Foreclosure in Los Angeles>Question Details

Wei-min Chang, Home Buyer in 90034

People told me that in LA county, most auctions for short sale is held on Norwalk courthouse steps.

Asked by Wei-min Chang, 90034 Mon Jun 14, 2010

So my question is how and where could we get the auction list in prior to the auction date? if not get agent involved?

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Answers

8
Thank you for your question about where to get Foreclosure Auction information. There are several places you can get the information, but the best place is the source, the county court house. A Notice of Trustee Sale.

If you have an agent, which you should, your agent should be able to provide foreclosure auction information. RealtyTrac & Foreclosure Radar.com are membership services that provide this information as well.

Honestly, a foreclosure auction may not be the best place to get a good deal on a foreclosure. There is a myth that you can get great deals at an auction.

The Foreclosure process starts when a homeowner cannot pay the mortgage and ends when the home is resold.

The three stages of Foreclosure are: Pre-Foreclosure, Auction, and REO/Bank Owned.

Pre-Foreclosure is the time period a homeowner has to repay the delinquent amount of the mortgage.

If a homeowner does not pay the mortgage the home is auctioned

If the bids do not meet the reserve the lien holder (bank) reclaims the property and it becomes a Bank Owned REO.
1 vote Thank Flag Link Thu Jul 15, 2010
Get all the scheduled trustee sale auction information at: http://www.rapidtrusteesale.com for FREE! Also get live up to date recap at: http://www.rapidtrusteesale.com/dailyrecap
0 votes Thank Flag Link Fri Dec 27, 2013
Why not use an agent? I am a Realtor and I work with investors. I'm able to tell you which properties are coming up for auction so you can do your due diligence and decide which one/ones you are interested in bidding. And, to save you some time and help to reduce your frustration, I can even let you know, the morning of the auction, if your choices are still Active, or if they've been Postponed or Cancelled.
0 votes Thank Flag Link Sat Jul 27, 2013
You are correct in your information that there are many auctions held at the Norwalk Courthouse, but auctions are held as well at other courthouse steps such as Pomona, Los Angeles, and Rowland Heights.
You must know when and where the property you have an interest in is being auctioned.
Changes happen DAILY, so no printed list is really the best resource.
What you need is a copy of the NTS, Notice of Trustee Sale. It will have a phone number listed with up to the minute information on the sale date and time, location, and expected bid amount. You can get all of this from your Realtor.
Yes, I would recommend having a Realtor as your trusted advisor, to get comparables, assist you in investigations of liens, etc. Since you are buying directly from the lender, you will need to make a fee arrangement directly with the agent, but their services are invaluable.
Please contact me if I can assist you. I am a Certified Foreclosure Expert.
Deborah Bremner
REALTOR, 00588885
(D) 818.564.6591
TheBremnerGroup@gmail.com
Blogging at: http://TheBremnerGroup.com/blog
0 votes Thank Flag Link Tue Jun 22, 2010
Hello,

There are many companies that offer trustee sales information for a price. There is a link http://www.dailyjournal.com/djpublications.cfm listed below to subscribe to the daily journal. This will give you the property information, locationof the sale, and estimated initial bid price.

There are many areas of a Trustee sale you need to review before going to the actual auction. These are just a few: Is there Delinquent property tax, Delinquent HOA dues, Type of Occupancy of the subject, is there tax liens against the old owner/property. Certain debts remain after the sale is completed. These are not always conveyed with clean title.

I sell REO's for banks. Even when the bank takes the property back there are clouds (non marketable title) on title. Good luck getting the tenants or owners out. Get a good lawyer for advise and to start a UD action.

It's best to have an agent who is experienced in trustee sales. There is much to lose if it's handled incorrectly.

Best of Luck- I hope this helps you out!

Regards,

Michael Friedman Broker 0977642 and Nationally Licesned Mortgage System #211162
0 votes Thank Flag Link Mon Jun 14, 2010
Hello Wei-Min,

Many auctions do happen on the steps of the Norwalk Courthouse as well as other courthouse steps such as Pomona or Los Angeles or Rowland Heights. You can find some amazing deals by buying properties at auction. It's good to know as much about the property as you can prior to getting to ensure it's not coming to you with a great deal of liens, etc., but for the most part, you can really do well if you are pretty flexible in your property selection as many properties can be pulled from the auction list the morning of the sale.
If you have any questions on this topic, I can help you or at least introduce you to someone who has been buying proeprties at auction for the past 6 years.

Good luck!
Lynn LeGlaire
Keller Williams
(323) 219-4480
Email: lynnleglaire@sbcglobal.net
Web Reference: http://www.lynnleglaire.com
0 votes Thank Flag Link Mon Jun 14, 2010
Hello Wei-min,

The auctions of foreclosed property in Los Angeles on the Court House steps are all cash. If that seems like an option for you, you need to do your due diligence before the auction occurs. You can't inspect the property or view it before. It's risky. I am happy to assist you with this process. Most of the auctions get postponed so keep this in mind too.

Best,

Monique Carrabba
The Carrabba Group
Keller Williams Hollywood Hills
mcarrabba@kw.com
(323) 899-2900
0 votes Thank Flag Link Mon Jun 14, 2010
Actions on foreclosed homes do occur in Norwalk, as well as other locations. While there is a list I have access to by paid subscription, any particular property on that list can be yanked off the auction list on the morning of the auction. There can be a variety of reasons for his to happen. What it means for a buyer looking for a particular property to be available is that flexibility is key. If a property is postponed at the auction date, it may come on again at a later date. There is a lot auction buyers need to be aware of. Contact me if you'd like more info: Deb London 310-808-3739 or http://www.deborahlondon.com
0 votes Thank Flag Link Mon Jun 14, 2010
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