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Buying homes at public auction

By RealtyTrac | Published: Jul 28, 2010 | 42 Comments

If the loan for a property is not reinstated by the end of the pre-foreclosure period, potential buyers can bid on the property at a public auction. Below are a few pointers on buying a property at auction — you'll learn about the foreclosure auction process including determining the bid amount and taking ownership.

Find and file properties

It's important to get up-to-date auction information and act on it as quickly as possible.

Develop a system to keep track of properties that interest you. A good tracking system is important since most successful auction buyers pursue several properties sometimes over a period of several months.

After you find a property online, it's a good idea to drive by the property to get a better idea of the property's condition and the type of neighborhood. For some buyers and investors, driving by the property has also facilitated a casual meeting with the owner (you may be able to still work out a last-minute deal before the auction) or yielded a wealth of unexpected information from a talkative neighbor.

Confirm auction status, location and bidding procedure

After a property is scheduled for auction, the owner has a chance (typically less than a month) to stop the auction by paying the amount owed to the foreclosing lender. It's also not uncommon for auctions to be postponed without a new date being published. Although cancellations and postponements are announced at the time and location of the originally scheduled auction, you can call the trustee to find out beforehand.

Most auctions are at a public place in the same county where the property is located. In many states, all the auctions in each county are at the same location. You can typically get the auction date, time, and location and the opening bid from the trustee or the county clerk. If you call the county clerk, make sure you clarify that you are looking for the location of mortgage foreclosure auctions, not tax foreclosure auctions.

The bidding procedure varies from state to state, so you should become familiar with the procedure in your area before bidding at an auction. In some states, bidders are required to bring the full amount they want to bid in the form of cash or cashier's check to the auction. In other states, bidders are required to bring a certain percentage (10 percent is common) of the bid amount to the auction and pay the remainder of the amount within a certain timeframe if they are the highest bidder. If you get a friendly representative when you call the trustee, you might be able to get information about how the bidding works in your area, but in most cases you'll need to educate yourself. You could also contact a local real estate agent or attorney in your area. Of course, the best education will come from simply observing a local auction.

Check potential bargain

You need to find out as much as you can about the estimated market value of the property, how much is owed on the property and if the owner has any other liens against the property. This is all public information and you can research on your own with the county recorder or you can use online property reports and tools to help.

The opening bid at the auction is based on the total amount owed to the foreclosing lender and may include fees incurred because of the foreclosure proceedings. If no one bids above that amount, the foreclosing lender will take possession of the property. It's important to know this amount so you can determine if the auction represents a potential bargain purchase when the opening bid is compared to the property's market value.

If there are outstanding liens on the property, the winning bidder at the auction may be responsible to satisfy these liens in some cases, so it's important to check for any liens and the priority of the liens before you bid at the auction. A real estate attorney or title company can check for liens, or you can check directly with county records.

The priority of a lien is usually determined by the date it was placed on the property. So a first mortgage will usually have the first priority, and all other liens will be considered junior liens. In most states, the public auction clears out any junior liens, but there are exceptions such as tax liens, which typically will continue to be in effect after the auction.

Determine your bid amount

Based on all the factors used to determine the potential bargain, and your financial capability, you'll need to determine how much you can and should bid at the auction.

Determining your bid amount is more obviously important in states where bidders are required to bring the full amount in cash or cashier's check to the auction. You won't even be qualified to bid if you don't meet that requirement. If you don't have that type of cash lying around, you have a couple options. If you own a home, you might be able to take out a home equity line of credit, which is a cash loan. If you can't secure a cash loan, you may consider trying to buy a pre-foreclosure or bank-owned property, both cases where you can usually obtain a regular mortgage loan secured by the property being purchased.

It's also important to determine the bid amount even in states where you don't need to bring the full amount to the auction. By setting a firm ceiling for your bid, you'll avoid getting caught up in the heady auction atmosphere and overbidding, which can result in little or no bargain for you. Also, if you're not able to pay the remainder of the bid within the time frame stipulated by state law, the deposit you paid at the auction is often nonrefundable.

