seklengtan, Home Buyer in San Francisco, CA

where does the property auction take place?

Asked by seklengtan, San Francisco, CA Tue May 1, 2012

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At the steps of City Hall in San Francisco at the Van Ness Street entrance. Make sure to do all your homework on the property you are interested in, whether it's still for sale or the sale has been postponed, etc. Then come with a cashier's check in the amount you will be bidding.

Feel free to call me at 415-200-7202.
0 votes Thank Flag Link Wed May 2, 2012
Actually foreclosure sales need only be held in a public place in the county where the property is located. Most of these happen on the courthouse steps because of tradition and it is an easily identifiable place.

However you need to read the foreclosure notice to be sure. My Real Estate Law professor used to use the sidewalk in front of his office as the public place so he wouldn’t have to go all the way downtown. (This was especially true where the property was going back to the bank who would not entertain underbids.) He used to joke that if you ever saw him talking to himself out in front of his office, that he wasn’t crazy – he was just conducting a foreclosure auction. (Note* I took Real Estate Finance before people had cell phones with blue tooth, etc.)
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0 votes Thank Flag Link Wed May 2, 2012
If you are asking about a foreclosure sale auction, it is always on the steps of the county building. Here in SF it is City Hall on the Van Ness side.
The sales are cash or "cash equivalent” (i.e. cashier’s check) and final. That means that the buyer gets no contingency period for due diligence and typically the only prior inspections a buyer can do is a drive by.
These sales are not for anyone who has to ask where they are. If on the other hand you want to learn more than go by all means but watch and learn before you buy. A recent story of a couple in Santa Cruz comes to mind. They bought at one of these sales and when they tried to take possession of the property they finally learned that they had bought a note that was in second position on a property and the note that was in primary was foreclosing also. So all they got was a worthless piece of paper.
0 votes Thank Flag Link Wed May 2, 2012
Jed Lane, Real Estate Pro in San Francisco, CA
The foreclosure sales are held on the court steps of the county, in San Francisco this actually takes place outside city hall doors on the Van Ness for the sales I have attended in the past.

Have you a particular property in mind? And are you aware of how this process works on the court steps.
Web Reference:
0 votes Thank Flag Link Tue May 1, 2012
Out here where I work they happen outside of the Court house in the county that the property is located in. If no one local answers this question for you I would call your county court house and ask them if the auctions do take place there.
0 votes Thank Flag Link Tue May 1, 2012
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