Foreclosure in Los Angeles>Question Details

Mike, Home Buyer in Los Angeles, CA

how can I find auction listing before go to court invole court location and schdule.can I go to bid by my self?

Asked by Mike, Los Angeles, CA Sat Feb 25, 2012

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Vickie Loftis’ answer
You need to be careful on these auctions. If there is other liens, then you could be assuming those? Rarely in our area, when a property is auctioned off at the courthouse steps, does the property sell. Bank usually buys back and then it is listed as foreclosure/REO.
Vickie Loftis
Realtor
American Way Real Estate
710 S. Jefferson Avenue
Cookeville, TN 38501
http://www.vickieloftis.com
vickiel@american-way.com
0 votes Thank Flag Link Mon Apr 2, 2012
Going to an auction is risky business. You need to do your homework on a property and know all the details on a property before you bid on it. Often, you are not getting any better deal on the property than if you had made an offer on it as a short sale... Just recently, a buyer went to auction, bought a property for what they thought was a tremendous value and couldnt figure out why no one else bidded... They won the bid at $260,000 and then found out that they bought the 2nd trust deed and are sitting in a 2nd position behind another persons 1st and they have no usage of the property. Know your stuff for this one... get an agent and work with them and their resources... it can be a dangerously big mistake to do it yourself if you do not know the process.
Sincerely,
Richard "RJ" Kas (SFR, SRES)
"Representing the finest properties from Los Angeles worldwide"
KAS Properties - Coldwell Banker Previews International - Beverly Hills South
166 N. Canon Dr, Beverly Hills, CA 90210
310.859-5334 office - 310.488.9826 mobile - 310-273-0690 fax ATT: RJ
RichardKas@gmail.com - http://www.RJforLA.com - DRE: 01352771
Sellers Buyers Investors Leasing Consulting
0 votes Thank Flag Link Thu Mar 29, 2012
A word of caution, do your homework. remember that you are buying the home and any debt attached to the home in the auction. Also make sure to check the liens and if there are more than one loan that you are buying the first and not the second or third.
Doing a search will turn up many sellers of information, it's what you do with it and what research you do that will make you or break you.
0 votes Thank Flag Link Thu Mar 8, 2012
Take Suzanne's advice about bidding yourself. Be sure you know the place well and have your financial ducks in a row. This is not a time for any mistakes.

That said, public offices often have bulletin boards with such notices. Local newspapers carry ads. On all of them are contact information. Call the attorney involved. They will not tell you much of any use but they will tell you when and where it is. Do not expect them to notify you if it gets changed. I have been to many such auctions. It is uncommon to find anyone from the public there to bid. But I have seen one place go for double what was owed and nearly double what I thought it was worth. Usually, the price stuck off is the amount of mortgage and costs and that is it.
0 votes Thank Flag Link Sun Feb 26, 2012
Auction records are public records and are usually available at the Courthouse. You will find the auction schedule and location of the auction there as well. You may also be able to subscribe to a service, like realtytrac or foreclosures.com that will tell you when a property is listed for foreclosure auction sale, however those dates are changed and postponed all the time so you will still have to double check with the Sheriff's Department or Courthouse. You can bid on these homes, but it is very tricky. You will need to have a large sum of money available the day of the auction and the balance of the money within a very short time, sometimes as little as a few days. Auction investing is not something that is recommended, generally, for new investors or home buyers. It's just too risky and too complicated. You don't even get to see the home you are bidding on until after you have purchased it and as a rule the banks themselves buy the homes back rather than let them go for less than is owed to the bank. I would highly recommend you get some experience and education before you try auction investing. There are other avenues that will allow you to get a very good deal on a home that are far, far less risky. The BEST thing you can do is talk to a local Buyer's Agent and let them help you.

Good Luck!
0 votes Thank Flag Link Sun Feb 26, 2012
Huh? Not too sure what the question is?
0 votes Thank Flag Link Sat Feb 25, 2012
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