A reasonable purchase amount at auction is at least 20 percent below full market value, and much better deals are often possible. Other factors to consider are the rate of real estate appreciation in the area and the potential for increasing the property's value by making repairs and improvements.

Bid at the auction

Call the trustee the day before or the day of the auction to check one last time if the auction has been canceled or postponed. If an auction is postponed, the trustee should provide the new auction date.

Arrive at the auction location early and locate the auctioneer as quickly as possible. Bidding at an auction can be intimidating, especially if you've never done it before. Take as many cues from the other participants as you can, but don't let them dictate how much you bid. You may encounter investors who attend many auctions every month and who don't necessarily appreciate new competition.

Take ownership

If you are the winning bidder, make sure you get the necessary documents from the auctioneer to verify that you are the winning bidder. Clarify with the auctioneer and a real estate attorney what further steps need to be made before you take ownership and possession of the property. In some states, ownership can be transferred immediately or within a few days. In other states, you may need to wait a month or more for the sale to be confirmed by a court. Some states have redemption periods for the owner, in which case the owner can buy the property back from you if they pay the full amount paid at the auction, plus applicable fees. You should avoid spending money on repairs or improvements during the redemption period.

If the trustee does not evict the current owners, you may be responsible to do this. If eviction is necessary, you can contact a local real estate attorney or the county sheriff for the proper procedure.

Comments

By Fran Rokicki,  Thu Sep 9 2010, 17:25
This can be stressful, so be sure to hire an attorney who knows how the auction process works in the town where you are purchasing the property.
By Carlos Barra,  Sun Oct 24 2010, 15:51
well if we want to buy a house with modest budge., i dont know, how can I pay a lawyer ???..they expensive services will cost more than a house!
By Kathy Mcbride,  Fri Nov 19 2010, 16:18
OH MY GOODNESS THIS SOUNDS VERY HARD TO DO I AM AFAID TO TRY JUST LIKE MANY OTHERS I AM SURE
By Sean Farley,  Sat Nov 20 2010, 05:14
No doubt, Sheriff's Auctions and Tax Auctions are not for the faint of heart. Even more than private real estate sales, short sales or foreclosures; Tax Auctions are ideally suited for those with cash that is liquid and who have done their research. It is always a good bet to keep a real estate transaction as a business deal, but emotions have their way of working into the deal. If you decide to enter the Auction Arena, thinking about it as doing business is what it is all about. This article is spot on and helps to outline the real 'How To" for buyers interested in the deals present as auctions.
By Lorraine,  Sat Jan 1 2011, 16:37
In our state..South Carolina, you have to wait a YEAR before taking ownership of property...This seems unfair after putting down hard earned cash
Is there anyway to shorten the time ?
By Maria,  Thu Feb 3 2011, 20:31
so i have to hire a lawyer to place a bid on this auction? how do we find the day of the auction
By Greenbay,  Sat Feb 12 2011, 02:27
I noticed that the minimum bid went down for this property. I am personally familiar with this property, and the problems that go with it. The bank is aware that the people living behind this property and their criminal associates have not only burglarized the home several times, but the owner has been robbed at gunpoint. They wanted to make her walk away, because if the house is empty for a day, it will be gutted. Every low life scandalous thief around pretty much hangs out there, and they have also stolen her vehicle 3 times in the last year and a half. Also, there was a sink hole in front that the city refused to deal with. She kept trying to fix the problem, but it was too severe. When the city finally saw that it had nothing to do with the owner, they put concrete in, but all the fill dirt underneath the sidewalk and house had been washed out and was never replaced. Hence the wall cracking and the doors sticking.
By Greenbay,  Sat Feb 12 2011, 02:31
On properties sold at auction, do the banks have to disclose negative information they are aware of to bidders, or do they just get to dump the problems on the bidder?
By Tracy Howard,  Fri Mar 4 2011, 04:29
To Greenbay: The banks are not required to disclose anything to you. It is your responsibility to do your own due diligence. A professional can help you with this, but it is up to you to decide whether the rewards outweigh the risks. You must find out everything you can about the property before you bid. Call a good Realtor in your area, or hire a lawyer to do this kind of work for you. Buy some informative books on buying at foreclosure auction. You can also call the local Sheriff's office who may have some printed info for bidding at sheriff's sales. In Colorado we have the Public Trustee system and most foreclosures are sold through this office, so it is possible to get some of the information needed that way. If you know who the Trustee is (it would be listed in the advertisement for the foreclosure sale), you can try to find out if there is any information available to the public from the Trustee. Otherwise, you need to learn how to accomplish due diligence on your own.

