Home Buying in 91401>Question Details

Jeannie, Home Buyer in 91401

Are there agents who specialize in representing a buyer for a home auction?

Asked by Jeannie, 91401 Sat May 10, 2008

Great house appears to be headed for auction.

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Answers

1
Hi Jeannie,

I know of a company that offers assistance to buyers in purchasing at Trustee Sales. A trustee sale is an auction that occurs on the courthouse steps by a bank before it forecloses on a property where they have served a notice of default. The issue with trustee sales is that they require a 100% cash purchase at the auction, which rules out 99% of the buyers out there (who has a few $100k laying around?). The company that I know of can purchase the property on your behalf and sell it back to you for basically a 10% mark-up fee plus slightly increased closing costs associated with their contract. But they provide information and services only on properties that make sense to purchase... those properties that have the potential to sell at the auction for $0.60-$0.70 on the dollar.

Shoot me an email and I would be delighted to put you in direct contact with an agent at that company.

Best of luck!!
Tara
0 votes Thank Flag Link Mon May 12, 2008
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