Went to the courthouse steps

[Anonymous]

Longtime reader, infrequent contributor. I plan on attending the trustee auction at the downtown courthouse on 8-5-09. I was originally interested in bidding in on a listed property as a primary residence. After talking to a friend who has purchased trust deeds, I am now attending primarily to educate myself on the process. My friend’s advice is to avoid trustee sales unless you have the knowledge to research the status of a property’s title yourself or are committed enough to a given property spend the $600 to $800 to get a report from a title company. I am not so enamored of the house I was originally going to bid on to spend that kind of money on the off chance of getting it at auction. Attending the 8-5 auction will provide me with some background on how the auctions work which may prove useful if I do find a jewel of a house sometime down the road and there is enough lead time to verify the title information. I’ll report back on my auction experience.

[urbanrealtor]

In addition to the inability to finance these (hard money legbreakers notwithstanding) any successful bidder is subject to any liens on the property (or even the defaulting borrower) that supersede the trustee’s deed.

Some (like tax liens) can be added to the title up to 120 days after the trustee auction.

The inability to inspect the property, finance, or get title insurance usually means discounts that are an order of magnitude lower.

Again, in my experience.

[urbanrealtor]

In addition to the inability to finance these (hard money legbreakers notwithstanding) any successful bidder is subject to any liens on the property (or even the defaulting borrower) that supersede the trustee’s deed.

Some (like tax liens) can be added to the title up to 120 days after the trustee auction.

The inability to inspect the property, finance, or get title insurance usually means discounts that are an order of magnitude lower.

Again, in my experience.

[urbanrealtor]

In addition to the inability to finance these (hard money legbreakers notwithstanding) any successful bidder is subject to any liens on the property (or even the defaulting borrower) that supersede the trustee’s deed.

Some (like tax liens) can be added to the title up to 120 days after the trustee auction.

The inability to inspect the property, finance, or get title insurance usually means discounts that are an order of magnitude lower.

Again, in my experience.

[urbanrealtor]

In addition to the inability to finance these (hard money legbreakers notwithstanding) any successful bidder is subject to any liens on the property (or even the defaulting borrower) that supersede the trustee’s deed.

Some (like tax liens) can be added to the title up to 120 days after the trustee auction.

The inability to inspect the property, finance, or get title insurance usually means discounts that are an order of magnitude lower.

Again, in my experience.

[urbanrealtor]

In addition to the inability to finance these (hard money legbreakers notwithstanding) any successful bidder is subject to any liens on the property (or even the defaulting borrower) that supersede the trustee’s deed.

Some (like tax liens) can be added to the title up to 120 days after the trustee auction.

The inability to inspect the property, finance, or get title insurance usually means discounts that are an order of magnitude lower.

Again, in my experience.

[Anonymous]

Thanks for the information about superceding liens. I didn’t know they could be added on upto 120 days after the trustee’s auction. All the more reason for me to stay away from such auctions until I know more about the ins and outs of them. My original attraction to the auction process was to avoid the bidding up on asking prices that has been occuring lately when properties are marketed via the MLS. RealtyTrac currently shows 45 properties going to trustee sale in the next 10 days in the zip code I am primarily interested in. Maybe some of the “shadow” inventory will finally come up for sale. I’ll continue to be patient so as to buy a decent house at a good price.

[Anonymous]

Thanks for the information about superceding liens. I didn’t know they could be added on upto 120 days after the trustee’s auction. All the more reason for me to stay away from such auctions until I know more about the ins and outs of them. My original attraction to the auction process was to avoid the bidding up on asking prices that has been occuring lately when properties are marketed via the MLS. RealtyTrac currently shows 45 properties going to trustee sale in the next 10 days in the zip code I am primarily interested in. Maybe some of the “shadow” inventory will finally come up for sale. I’ll continue to be patient so as to buy a decent house at a good price.

[Anonymous]

Thanks for the information about superceding liens. I didn’t know they could be added on upto 120 days after the trustee’s auction. All the more reason for me to stay away from such auctions until I know more about the ins and outs of them. My original attraction to the auction process was to avoid the bidding up on asking prices that has been occuring lately when properties are marketed via the MLS. RealtyTrac currently shows 45 properties going to trustee sale in the next 10 days in the zip code I am primarily interested in. Maybe some of the “shadow” inventory will finally come up for sale. I’ll continue to be patient so as to buy a decent house at a good price.

[Anonymous]

Thanks for the information about superceding liens. I didn’t know they could be added on upto 120 days after the trustee’s auction. All the more reason for me to stay away from such auctions until I know more about the ins and outs of them. My original attraction to the auction process was to avoid the bidding up on asking prices that has been occuring lately when properties are marketed via the MLS. RealtyTrac currently shows 45 properties going to trustee sale in the next 10 days in the zip code I am primarily interested in. Maybe some of the “shadow” inventory will finally come up for sale. I’ll continue to be patient so as to buy a decent house at a good price.

[Anonymous]

Thanks for the information about superceding liens. I didn’t know they could be added on upto 120 days after the trustee’s auction. All the more reason for me to stay away from such auctions until I know more about the ins and outs of them. My original attraction to the auction process was to avoid the bidding up on asking prices that has been occuring lately when properties are marketed via the MLS. RealtyTrac currently shows 45 properties going to trustee sale in the next 10 days in the zip code I am primarily interested in. Maybe some of the “shadow” inventory will finally come up for sale. I’ll continue to be patient so as to buy a decent house at a good price.

[sreeb]

So, assuming I have the cash, do I have to have it in a briefcase one the court house steps? Seems like these guys would be getting mugged on a daily basis.

What are the actual mechanics of paying?

[sreeb]

So, assuming I have the cash, do I have to have it in a briefcase one the court house steps? Seems like these guys would be getting mugged on a daily basis.

What are the actual mechanics of paying?

[sreeb]

So, assuming I have the cash, do I have to have it in a briefcase one the court house steps? Seems like these guys would be getting mugged on a daily basis.

What are the actual mechanics of paying?

[sreeb]

So, assuming I have the cash, do I have to have it in a briefcase one the court house steps? Seems like these guys would be getting mugged on a daily basis.

What are the actual mechanics of paying?

[Author]

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