Foreclosure in 91941>Question Details

Barb Fischer, Other/Just Looking in San Diego, CA

What's the scoop on bidding at an auction on the courthouse steps in San Diego? Can we see the home first? Do?

Asked by Barb Fischer, San Diego, CA Fri Oct 31, 2008

we have to have all cash? Can we get title insurance immediately? Can we get keys/remove tenant/owner right away; if not how soon and how?

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3
Hi Barb,

My name is Terry Dyer and I am active @ the sales...I am also a Lic. CA Broker. I am not offering advice.... however if you are planning on bidding @ a sale you will need a cashiers check for any amount you intend to offer. NO DEPOSITS. You can puchase a title policy AFTER you buy the house. Some title companies will do a preliminary report for a fee however this is not insurance.

You will need to ensure the lien you are bidding on is not subordinate to any other liens as you will be liable to any lien that takes priority over the lien you are "buying". Generally it is the first that forcloses and the second is extinquished.

The owner/tenent can be served with a 3 day notice but beyond that if you don't get them to move out you could have an unlawful detainer action on your hands. Best to offer them some money to move out and have a contract that states the terms and does not establish an tenent / landlord relationship.

As far as buying from the bank after the sale remember that the agent representing the bank is going to ask market price for the house, the point in going to the auction is to buy at a discount to market pricing, this comes with the obvious risks.

Good Luck,

Terry Dyer
1 vote Thank Flag Link Sun May 10, 2009
Terry is correct and obviously experienced in purchasing homes from the court house steps. I am also a Realtor and want to let you know that he/she is correct, where the other reply is not.
0 votes Thank Flag Link Thu Jul 29, 2010
You need to do your homework before attending any auction. Usually you need $5000 cash or cashiers check and the balance in 30 days so have your fiinancing in place. you also need to see if the owner is still living there or a tenant or is it vacant. If someone is living there, they become your problem when you but at auction, you will have to evict them. If it is vacant look to see if there is a number psoted for an assett manager that you can get insode. You also want to check and see if there are any outstanding tax bills by checking with the tax collector, as well you need to have a title search done to see if there is a second mortgage or any mechanics liens. when you buy at auction you are responsible for any liens or other mrotgages. A best bet is to buy after the foreclsoure auction, the bank will get the people out, the bank will clear the titel and all liens will go away. good luck if you choose to jump in.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Fri Oct 31, 2008
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