Auction buying is not for the faint of heart. But it can have great rewards if you have done your due diligence properly and know what you are getting.

Good luck to you.
By Tracy Howard,  Fri Mar 4 2011, 04:46
Also to Greenbay: While you are doing due diligence, you will want to check all resources for liens and encumbrances that are filed against a property. The property you discuss above sounds like a pit. If there are criminal activities going around it, and the authorities are doing nothing to abate the problems, are you sure you would want to take on that can of worms?

You can order a title search from a reputable title company which will give you an idea of what title problems there could be with the purchase.

You can get a list of liens that are filed against a property by the city or county or state. This could include water liens, fines for letting a property run down (weeds in the yard, or in the public places around the yard, etc.), failure to maintain the sidewalks, etc.

You can find out details of the present owner's ownership of the property at the recorder's office for the county or city where the property is located. If you decide to pursue this one, you should know everything about what has transpired with the present owner, so that you can then find out what problems run with the land, and what problems (such as IRS liens, etc.) are attached to the owner, even though filed against the property. Some, but not all of the liens usually will disappear with the foreclosure sale. However, some do not. It is better to find out before the sale than after.

Also, you should check the property records for yourself to be sure you are aware of any easements and other encumbrances which have been created by the present or past owners against the land.

There is a long list of items you should know about before you go to a foreclosure sale. It takes time, energy and effort. This is not like buying a house that is listed on the open market. The trustee or the sheriff probably won't have much information for you, simply because their job is to sell the property "as is, where is" and the buyer takes his own chances. If you are truly interested in bidding at a foreclosure sale, you must have cash to pay for the purchase the day of the sale. That means if you have to finance the purchase, your loan should be in place and the check made payable to the trustee or the sheriff by the lender, available on the day of the sale. Check with the sheriff's office to find out what the procedure is for paying for the property.

It's a big job, but sometimes the rewards far outweigh the risks. And sometimes not.
By Tracy Howard,  Fri Mar 4 2011, 05:05
To all of you who have questioned the cost of hiring an attorney or other professional:

This is not a free business. The cost of the house may be just the tip of the iceberg. Be sure you know what you are buying -- you can only do that through due diligence, and if you don't know how to do it, pay for a book, or attend a seminar on foreclosure buying. They are offered all over the internet. Just be sure that the people giving the seminar are actually experts on what they are teaching. that's why I would recommend the use of a good attorney to help you.

YOU DON'T HAVE TO HIRE AN ATTORNEY, BUT I WOULDN'T TAKE ON A PROPERTY ABOUT WHICH I KNEW NOTHING WITHOUT THE HELP OF A GOOD ATTORNEY!

You don't HAVE to hire an attorney to help you, but why would you want to take a risk on something you know nothing about without an attorney's assistance? The cost of a good attorney to help you is small compared to the risks you could be taking without an attorney's input.

To Lorraine: The one-year waiting period you refer to is probably the owner's redemption period. The logic behind this is to give the owner the greatest help possible to redeem the loan and their property. You say it seems "unfair." Imagine if you are the owner being foreclosed on, who has lost a job, suffered a death of a breadwinner, or some other awful situation that has caused them to be in foreclosure. Please don't think that people in foreclosure are "scumbags" who just don't want to pay. I work with distressed owners every day and I can tell you that 99% of them would not choose to renige on their agreements with the bank if there were any way to avoid it. This whole situation has been caused by greed in the system, banks making loans that they knew would end up in foreclosure because of the way they were written. Some of these people were hoodwinked from the beginning, and never had a chance from Day 1 with the types of loans that were made to them.

