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UCGal
Participant[quote=wanttobuy]what is a trustee auction? How can one be in the auction? Does it require cash purchase?[/quote]
Trustee auction is the foreclosure sale at the courthouse steps. Yes, it’s all cash. There is risk involved since you are not guaranteed clear title as you would be in an escrow situation. You can’t do any conditional inspections and get out of the deal. The bank that is foreclosing sets the opening bid – some are set nice and low, others pretty high.
The risk has kept me out of this – but the rewards *can* be great. I’m still watching for a good rental property… It seems like it would be easier to get a positive cash flow property this way than in a traditional sale. The idea is an interesting one.
Anyone can go to trustee auctions – they are at the various courthouses, on the steps, at 10am each work day. You can get a list of upcoming auctions on fidelityasap.com… but they don’t always post the opening bid before the auction.
Participant[quote=wanttobuy]what is a trustee auction? How can one be in the auction? Does it require cash purchase?[/quote]
Trustee auction is the foreclosure sale at the courthouse steps. Yes, it’s all cash. There is risk involved since you are not guaranteed clear title as you would be in an escrow situation. You can’t do any conditional inspections and get out of the deal. The bank that is foreclosing sets the opening bid – some are set nice and low, others pretty high.
The risk has kept me out of this – but the rewards *can* be great. I’m still watching for a good rental property… It seems like it would be easier to get a positive cash flow property this way than in a traditional sale. The idea is an interesting one.
Anyone can go to trustee auctions – they are at the various courthouses, on the steps, at 10am each work day. You can get a list of upcoming auctions on fidelityasap.com… but they don’t always post the opening bid before the auction.
Participant[quote=eavesdropper]
But I digress. I really question whether she did, indeed, get her realtor’s license. Based on her mySpace page, and on her rambling manifesto, I find it very difficult to believe that she did pass the test.
[/quote]She got it. But isn’t using it.
http://www2.dre.ca.gov/PublicASP/pplinfo.asp?License_id=01845325
(You can get info about anyone who’s licensed by the state – contractors, realtors, architects, doctors, nurses, etc.)
Participant[quote=eavesdropper]
But I digress. I really question whether she did, indeed, get her realtor’s license. Based on her mySpace page, and on her rambling manifesto, I find it very difficult to believe that she did pass the test.
[/quote]She got it. But isn’t using it.
http://www2.dre.ca.gov/PublicASP/pplinfo.asp?License_id=01845325
(You can get info about anyone who’s licensed by the state – contractors, realtors, architects, doctors, nurses, etc.)
Participant[quote=eavesdropper]
But I digress. I really question whether she did, indeed, get her realtor’s license. Based on her mySpace page, and on her rambling manifesto, I find it very difficult to believe that she did pass the test.
[/quote]She got it. But isn’t using it.
http://www2.dre.ca.gov/PublicASP/pplinfo.asp?License_id=01845325
(You can get info about anyone who’s licensed by the state – contractors, realtors, architects, doctors, nurses, etc.)
Participant[quote=eavesdropper]
But I digress. I really question whether she did, indeed, get her realtor’s license. Based on her mySpace page, and on her rambling manifesto, I find it very difficult to believe that she did pass the test.
[/quote]She got it. But isn’t using it.
http://www2.dre.ca.gov/PublicASP/pplinfo.asp?License_id=01845325
(You can get info about anyone who’s licensed by the state – contractors, realtors, architects, doctors, nurses, etc.)
Participant[quote=eavesdropper]
But I digress. I really question whether she did, indeed, get her realtor’s license. Based on her mySpace page, and on her rambling manifesto, I find it very difficult to believe that she did pass the test.
[/quote]She got it. But isn’t using it.
http://www2.dre.ca.gov/PublicASP/pplinfo.asp?License_id=01845325
(You can get info about anyone who’s licensed by the state – contractors, realtors, architects, doctors, nurses, etc.)
January 12, 2010 at 10:08 AM in reply to: 11540 Edgewood Pl in Stoneridge closed for $1.23M? #501419ParticipantThe house across the street is showing significant distress…
11533 Edgewood Pl, San Diego, CA 92131
Paid $1,848,000 on 12/1/2006
Was listed earlier this year for $1,075,000.
http://www.sdlookup.com/MLS-090017063-11533_Edgewood_Pl_San_Diego_CA_92131They owe $33,154.47 in defaulted property taxes and penalties. (I guess it’s the previous 2 years.) They did not pay the ~$8k that was due on 12/10 for the first half of this years taxes.
NOD was issued on 4/1/09
Trustee sale is scheduled for this Wed. 1/13/2010.
Info from fidelityasap:
Sale Status: Postponed to 01/13/2010
(Beneficiary’s Request)
TS Number: 20080028701710
ASAP Number: 3027289
Notice of Sale Amt: $1,439,883.35I guess my questions are: who pays the unpaid property taxes? The buyer? The bank?
I’ll be curious what the opening bid ends up being on this one.
