Home Buying in San Diego>Question Details

Ole Bjørn, Home Buyer in Norway, MI

If a house is for sale for 70 000 US Dollar. Foreclousure sale/ auction. Is that the total price you have to?

Asked by Ole Bjørn, Norway, MI Tue Aug 19, 2008

buy it for it, ore the highst bid? And in these days is it possible to buy a house in La Jolla area for that price on a auction?

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Answers

3
Ole,
You must be very careful about bidding at a Trustee Sale. You need to make sure that you are not seeing a 2nd, 3rd trust deed being foreclosed on. Here in California, you need the whole amount in cash or cashier checks at the time of the auction. No financing available, though, I have some contacts for companies that may partner with you on the purchase or help you with the purchase for a fee. Scott was correct that you are buying as is and would be wise to remember that tenants may need to be evicted and there may be damage to the interior that may not be readily visible. I can get you free weekly lists by e-mail of all San Diego County notice of defaults, notice of trustee sales and reo. In addition, my customer service can send the deeds and notices for properties you are interested in. I also have a one page form that can be used if you buy at the trustee sale and want title insurance (recommended) and a binder (also recommended if you will be reselling the property in the next 2-4 years). Let me know and I can send you the form and also answer any other questions you might have.
See the following video on buying at trustee sales.
http://www.youtube.com/profile_videos?user=3fredeckert3&p=r
0 votes Thank Flag Link Tue Aug 19, 2008
The "price" you are seeing in most likely the amount the current owner is behind on his/her payments. Many of the websites note this amount as "opening bid" which is very misleading. There are currently 468 homes for sale in La Jolla, priced from the low $200k for a 1+1 short sale all the way up to an 11,000sq ft custom home priced at $39M. If you are looking for a home in the US, let me know....I have helped a number of foreign nationals purchase US real estate and would be happy to help.
0 votes Thank Flag Link Tue Aug 19, 2008
If you are buying at auction you will be responsible for any liens on the property say back property taxes, condo fees, mechanics liens or a 2nd and even 3rd mortgage. You will want to have a title search before bidding to know what you are getting into. Also if there is an occupant, YOU will be responsible for getting them out. If it is after the auution and the bank is selling the property as a REO, then you are not responsible for such fees as they are cleared in auction, you can then bid at asking price, more than or less than. Have your financing in order, be ready to close in 30 days and you cant have any contingincies, the property is sold as is so do your inspections before bidding. good luck
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue Aug 19, 2008
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