Take heart -- if you want to buy a foreclosure, you must follow the rules, and that includes the time that is allotted to the owner to redeem the property. However, if you buy the property at foreclosure, there may be a charge made to the owner IF they redeem to include the money you paid at foreclosure, plus the accrued interest to you after you buy the property. Find out what the laws are. Then make a decision as to whether the deal is so good that the loss of interest (or rent income) on the money is worth it.
By Sorogone,  Sun Mar 20 2011, 21:39
Greenbay~Wow! I live in this neighborhood, a few streets away from this home and had no idea of the riff-raff going on. I'm sure you are aware of the memorial meadows newsletter online. I can't recall any incidents being listed in there associated with these types of happenings. I have two young children. I will be certain to steer them clear of that particular area. Good thing our neighborhood constable is always a phone call away.
By Michael Hobbs,  Fri Jun 24 2011, 04:20
This is a very informative article for those that are not familiar with the whole process and potential steps involved in Foreclosure buying / investing.

For everyone who ever dreamed of buying a house via a foreclosure auction, sheriff sale or public auction, be forewarned at the large amount of time needed to research ALL of the background, details, history and publicly filed actions for/against the property. Unlike a typical convention sale, our clients which specialize in foreclosure buying are very sophisticated and generally have to act very quickly when the timing of a sale is finally announced in Cook, Lake and DuPage Counties in Illinois.

One common misunderstanding is that the buyer is truly on their own in this type of transaction IF they do not retain good counsel, perform their own detailed market research (or retain a good Realtor and/or Real Estate Appraiser), and address and estimate all needed repairs (or retain a good General Contractor). Hence as much as foreclosure investing seems like a great 'sport', I would suggest that it is akin to the skills needed for playing in the Major Leagues instead considering oneself a playground legend from grade school.

Our client, Cherry Picker Investments, actively represents foreclosure buyers in the 7 county region in Illinois and not one of their clients has less than five years of active investing experience and all of them are cash buyers. Needless to say, they are prepared and informed...a far cry from the inexperienced and uninformed first-time homebuyer.
By Nick Galati,  Tue Sep 6 2011, 07:22
I recently won a bid on a property in Lehigh Acres Florida. The next day I found that same property as an active listing for a price of $59,000. My bid was $66,000. plus 10% auctioneers fee. I paid 20% with my visa on winning the bid .When I called the auctioneer looking for answers, I was told that this property had been foreclosed by Fanny Mae who in turn sold it to the auctioneer,and they had no obligation to disclose that fact. The auction is on channel 219 on DISH and is advertised as a foreclosure auction what are my options. Did the auctioneer have a duty to disclose the fact that this property was NOT a Forecleclosure at the time of it being auctioned. NIcholas Galati .
By Dennis L Libby,  Mon Oct 10 2011, 17:15
It is very rare, in most cases, in most Minnesota counties, that a private individual can succesfully purchase a Foreclosure at a Sheriff Sale/AKA Trustee Sale. In virtually every case of a conforming mortgage, originated or services by a Federally Chartered Lender, the lender must secure the asset/property at auction, even if they have to out bid a private buyer. So the buyer is often faced with competing against the deep pockets of the bank representative at the auction. SInce Minnesota has a lenghty 6 month redemption period, the rare, successful bidder, plays a risky gamble that the defaulting owner will not sell the property to another party, through a Real Estate Broker or a private party. I do deal with a fair amount of pre-foreclosure, a touchy, but more opportune time to make an offer to a defaulting borrower. I have also been successful at arranging for my clients to purchase the mortgage note directly from the bank and do the foreclosure or arrange with the borrower to deed thier interest and continue to live in the home as a rental with option to buy back when in a better position to do so.
By Dj,  Mon Oct 17 2011, 06:17
If a person is imcopetent can they auction their home?
By Naps With Cats,  Sat Oct 22 2011, 19:32
I am the tenant here and I plan to buy the place myself. All my ducks are in a row already. I am local and this is my forever home.

The girl with the gun boyfriend lives in another unit 2 rows down, at street level.

