That is they are orthogonal. It is very much the responsibility of the short sale negotiator to make sure that they get in touch with the legal dept at the lender and tell the legal dept that they need to tell the trustee to postpone the trustee sale. This usually happens but sometimes is screwed up.

In the short sale you are in, have your agent ask the listing agent the status of the postponement of the trustee sale. Also if possible you can try to get the name of the trustee and the trustee sale number and call them up to get status.

[SD Realtor]

You “may” be able to find a hard money lender but you will have to have a pretty good equity stake in the deal. Most hard money lenders will loan on a deal that is 60% ltv. They will give you a 1 year loan at 10-12% and charge a few points. Your goal would be to use the cash then refi and cash out and may them off. So if you wanna take the Turnbull place at 720k, if you came in with half and the hard money guy may come in with half it may get done.

With that said alot of hard money lenders do not like to lend to people purchasing at trustee sale because of potential problems with title after purchase. Still there are some guys out there if you look enough. If you are really serious about it lemme know and I may be able to help you out.

Also realize that there is no correlation between a short sale and a default process. That is they are orthogonal. It is very much the responsibility of the short sale negotiator to make sure that they get in touch with the legal dept at the lender and tell the legal dept that they need to tell the trustee to postpone the trustee sale. This usually happens but sometimes is screwed up.

In the short sale you are in, have your agent ask the listing agent the status of the postponement of the trustee sale. Also if possible you can try to get the name of the trustee and the trustee sale number and call them up to get status.

[SD Realtor]

You “may” be able to find a hard money lender but you will have to have a pretty good equity stake in the deal. Most hard money lenders will loan on a deal that is 60% ltv. They will give you a 1 year loan at 10-12% and charge a few points. Your goal would be to use the cash then refi and cash out and may them off. So if you wanna take the Turnbull place at 720k, if you came in with half and the hard money guy may come in with half it may get done.

With that said alot of hard money lenders do not like to lend to people purchasing at trustee sale because of potential problems with title after purchase. Still there are some guys out there if you look enough. If you are really serious about it lemme know and I may be able to help you out.

Also realize that there is no correlation between a short sale and a default process. That is they are orthogonal. It is very much the responsibility of the short sale negotiator to make sure that they get in touch with the legal dept at the lender and tell the legal dept that they need to tell the trustee to postpone the trustee sale. This usually happens but sometimes is screwed up.

In the short sale you are in, have your agent ask the listing agent the status of the postponement of the trustee sale. Also if possible you can try to get the name of the trustee and the trustee sale number and call them up to get status.

[javatestcase]

Thanks SD,

I don’t think I am serious enough to take up a lenders time yet. I would want to consult a few people before I went down that road, and I am still hopeful that one of the short sales or traditional sales we are pursuing will come to fruition.

I agree there is value in some of these auctions. The downsides seem significant thought for people like us trying to buy a home, especially if it is not possible to view the house before.

Thanks again, I’ll be in touch if we commit to that route.

[javatestcase]

Thanks SD,

I don’t think I am serious enough to take up a lenders time yet. I would want to consult a few people before I went down that road, and I am still hopeful that one of the short sales or traditional sales we are pursuing will come to fruition.

I agree there is value in some of these auctions. The downsides seem significant thought for people like us trying to buy a home, especially if it is not possible to view the house before.

Thanks again, I’ll be in touch if we commit to that route.

[javatestcase]

Thanks SD,

I don’t think I am serious enough to take up a lenders time yet. I would want to consult a few people before I went down that road, and I am still hopeful that one of the short sales or traditional sales we are pursuing will come to fruition.

I agree there is value in some of these auctions. The downsides seem significant thought for people like us trying to buy a home, especially if it is not possible to view the house before.

Thanks again, I’ll be in touch if we commit to that route.

[javatestcase]

Thanks SD,

I don’t think I am serious enough to take up a lenders time yet. I would want to consult a few people before I went down that road, and I am still hopeful that one of the short sales or traditional sales we are pursuing will come to fruition.

I agree there is value in some of these auctions. The downsides seem significant thought for people like us trying to buy a home, especially if it is not possible to view the house before.

Thanks again, I’ll be in touch if we commit to that route.

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