Foreclosure in Los Angeles>Question Details

Sunset Blvd, Home Buyer in Los Angeles, CA

In Los Angeles do you have to bring 100% of purchase price to Trustee Sale, or just 10%, or 20%? Auction is in Pomona, payee to self O.K.?

Asked by Sunset Blvd, Los Angeles, CA Sat Nov 5, 2011

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I strongly recommend you go and watch how it is done and along with that you research the issues that may arise from this type of purchase. Buying blind is like getting married before the first date.

Risk vs reward. The risk is high and if you do it right, one out of a hundred properties you may win and do well. it takes a great deal of research, time, and gumption.
FYI some banks are on to the former owner trying to buyback their property.

Harold Sharpe - Broker
So Cal Homes Realty
(951) 821-8211
harold@socalhomesrealty.com
http://www.socalhomesrealty.com
California Department of Real Estate Broker License # 01312992
0 votes Thank Flag Link Sun Nov 6, 2011
You should go to a trustee sale and see if they have anyone working there that funds loans at the auction. They usually call them hard money lenders. In the county that I work in a lot, at the trustee sales they have booths set up with these hard money lenders and they require 25% of the purchase price and they will give the other 75% for you to purchase the property at the trustee sale. They will usually charge a very high interest rate and you should be very careful purchasing at a trustee sale because you could buy a property that comes with a lot of title problems.
0 votes Thank Flag Link Sat Nov 5, 2011
You need 100% of purchase price in all trustee sales in CA. Caveat emptor.
0 votes Thank Flag Link Sat Nov 5, 2011
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