To Dj, the owner doesn't auction his home, the bank does once they have taken control of the property. The owner sells 2-5 million dollar properties on the West Side of Los Angeles. He's not incompetent, he ripped me of 5 months' rent and there will be a lien this next week as I just found out my home is going into foreclosure and I was ripped off.

To Greenbay: You have your condo's mixed up. No one has broken into my home, nor has anyone held a gun to my head (geez!) I am and have never been a criminal.

It's definitely not a kid-friendly place, though.
By Joseph Sugar,  Sat Oct 22 2011, 21:43
What is the situation with this home? Did the owner default on payments? I suppose that the 90K transfer value is just where the a(u)ction starts, unless its a real fixer-upper?
By Naps With Cats,  Sun Oct 23 2011, 09:06
Tenant of this "condo" here again. (They were apartments for years, just turned to condos rather recently)

I have 10 (approved by Animal Services) indoor cats (6 special needs), that were approved by owner. They haven't changed anything here since they built the place in 1977 (I lived here since 1980), so cabinets are all in bad shape, carpet and pad need replacing, painting, crack in a couple windows, new screens, kitchen tiny, living room tiny (won't fit average full sized couch), water pressure so low you can't get soap out of hair unless you're in shower for at least twice as long as normal, bath needs glazing desperately, both sinks suck and are loose. It needs a lot of fixing up.

Since I plan on buying my forever home here, I don't plan on leaving.

All I know about the owner is he ripped me off of 5 months' rent by not telling me he was putting it in foreclosure. There will be a lien come next week against the almost 5 months' rent (because once it's in foreclosure, you don't pay the owner anymore) - he just told me this on the 21st that I can stop making rent payments and shocked me that it's going into foreclosure.

I'm all ready to take this place, it's my home and my cats' home, we're okay with broken cupboards and all the rest.

