Home Buying in 90210>Question Details

Prgirl, Home Buyer in 90210

My boyfriend and I have the cash to buy a house in 90210 at auction. There is a house that has been listed for an auction day twice. I'm assuming

Asked by Prgirl, 90210 Mon Apr 5, 2010

that means no one bid on it when it was up? How do I check for old Liens? Any advice for us going up against seasoned investors who know auctioneers? (the house we like is 606 N Linden)

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HomesbyKaren’s answer
Hi Prgirl,
If you and your boyfriend are serious about buying a home and want buyer representation, please read this Los Angeles Times Business article I was featured in
http://articles.latimes.com/2010/aug/29/business/la-fi-luxur…
then complete my buyer profile at
http://www.reoviplist.com.
you can email me @karen@rscapitalrealty.com
or call me,
310-295-7762
Sincerely
Karen Caskey
Lic #01853018
0 votes Thank Flag Link Mon Jun 6, 2011
The property was forclosed on 7/8/10 and has not been relisted with an REO agent yet. When it does, I expect to see it listed in the $3.5M-$4M range. I do not know how much you have to spend, but there are plenty of great deals to choose from right now. Interested? Always happy to assist....
Sincerely,
Richard "RJ" Kas (SFR, SRES)
"Representing the finest properties from Los Angeles worldwide"
KAS Properties - Coldwell Banker Previews International - Beverly Hills East
9388 Santa Monica Blvd, Beverly Hills, CA 90210
310.859-5334 office - 310.488.9826 mobile - 310-273-0670 fax ATT: RJ
RichardKas@gmail.com - http://www.RJforLA.com - DRE: 01352771
Sellers Buyers Investors Leasing Consulting
0 votes Thank Flag Link Sun Sep 19, 2010
90210? Not likely, In my opinion, 2 million will not buy this house. Buyers expecting 35- 50% discount on a bank owned property is anything but amusing to real estate professionals and REO asset managers, especially in desireable neighborhoods. Most foreclosures were previously refused short sale offers and other offers to purchase below the amount owed from the homeowner. banks are in the real estate business. They always have been. April sales in Beverly Hills were the highest years.
Beverly Hills homeowners who have seen their equity skyrocket in the past 7 years, will list their home at current market value and may be in a position to consider a lot less than they are marketing the home for. Buyer representation, perhaps with an agent not with the listing broker would be able to ffind you the right home that is agreeable to buyer and seller.. www. westsideestateinfo.com.
Web Reference: http://www.reoviplist.com
0 votes Thank Flag Link Wed May 26, 2010
Do a lot of research. Your agent can call his/her trusted title rep who can provide information regarding most liens against the house. Check on the permits as well if they are available. Usually you request this in Escrow. You should request a complete title report as well. Once you have done this...make sure you know what the home is worth. Lastly, ask yourself..."why?" Why do you want to buy a home in auction? Because you think it will be a good deal? That is possible but don't disregard all other property for sale because there are plenty of good deals out there in Beverly Hills. For information on upcoming auctions or homes for sale in Beverly Hills, feel free to call the Solomon Team (310) 979-3798
0 votes Thank Flag Link Wed Apr 7, 2010
Hi Prgirl,

Buying a home at auction can be a great investment.

I do want to let you know that you will be up against other investors who have lots of cash.

You will need to have money orders in increments of $50k or $10k so you dont pay too much and have to wait for a refund. Depending on if your buying from the court house steps or an auction where they provide financing.

You should look at the home before the date to make sure there isnt a lot of work needed.

Also, check with a title company to see if this is only the 2nd lien. If it is you will also have to pay for the first lien.

Do know that if your looking at sites that report foreclosures and this home was supposed to be sold twice but wasnt sometimes the owner may be in the middle of a workout. The lender doesnt cancell the foreclosure action untill the owner is in a final modificaiton.

I know this because I modify homes for clients and they continue to get calls and letters from realtors and people who want to buy the home. So if the auction has been cancelled more than once chances are the next auction may be cancelled as well.

The lender doesnt want to have to do the entire process all over by filing a nod then notice of sale so they continue the process untill the modificaiton is final.

They could end up reporting this home for 6 - 8 months. You should be able to contact the reconveyance company/attorney who is in charge of the auction and find out if it is on home because of mutual agreement.

I do get very irriitated at some foreclosure reorting companies because they dont make it clear that the homeowner is in a workout. It is very upsetting for some home owners who believe they are in a modificaiton only to be contacted every month by realtors.

