Following through Sue's excellent answer, the best source of information on a property that is in foreclosure is actually at the sacramento clerk recorder's office and the assessor's office. Here you can search for any possible liens that are on the property. At the assessor, you can get information such as the owner's name and address, the property info, etc. There are also websites that you can subscribe to get more information on a foreclosed property. I have to caution you that IRS, FTB tax liens are not extinguished by a trustee sale. Also, a trustee sale may be initiated by a second lien holder, in which case, the buyer still has to pay off the first lien holder.
As you can see, there are a lot of issues that one would possibly have to deal with when buying at the court steps. Nowadays, there are a lot of people (professionals) out there buying at the court steps. The difference in price is no longer significant.
If you are looking for a reasonably new home in elk grove, I would suggest it is better to just buy through an agent on the MLS. The risks are much less, you can do inspections, and you have contingencies, etc.
Let me know if you need any further info,
bethany real estate
916 230 5250
You can buy it on the courthouse steps. Most realtors are not assisting those sales. It's not trivial. You need to drive by the property (it might still be occupied so you are trespassing to get too intrusive...the homeowner may still live there). You may not be able to see inside, the condition of the home, nor know if it is still occupied. You have limited knowledge on whether there is clear title on the property. if there is a general lien against the homeowner, such as for back taxes, that lien is not cleared in a foreclosure, and may not show up in a quick title inquiry. Buying the home can mean you are responsible for those existing liens still. (while subordinate private liens, such as mortgages, are cleared, government liens aren't) So there are lots of risk, but possible rewards on buying on the courthouse steps. And you have to buy it for cash, payable at the time of sale. If the home is occupied, you need to follow state laws in evicting the homeowner.
If it is not sold on the courthouse steps, the lender takes back ownership of the property as an REO- Real Estate Owned property. These are sometimes sold directly by the lender, and more often by Realtors through the MLS. In this case, you would get clear title when you buy it, don't have to pay cash and have time to investigate the condition of the property. You will most likely also have competition, but plenty of time to remove any risks.
I caution you on assuming a home listed on a website such as Trulia, is actually for sale. Realist posts the notice of foreclosure, which is one notification in the legal process but does not mean the home is for sale...yet.
I would suggest you post the property that you are interested in. The respondents can give you detailed information about the property here, as to whether it's actually ready for sale, or just a foreclosure posting. And of course, you can see there are plenty offering to help.
Call Paul Singh
When working with an Agent they will be able to give you a lot more information on any particular property, an agent working for you will also be able to help you see new properties right as they come onto the market.
I live and work here in Elk Grove and have experience with helping buyers navigate all the various types of sales out there including foreclosures.
You can reach me directly on my cell 916-342-9066