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.
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.
Blogging at: http://TheBremnerGroup.com/blog
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!
Michael Friedman Broker 0977642 and Nationally Licesned Mortgage System #211162
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.
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.
The Carrabba Group
Keller Williams Hollywood Hills