Foreclosure in 92663>Question Details

Steve Roose, Real Estate Pro in Newport Beach, CA

Has anyone bought a foreclosure from the courthouse steps? I've attended the auctions and it looks a little tricky...

Asked by Steve Roose, Newport Beach, CA Sat Jun 22, 2013

Do you make cashiers checks out to yourself and the endorse to someone else upon winning bid?

What site, service or information resource do you recommend for keeping up to date with the auction date, property details, etc?

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Answers

5
C G Caroline Gerardo Barbeau’s answer
I've bought some but not in the past 13 months. The pickings are small, the hedge funds and wall street guys wearing hoodies swoop them up. Track notice of defaults, go look at the houses and keep cell phone images in folders. You attend the auction with a number of cashier's checks in different dollar amounts. You are buying without full title insurance. There may be tenants in the property or all kinds of adventures
0 votes Thank Flag Link Fri Jul 12, 2013
Hello Steve,
Would you like to avoid the bidding process at the courthouse ?
I have availble portfolio homes for sale, within Los Angeles, Riverside, San Bernardino,San Diego, and Orange County. They are averaging at 80 cents on the dollar including closing costs. I can arrainge for you to do walk a through, if you see anything you like. All of our sales are done with a escrow company, so if you are intrested please reply or give me a phone call.

Sergio Ortiz
949.201.9690
0 votes Thank Flag Link Mon Jun 24, 2013
Steve,

Joe is correct about what he has mentioned. I use a servic ethat you have to pay for to stay on top of the properties that are going to sale...
- You do need to know about the house?
- What it looks like?
- How much money you think you may need to spend to fix it up?
- And then know what to bid on it and be sure you do not bid too much?
- Yes, you do need to carry many cashiers checks in different denominations to pay for the property.
- I work with investors and use a company that also helps you with financing - meaning cash.

Talk to you soon

Ingrid Ski Realtor
949-874-0432
OCAreaHomes@gmail.com
0 votes Thank Flag Link Sat Jun 22, 2013
Steve,

I would suggest you look at http://www.propertyradar.com/ as they have the best and most up to date information about foreclsoures. YES, its very tricky...

1. You need to make sure that you are bidding on the first TD.
2. You need to have a connection (title rep) with a person at the Title Company to search for other hiddden dangers.
3. You need to have a crew ready to go, when you make your purchase.
4. You need to do the comps of the area and establish a price that you won't go over.
5. The margins right now in Orange County are very tight. I am told that they are around 85-90%, so the only groups that are going to make money are the ones buying multiple properties.
6.. Yes you need a cashiers check when you bid.
7. You need lots of money up front!

Good luck and let me know if you need anything else.

Joe Homs, Agent/Investor
949-625-4533
Web Reference: http://joehoms.com
0 votes Thank Flag Link Sat Jun 22, 2013
Hi Steve! I have not been involved with this process. I know someone who does this and has it dialed in. Lmk, have good one, ~Joyce. Joyce@JoyceEndo.com, 714.325.4450
0 votes Thank Flag Link Sat Jun 22, 2013
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