p.s. The HOA here SUCKS!! They don't even have a Board of Directors after this place established this HOA. They stopped watering the plants and trees, don't get back to you and are very rude. (Just so you know).
By Oscarfligh,  Mon Dec 26 2011, 04:53
so many negative comments about this property sounds like somebody might be trying to keep away the competition.....
By Eiwalker,  Mon Feb 20 2012, 12:57
This thread isn't referring to a specific property. It's just a thread about buying homes at public auction. So all the disagreements about whether the neighbors or good or bad and so on are confused, as you guys aren't most likely aren't even talking about the same properties.
By Ismihan Demir,  Mon Feb 27 2012, 14:36
How much is the HOA?:))
By Bumb Deal,  Sat Mar 24 2012, 07:44
Bank owned Foreclosures can be a real Bumb Deal for the buyer! Banks by law are not required to make any disclosures regarding the condition of the property. Believe me when I say IT IS BUYER BEWARE! A perfect example of this is the REO property located a 2138 Paseo Donito, Alpine, CA 91901. The roof leaks & needs to be replaced & there is mold & water damage on both the first & second floors due to the leaking roof. There are 2 private road maintenance agreements tied to the property. There are a number of access easements across the property. Alpine Fire is owed $4,500.00 for hazard abatement work done by them. None of this was or will be disclosed by the BANK! BUYER BEWARE!
By George Luallen,  Sun Apr 22 2012, 08:33
why is itthatyou cant buy one of these houses. I had my realtor put in a bid over the askin price and it was rejected at no explanation.just rejeced. Can they list a property and then reject you for no reason. i gave ernest money and had my approved money letter for the rest. What is the deal.do they not wanna sell these homes or is it just a trick ofsome kind. Cant get no answer from the bank!!!!!
By Stephanie Leon 786-664-7710,  Sun Apr 29 2012, 18:00
BUYER BEWARE At Auction... You may end up buying only the HOA foreclosure note and still have to deal with the First lien holder...
By Lisa Montes,  Thu May 10 2012, 18:42
Great insight. Very helpful to steer clients away from the auction block
By Colorado Native,  Mon May 21 2012, 17:45
@ By Greenbay and anyone else interested: Yuor comments about criminal activity is untrue. Period.
By David R.Indermill,  Wed May 30 2012, 23:27
Buying a Property @an auction is a very risky investment. You need to have someone tracking and bidding on the home, plus you need someone to have eyes on the physical property the morning of the auction and to boot have a title Rep track the property to see if the owner has made any changes on title that will affect the ability to purchase. These home are all as is and many site unseen on the interior.
By robertpottsconsultant,  Thu May 31 2012, 21:45
Everyone leaving comments are trying to scare away competition from the foreclosure buying business, plain and simple. They are painting a picture of pain, misery, and grief in hopes that you take your cash and run like hell, just one less person that they have to bid against at the auction, so that they can get the property cheap, slap on a coat of paint and hire some highschool kids to do a bit of landscaping, then make about 50k to 80k off the deal. While some of the informaiton is valid to a certain degree, you will make a killing of buying foreclosures and everyone above knows it, but they will not tell you that because you are competition to them in the bidding process. Pay absolutely NO ATTENTION to the naysayers, bring your money to the auction, and buy the house you want and make an awsome profit.
Wow, all this talk of doom and gloom, people, read between the lines. they are screaming at you "go away! we dont want the competition! We want to make all the big money on buying foreclosures! Shoooo! Scat! LOL , sad really, so dont listen to any of them. Buy, Paint, List, Enjoy!
By Matie,  Thu Jun 7 2012, 03:19
I think, much better to buy before it. For searching I found http://www.indexpost.com/
By M T Friese,  Fri Jul 13 2012, 10:29
robertpottsconsultant: I agree that people here are trying to scare competitive bidders away That said, one MUST do due diligence. No attorney needed. In fact, attorneys are useless for this game. You must nose around the property as a first step. You must know the seniority of the loan. You must know about back taxes. You must know about liens. Once you have satisfied yourself that you know how to check these things, you should visit the property the day of the auction to note any new changes. I have purchased 17 houses at auction and only two turned out to be nasty surprises. but sometimes the surprises are happy. Example: I bought a newish house and found out it had never been occupied. Another time I found a garage full of building materials.
By Carlos Parrague,  Sat Aug 4 2012, 14:43
You don't need a lawyer, but you do need someone who knows what they are doing, especially if you don't. There is no reward without risk, the greater the risk the higher the reward.
So if you can save 20 to 25% on a foreclosure, why be so greedy that you can't pay an experienced person 5%. You are still saving 20%.
Greed is what will get you in trouble.
By Miriam Munzer,  Tue Feb 19 2013, 06:36
Yes, One should hire an attorney! the Auction process and the sales documents never state that the property is free of any liens..the deed comes to you in NY as a "Quit Claim" deed or a "Referee's Deed"..I would think you are taking a huge risk, with out having a title company and a title report as well as an attorney reviewing all the docs. If a House interests you that much that you are willing to buy...and you know the price is substantially less than it would be at an "arms Length" sale, step up and save your self some headaches..spend the cost of the Attorney and Title Co.. If you are an investor, you can write it off as a business expense anyway!! If you intend to live in the home, just consider it as part of the "insurance" process and the basis cost of the home.

Foreclosures can be a great and less expensive way to buy a family home, or a "fix and flip" if you know what you are doing!!
By clarissababyyyy,  Sat Mar 23 2013, 20:38
is this house still for sell?
By Voices Member,  Mon May 13 2013, 12:45
I bought my home at a public action but I still wish that I would have read this article first!

David, http://www.milaknisanimalhospital.com
By donneta4,  Tue Jun 4 2013, 07:24
If you are planning upon going to bid on a home and 25% down is required when the winning bid is accepted....how is one supposed to know what the amount of the winning bid will be and have a check made out in that amount?
Suppose my check is made out in 25% of what I think the bid will be, and then it is under or over the amount? How does one handle this?
By Philly Best,  Wed Aug 14 2013, 19:14
You should always talk to a real estate lawyer before buying a house at auction
http://www.lawyernortheastphiladelphia.com
By PawnQn1411,  Tue Aug 20 2013, 10:18
People please feel me in!!!!!!!!!! Where is this property located???????
By chidoller4real,  Mon Sep 9 2013, 00:53
i really want this house but i don't know if its real...so scared
By Terri Chen,  Wed Oct 9 2013, 16:07
Buying discounted properties at trustee auctions is fast becoming one of the best investments in real estate. Be advised that this business is not for the inexperienced or the meek hearted. One of the reasons investors choose to use a trustee sale bidding service to buy for them at auction is that it takes some of the fear out of the process.

