Home Buying in San Gabriel>Question Details

Annie, Home Buyer in Monterey Park, CA

Hi! I would like to know how is the auction on the property work, I need more detail, thanks

Asked by Annie, Monterey Park, CA Tue Aug 31, 2010

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Arthur’s answer

I specialize in Trustee Sales which are courthouse auctions. I would be happy to share the details with you on our program. We also are one of the few people that can provide Title insurance on these sales. We work with residential/commercial.apartments and anything else getting foreclosed on. Depending on area and the property discounts can be as high as 10-30% or so.

626 698-3348
0 votes Thank Flag Link Wed Jun 29, 2011
You have a great answer and very detailed from Jane, first answer given. So I will not repeat that has already answered... are you looking to buy auction homes or because you know someone of their home is on auction status? Because the way you had phrase your question, I feel that you are looking for answer what happens if the home is on the status of auction, am I right? Feel free to contact me anytime at 626-318-7994. I specialize in homes in the area of Monterey Park, San Gabriel, Alhambra and more.
0 votes Thank Flag Link Tue Aug 31, 2010
Hi Annie,

Here is a link to my website that has the steps of the foreclosure process:


If you have any more questions feel free to contact me.
0 votes Thank Flag Link Tue Aug 31, 2010
Annie: There are private auctions and public auctions. The private ones are held by companies that sometimes offer financing. The Public ones are held on the courthouse steps of the County Courthouse.
You need to have a minimum amount of cash for the public auctions and then proof of funds for the rest of the entire balance that you agree to pay within a week or so.

The most important thing about auction properties is that you do your due diligence before placing your bid. It is best to inspect the property and also hire a legal professional to check the title of the property to make sure there are no liens of any kind attached to the property. Each County has their registration process you must complete before bidding on a property.

There are many people who have made the mistake of purchaing a poperty at an acution and then they find out that there were liens attached that they the buyer are responsible to pay.

Since the Auction seller where ther it is private or public has never occupied the home there isnot liability on the seller's part. The responsibili;ty to chek the property out completely is your responsibiltiy.

Web Reference: http://www.soreal.biz
0 votes Thank Flag Link Tue Aug 31, 2010
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