Few Facts about auctions:
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
Do you have a loan in place in case you are a successful bidder? To bid you need to have a certified check with you for at leasr $10,000. This is forfeit if you are the successful bidder and cannot complete the purchase, usually within 30 days.
Hope this is helpful
If your looking for property in LA, contact me and i'll be happy to help you.
You can show up at the place of the trustee sale 15 minutes before the sale time. Register with the auctioneer trustee, who is present at the place of auction.
If are interested in the property , you can take with you cashier's check with you for the amount of bid, you intend to give, in order to purchase the property. Its all cash, you need to pay at the time your bid is accepted.
When trustee call out for the property address, you are interested in, you can state your bid, it will be sold to person, who ever presents highest bid. If you offers the highest bid and have the necessary funds in your possession, you can purchase the property at the foreclosure sale.
You may consider Bank owned properties, in the area you live in. Advantage over purchasing bank owned property over auctioned property is , you will have opportunity to finance the property, you intend to buy.
Bank of America yesterday halted foreclosure sales in all 50 states as part of a widening investigation into flaws in the process. The other major lenders are likely to follow suit.
On Sept. 17, GMAC Mortgage temporarily halted foreclosure proceedings on homeowners in 23 states including Florida, New York, Illinois and Ohio. The company has said employees preparing foreclosure filings submitted signed court affidavits that contained information they had not personally verified.
In whatâ€™s been dubbed the â€œrobo-signingâ€ scandal, JP Morgan Chase and Co. has joined GMAC Mortgage in temporarily halting foreclosure proceedings in judicial foreclosure states, following allegations that workers the companies employed failed to follow the proper legal procedures in filing paperwork demonstrating that the lenders had the right to foreclose.
The BofA announcement came a week after saying it was freezing home foreclosures in 23 states where foreclosures must be approved by the courts. The latest move by Bank of America extends a review of foreclosure documents to all states, regardless of the required legal processes.
The bank said the foreclosure process on delinquent borrowers will continue, but it will not proceed to judgment or a foreclosure sale.
So for you, a foreclosure purchase is, at least for the time being, not an option.
Hope this helps; I'm always available for followup questions.
The Bremner Group at Coldwell Banker
REALTOR, 00588885, ABR, CDPE, eAgent, CSP, SFR, HRC, CRE
(O) 310-571-1364 DIRECT
The county recorder has a list of auction properties and locations for auctions. RealtyTrac and Foreclosure Radar both publish the same information for a monthly subscription fee.
The Foreclosure process starts when a homeowner cannot pay the mortgage and ends when the home is resold. The three stages of Foreclosure are: Pre-Foreclosure, Auction, and REO/Bank Owned. Pre-Foreclosure is the time period a homeowner has to repay the delinquent amount of the mortgage. If a homeowner does not pay the mortgage the home is auctioned. If the bids do not meet the reserve the lien holder (bank) reclaims the property and it becomes a Bank Owned REO.
I find properties for my clients using:
Retran.net or Foreclosureradar.com
As for the Cashier's Checks, you'll want to bring increments of checks. For example, if you're willing to bid up to 520K for a specific property, you might want to bring (1) 400K check, (5) 20K checks, (2) fives and (1) ten.
You'll be reimbursed any overage, but it's best to stay as close to the final price as possible.
EDUCATE yourself, there is a fair amnt of risk that you might take on if you're the successful bidder. Familiarize yourself with IRS liens, the eviction process, subordinate lien-holder positions, etc...
There's a lot more info I could give you, so feel free to call or email me directly.
LA VILLAGE REALTY
lic # 01390707
Simple, the work before the auction is the labor intensive part of the process. To get the potential property lists for Pomona and Norwalk. To make sure there are no leans on the home - to make sure it is vacant, and to do the comparable values and draw your lines in the sand as to the maximum price you are willing to spend.