Foreclosure in San Diego>Question Details

Abbey, Other/Just Looking in San Diego, CA

Is it a necessary requirement that a bidder at a courthouse auction needs to have a real estate broker's license or can anyone make an offer?

Asked by Abbey, San Diego, CA Mon Apr 19, 2010

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Anyone. But it takes a lot of research to make sure you're not buying something that will be more trouble than you bargained for: in terms of physical condition, tax liens, etc. I have done a fair share of it so feel free to reach out if you have further questions. Paul Montgomery, 858/229-0338
Web Reference: http://www.paul-montgomery
2 votes Thank Flag Link Mon Apr 19, 2010
Abbey
You definately do not need a licence... just the cashier check... no financing when purchasing this way. Always do a title check minutes before the home sales because liens are the one thing that can really be a downfall. In addition make sure you know what you are bidding on. Good Luck!!!
1 vote Thank Flag Link Thu Apr 22, 2010
No license necessary. The single most important thing a courthouse bidder needs is a big CASHIER'S CHECK. You must present a cashier's check for at least the amount of the bid you are making. It is a "cash on the barrel head" business.

Remember also that you are buying a "pig in a poke" because it's HIGHLY UNLIKELY that you will have been able to SEE THE INSIDE of the home your are bidding on. Many people who are angry at their lender that they are losing their home will take out that anger in the form of intentional damage to the home. Some throw paint on the walls, some break appliances, some pour cement down drains, some remove the furnace and some, well, you get the idea.

So most of those people bidding on the courthouse steps are representatives of investors who have sufficient capital that they can afford to by an "anger-damaged" home now and then and still keep their business going.
1 vote Thank Flag Link Mon Apr 19, 2010
Abbey,
Here is a 3:26 second video about buying at trustee sales.
http://www.youtube.com/user/3fredeckert3#p/u/4/KoPC98g39Sw
1 vote Thank Flag Link Mon Apr 19, 2010
Abbey,

A few more things to add - most auctions are all cash, so be prepared. If you are serious about wanting to do auctions, I recommend attending a few of them to educate yourself about the process.

Kind Regards,
Marcie Sands, REALTOR
SImply The Best Real Estate Co., Inc.
760-644-1562
1 vote Thank Flag Link Mon Apr 19, 2010
anyone can bid. Careful with the title searches, sometimes data is a few days old.
1 vote Thank Flag Link Mon Apr 19, 2010
Hi Abbey,

You do not need to be a Broker; however, you do need to make sure you know what you are doing to avoid getting burned.

At http://www.foreclosuretruth.com/blog/sean/march-2010-califor… you can view current foreclosure stats. More importantly, it also has a narrated video of an auction that goes into some pointers. This will not fully prepare you; however, it will identify some things to look out for.

Best, Steve
1 vote Thank Flag Link Mon Apr 19, 2010
YOU MAY MAKE AN OFFER, YOU DO NOT NEED A REAL ESTATE LICENSE, BEST TO CHECK YOU AREA FOR HOUSING PRICING AND SALES TO MAKE AN EDUCATED OFFER
0 votes Thank Flag Link Fri Apr 23, 2010
We've bought several properties at the Courthouse steps and never needed a brokers license.

You'll be fine with a pen and down payment. Happy buying!!!
0 votes Thank Flag Link Mon Apr 19, 2010
the only thing needed is funds available that you are willing to lose if you make a bad decision.

You need to do a bit of research about a property, or you could buy a white elephant

Good luck

I as well as some other brokers will help with that research for a fee
0 votes Thank Flag Link Mon Apr 19, 2010
Anyone can make an offer. If you are asking this question. go to a few auctions before you go to make an offer.

Good Luck,

Let me know if I can help you in any way!


Joan Wilson (Realtor, SRES, Ecobroker)


California Cool 4 Sale
Prudential California Realty
Direct Phone: 760-757-3468
Fax: 760-946-7894
JoanWilson@prusd.com
License # 01341483
Know Your Rights Home Affordable Foreclosure Alternatives (HAFA) Program
http://HAFAHAMP.NET

Find Your Dream Home:
http://JoanWilson.PrudentialCal.com

Find Foreclosures: http://CaliforniaCool4Sale.com
0 votes Thank Flag Link Mon Apr 19, 2010
UNFORTUNATELY FOR REAL ESTATE BROKER'S ANYONE MY BID AND PURCHASE AT AN AUCTION.
GOOD LUCK!
0 votes Thank Flag Link Mon Apr 19, 2010
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