Foreclosure in San Jose>Question Details

Tami Naillon, Home Buyer in San Jose, CA

Can you physically see forclosure auction homes before bidding? can you have them inspected?

Asked by Tami Naillon, San Jose, CA Wed Aug 15, 2012

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Ron Thomas’ answer
As a rule, you cannot see them, you also do not know if there is a 2nd loan or any other liens on the house. You may not Inspect it.

Your better route would be to have a Buyer's Agent working with you and looking at REO's.
Your jeopardy falls to zero if you do it right.\

Oh, and you realize that to buy at the Trustee Sale requires CASH.

Good luck and may God bless
1 vote Thank Flag Link Thu Aug 16, 2012
Thank you, Tami for your question:

Prior to the Trustee's sale that property belongs to the homeowner. That homeowner is fighting to keep their home. the trustee's sale is aginst their wishes. Any person who attempts to go on to that property is trespassing on private property and is subject to prosecution for trespass.

Trustee's sales are all cash, with no guaratees of good title. There is no title insurance and there is no guarantee of good title.

Also at a Trustee's sale you only get the interest of the party foreclosing on the property. The interest could be a loan in second or third position subject to senior liens.

Those are just some the resons why people should not consider a Trustee's sale as a safe way to buy a home. You do not know what you are getting and unless you are very good at searching title information at the County Recorder's Office, you do not know what interest you are getting and what liens you must pay in addition to the amount that you paid at the Trustee's sale to get clear title to the property.


That is one of the reasons that Trustee's sales are very high risk for the bidders.

0 votes Thank Flag Link Wed Aug 15, 2012
Got it! Thank you for your detailed explaination. Any advice on reading material out there for a possible first time home buyer on a quest to learn the basics before diving in? =)
Flag Wed Aug 15, 2012
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