There are other advantages as well and we will cover them in the article, but first let's define what a trustee sale is and the overall process of foreclosure.

When a borrower on a property fails to make payments on a loan (note) the beneficiary (bank) will start a trustee sale to take the property back as collateral for the defaulted note. Usually, this process starts within 90 days after delinquency. Some sales may be delayed as much as a year or two.

Buying homes at trustee sales is not without pitfalls and should only be done after you have done your research and understand exactly what it entails. For someone trying to buy at trustee sales the process can be daunting and intimidating. You must have a lot of time and be willing to learn the process involved with trustee sales. You need to research and screen Notice of Trustee Sale database. You must have the ability to undertake all title searches and verify lien positions.

Auctions run all day long from 9:00 AM to 5:00 PM and are in multiple locations around county. You really must be ready to make this a full time job. A typical day will start in late afternoon when you go through the foreclosure list and pick the properties for the next day. You will need to rise early and be driving properties from 6:00 AM until 9:00 AM before the auctions start. You will attend auctions from 9:00 to 5:00 and then start looking through the auction list for homes to purchase the next day. Buying homes at trustee sales are time consuming. Many are cancelled or postponed.

We offer a service where we will locate properties going to sale, determine if the opening bid is descent, drive by the property to determine condition, comp out property for the fair market value. We will discuss the properties to bid on, determine if its a good deal and set the maximum bid with you before the auction!

In California you must pay all CASH at the auction, so this will require cashier checks! We only charge you if you are the successful bidder and win the property! Upon final successful bidding, you will receive the Trustee Deed Upon sale in one to two weeks.

Our foreclosure auction bidding service commission is only 1.5% of executed final bidding price, Some of competitors rate are up to 3% plus $3500

We serves Riverside County / Orange County / Los Angeles County area

Good luck,
Terri Lu
Web Reference: http://www.greenpot.com/trusteesale.htm
By Jesse Rivera,  Sat Nov 16 2013, 08:43
Auctions in Oregon - Multnomah, Clackamas and Washington Counties.

For my investors, buying at auction has been the most successful strategy. MLS for fixers and rentals is a joke right now, too many offers.

We offer an A to Z auction service for our investors. We research the property, pull title, drive the property, give a market value, and we even do the bidding for you. We have hard money available, so you just need 20% down, and if you want to keep it as a rental, we can help you move it into a regular mortage.

In Oregon, most auctions are Judicial foreclosures, which means the owner has 6 months to redeem the property. But we buy the right of redemption from the home owner, and can get the deed in about 3 months, instead of six. And many times we win the auction for a dollar over the minimum bid, because on one else wants to bid on it.

Auctions are not for everyone, there is more risk involved. But if you work with experienced people like me, we can minimize the risk and help you become a successful investor.
By Tom,  Fri Jan 24 2014, 10:13
You can look into all the in's and out's yourself, do the same thing a lawyer would do, check on back taxes, check with the water company and power provider to see if thing is owed on the property, check with the city and see if there have been any permits pulled that haven't been finished. Check with a title company to run a lien check to see if the IRS or anyone else has any liens against the property, the title co. will charge about 300. $, well worth it. You also can take your findings to a lawyer and have him look over what you found and see if he has any suggestions on anything that you might have missed, time is money to a lawyer, the more time you spend, the less the lawyer will cost. Happy Hunting...

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Real estate auctions are a quick and efficient way to sell and buy property. They can also yield great deals for buyers who have a plan in place and don't get caught up in the exciting auction atmosphere. Use the checklist below to make sure you're prepared ...

By RealtyTrac | 26 Comments

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