Foreclosure in 92109>Question Details

Scottn, Home Buyer in 92109

Anyone provide consulting services or transactional help for buying at trustee sales?

Asked by Scottn, 92109 Tue May 11, 2010

We have found our dream property going to auction soon and would like to have someone hold our hand through the process. We're most concerned with assuring it's a clean title, so we're looking for someone who can shoulder that risk. Cash in hand!

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12
A title company and/or attorney should be able to assist you with obtaining "clean title." If you are concerned about the property being clean, whether or not the properties around you can be developed, is there any encroachments or encumbrances on the property, hiring a home inspector, etc... you may want to consider hiring a buyers agent. May be well worth the money!
Lori Stoudt
Web Reference: http://www.agentguru.com
0 votes Thank Flag Link Sat Oct 30, 2010
Why are you waiting for aution sometimes you can get it cheaper at a short sale..what area are you in and i can refer realtors nationwide if you are not in my state. realestatemover@comcast.net
0 votes Thank Flag Link Thu Oct 28, 2010
Clear title - title company are professionals who do the investigation on all properties. However no title can be transferred till it is cleared.

GREAT have agent represent you HOWEVER still if you can't risk the money auctions are not place to be.

Direct Link to auction tips http://www.lynn911.com/Web/AR287090/CustomContent/index/5009853

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Wed Oct 27, 2010
Depending on where you are located at I would assist you in this. If you are not in VA then I would recommend find a realtor that is experienced in REO and handles a lot of foreclosures. They will have a team in place that can pull title work and examine prior to the sale for you and help you through the process.

Kathy Deal
Web Reference: http://www.i95homes.com
0 votes Thank Flag Link Wed Oct 27, 2010
Best to have a local real estate attorney in your network......even for the saavy investor at the court house steps,there are lots of "what if''s"
0 votes Thank Flag Link Mon Oct 25, 2010
There is a company doing this in Riverside, Los Angeles, and Orange Counties... I am not affiliated with the company, but I've spoken to the founder by phone. Right now they are not working in San Diego, but they said they may be opening up operations here within the next few months... Their website is http://www.postedproperties.com/.

I believe thay charge about $10,000 to secure a property for you.

Again, as others have posted. This is not something recommended for new investors. You need to make sure you do your research, because you don't get to inspect the property before you buy.

You will find some more good information for buying homes in San Diego on my blog, For San Diego Home Buyers, at http://globella.com/blog.

All the best,

Justin Gramm
Exclusive Buyer Broker, President
Globella Buyers Realty
San Diego, CA
DRE License #01714813
0 votes Thank Flag Link Mon Aug 16, 2010
I've written briefly about trustee sales in another post, but here is some more information.

It's very simple, but you need to know the rules. Titles are usually assured at the sales, but you should still get title insurance, as far as it goes in California.

Decide how and how much you are going to pay this person (the consultant). Also, can you trust that this person will be there to bid for you and not against you?

Can you contact me about private funding if you are interested in ROI of 10+% interest or be a partner with some of our deals? No obligation. Not intending to solicit, but I thought I should ask since I have investors who need cash and I just happen to think of them, at this hour. :)
Web Reference: http://www.rebizbuzz.com
0 votes Thank Flag Link Tue Jul 20, 2010
I am also looking for a reputable buyer broker that can help me through the trustee sale process. Did you find anyone?
0 votes Thank Flag Link Sun Jul 11, 2010
Scottn
Make sure that whoever it is that you choose to take does another title check right before the auction. They should have a contact they can call from the auction site to check one last time before the sale. This is key

Good Luck!!!
Web Reference: http://www.di4homes.com
0 votes Thank Flag Link Sun May 23, 2010
Assuring a clean title? You must determine what position the delinquent loan is in, meaning, if the loan is in second position, then buying it at trustee’s sale will most likely require you to pay off the first position as well, which can turn a great deal into a very bad one. Information on lien structure can be obtained from a title company. ( WE HAVE SEEN MANY POSTS HERE WHERE THE BUYER AT A TRUSTEE SALE HAS BOUGHT AN EQUITY LINE OF CREDIT) Research is the most important factor.

Another important item to check is taxes owed on the property. If a person has not been making mortgage payments, it is also likely that he has not been paying property taxes either. It is important to visit the county assessor’s website to verify whether the taxes are current, because any back taxes will need to be cured by the new owner.

Often times a visit to the subject property can reveal more than any database or website. There all kinds of considerations here: Have the owners vacated or are they still inside? Are there non-working vehicles, boats, debris that will need to be hauled-away?

Trustee sales are risky and come with problems like tenants that need to be evicted, vandalism etc.

You can send me the address and I will run it through my title rep if you wish.

Good Luck!
0 votes Thank Flag Link Tue May 11, 2010
you're right, what I'm hoping to find here is professional services from someone in Socal who deals with a lot of trustee sales and can assure a clean title/sale.

can anyone refer me to a firm like this?
0 votes Thank Flag Link Tue May 11, 2010
A good buyer broker expereinced in trustee sales will be able to assist you with the auction process however to ensure clean title you will want to have a title search completed before the auction to make sure their are no second mortgages, back taxes or leins on the property. yes an agent can do that for you but you really should have an attorney compelet teh title search to be 100% sure as if you do it you may miss something and that is not any agents area of expertise. You should be able to find a buyer broker who gets paid a percentage offered by the auctioneer if they register you as their buyer before the auction and within the auction termns. so my advice is you need to professiosnals to assist you with this. good luck
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue May 11, 2010
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