January 12, 2010 at 10:08 AM in reply to: 11540 Edgewood Pl in Stoneridge closed for $1.23M? #501568ParticipantThe house across the street is showing significant distress…
11533 Edgewood Pl, San Diego, CA 92131
Paid $1,848,000 on 12/1/2006
Was listed earlier this year for $1,075,000.
http://www.sdlookup.com/MLS-090017063-11533_Edgewood_Pl_San_Diego_CA_92131They owe $33,154.47 in defaulted property taxes and penalties. (I guess it’s the previous 2 years.) They did not pay the ~$8k that was due on 12/10 for the first half of this years taxes.
NOD was issued on 4/1/09
Trustee sale is scheduled for this Wed. 1/13/2010.
Info from fidelityasap:
Sale Status: Postponed to 01/13/2010
(Beneficiary’s Request)
TS Number: 20080028701710
ASAP Number: 3027289
Notice of Sale Amt: $1,439,883.35I guess my questions are: who pays the unpaid property taxes? The buyer? The bank?
I’ll be curious what the opening bid ends up being on this one.
January 12, 2010 at 10:08 AM in reply to: 11540 Edgewood Pl in Stoneridge closed for $1.23M? #501965ParticipantThe house across the street is showing significant distress…
11533 Edgewood Pl, San Diego, CA 92131
Paid $1,848,000 on 12/1/2006
Was listed earlier this year for $1,075,000.
http://www.sdlookup.com/MLS-090017063-11533_Edgewood_Pl_San_Diego_CA_92131They owe $33,154.47 in defaulted property taxes and penalties. (I guess it’s the previous 2 years.) They did not pay the ~$8k that was due on 12/10 for the first half of this years taxes.
NOD was issued on 4/1/09
Trustee sale is scheduled for this Wed. 1/13/2010.
Info from fidelityasap:
Sale Status: Postponed to 01/13/2010
(Beneficiary’s Request)
TS Number: 20080028701710
ASAP Number: 3027289
Notice of Sale Amt: $1,439,883.35I guess my questions are: who pays the unpaid property taxes? The buyer? The bank?
I’ll be curious what the opening bid ends up being on this one.
January 12, 2010 at 10:08 AM in reply to: 11540 Edgewood Pl in Stoneridge closed for $1.23M? #502060ParticipantThe house across the street is showing significant distress…
11533 Edgewood Pl, San Diego, CA 92131
Paid $1,848,000 on 12/1/2006
Was listed earlier this year for $1,075,000.
http://www.sdlookup.com/MLS-090017063-11533_Edgewood_Pl_San_Diego_CA_92131They owe $33,154.47 in defaulted property taxes and penalties. (I guess it’s the previous 2 years.) They did not pay the ~$8k that was due on 12/10 for the first half of this years taxes.
NOD was issued on 4/1/09
Trustee sale is scheduled for this Wed. 1/13/2010.
Info from fidelityasap:
Sale Status: Postponed to 01/13/2010
(Beneficiary’s Request)
TS Number: 20080028701710
ASAP Number: 3027289
Notice of Sale Amt: $1,439,883.35I guess my questions are: who pays the unpaid property taxes? The buyer? The bank?
I’ll be curious what the opening bid ends up being on this one.
January 12, 2010 at 10:08 AM in reply to: 11540 Edgewood Pl in Stoneridge closed for $1.23M? #502307ParticipantThe house across the street is showing significant distress…
11533 Edgewood Pl, San Diego, CA 92131
Paid $1,848,000 on 12/1/2006
Was listed earlier this year for $1,075,000.
http://www.sdlookup.com/MLS-090017063-11533_Edgewood_Pl_San_Diego_CA_92131They owe $33,154.47 in defaulted property taxes and penalties. (I guess it’s the previous 2 years.) They did not pay the ~$8k that was due on 12/10 for the first half of this years taxes.
NOD was issued on 4/1/09
Trustee sale is scheduled for this Wed. 1/13/2010.
Info from fidelityasap:
Sale Status: Postponed to 01/13/2010
(Beneficiary’s Request)
TS Number: 20080028701710
ASAP Number: 3027289
Notice of Sale Amt: $1,439,883.35I guess my questions are: who pays the unpaid property taxes? The buyer? The bank?
I’ll be curious what the opening bid ends up being on this one.
ParticipantI don’t think doing a refi or HELOC triggers a reappraisal – but completing permitted work can. And a lot of people do refi’s or HELOCs to buy themselves additions fancier kitchens.
We had a HELOC for part of our companion unit funding… it was paid off before we got occupancy. The HELOC never triggered a tax change. Getting occupancy definitely did. We’ve refi’d since then (no cash out, though.) and that didn’t trigger anything.
A friend had a similar situation – did an addition on their house – got hit with a tax bill once it passed final inspection.
ParticipantI don’t think doing a refi or HELOC triggers a reappraisal – but completing permitted work can. And a lot of people do refi’s or HELOCs to buy themselves additions fancier kitchens.
We had a HELOC for part of our companion unit funding… it was paid off before we got occupancy. The HELOC never triggered a tax change. Getting occupancy definitely did. We’ve refi’d since then (no cash out, though.) and that didn’t trigger anything.
A friend had a similar situation – did an addition on their house – got hit with a tax bill once it passed final inspection.
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