Best of luck

JoAnna Jensen
Realtor - Legal Assistant
Legal Realty Volo Law Group
925 699 5041

Best of luck.
0 votes Thank Flag Link Mon Apr 5, 2010
Hi PrGirl,

I have been at several LA area auctions and have plenty of advice to offer you. Feel free to contact me directly and I'd be happy to talk to you, walk you through the process, and advise you on pricing, liens, etc.

There are many important things to know about home auctions - you definitely don't want to walk into one blindly without consulting with a professional first!

Richard Schulman
Keller Williams Realty
#1 Agent KW Westside 2007, 2008, 2009
(310) 482-0173
schulmanrd@yahoo.com
0 votes Thank Flag Link Mon Apr 5, 2010
Hi Prgirl, There are many good opportunities in Beverly Hills, feel free to contact me directly at homes@endrebarath.com or please call me on my mobile 310.486.1002.
It is important to receive sound advice as well as work with someone who is seasoned when you are navigating thru such a large financial transaction. Warm regards, Endre
0 votes Thank Flag Link Mon Apr 5, 2010
Hello Prgirl,

She-lee hit a lot of the negatives in buying at the court steps, another item she missed is when you buy at the courthouse steps the previous owners may still be living there thinking they are modifying their loan. A surprise to all when you show up and tell them you are now the new owner. (This is happening more and more). Then you need to start eviction proceedings, they may destroy the home in their anger there are so many variables. If this purchase is for you to live in then find a realtor in your area to represent you it is not going to cost you anything.

Good luck and I hope you find what you are searching for.
0 votes Thank Flag Link Mon Apr 5, 2010
Please contact me directly so that I may help you. I am a Realtor that is specialized in Beverly Hills and the surrounding areas.
My office is Coldwell Banker Previews in the City of Beverly Hills. There are plenty of fantastic deals and I would be happy to help you.

Ambra Bisconti
Coldwell Banker
301 N. Canon Dr. Suite #E
Beverly Hills Ca, 90210

310-498-2151

AmbraBisconti@aol.com
0 votes Thank Flag Link Mon Apr 5, 2010
Contact me directly, either by phone or via my profile, and we can discuss next steps. There are deals out there. You just have to work for them and you have to okay hearing NO many times before you hear YES. I look forward to our continuing conversation.

Shel-lee Davis, CDPE
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
http://shel-lee.listingbook.com
0 votes Thank Flag Link Mon Apr 5, 2010
THANK YOU BOTH FOR YOUR HELP.

WE HAVE CASH FOR WHATEVER WE WANT-WE JUST WANT A GOOD DEAL.
FOR THAT PRICE WE FIGURED IT MUST HAVE SOME OTHER LIEN ISSUES, OLD TAXES, ETC.
SO MAYBE THAT'S NOT THE BEST DEAL..
SO....THEN MY QUESTION IS KNOWING WE HAVE CASH -SAY, UP TO $2 MIL BUDGET, WE WANT TO FIND A GREAT DEAL...WHATS THE BEST APPROACH? AUCTIONS? PRE-AUCTIONS? JUST NOT SURE WHERE WE SHOULD BE LOOKING.
0 votes Thank Flag Link Mon Apr 5, 2010
How much do you know about this property, other than the fact that it is listed for auction? Are you aware there are 3 mortgages against the home? Do you know if you buy the house at auction, you would be taking it subject to a $2.5 million 1st TD, at the very least and possibly other liabilities that are senior to the foreclosing lien? Do you know how many payments have been missed on the 1st TD? What about unpaid property taxes to the tune of over $35K? And are you aware that there was a recent recorded transfer, which might create a cloud on title?

These are things you need to know before you show up at the Trustee Auction and pay cash for a home. Trustee Auctions are not a place for the average homebuyer. The people who buy properties on the courthouse steps are sophisticated investors who have access to a lot of information the average home buyer does not. And even for them, sometimes they lose big on a single property. They play the numbers game and if they win more than they lose, they make a profit overall.

Lastly, there is a reason the auction date has been postponed (in this case the records indicate that the reason for postponement is Bankruptcy). Chances are, it will be postponed again. Understanding the various reasons banks postpone auction dates is another critical step to success in buying a home at the foreclosure sale. Without this knowledge, you might end up on the courthouse steps with a ton of $$$$ in cash or cashier's checks and nothing to buy.

If you have cash to buy a home, then you need to work with an experienced Realtor, who can help you find and negotiate a great deal from a motivated seller. However, if you are only looking to buy $3.0 million homes if you can get them for $725,000, then you might have to stand in line with lots of other buyers, who unfortunately will bid against you and push the price right back up to some reasonable approximation of Fair Market Value. And in this case, if you bought this home on the courthouse steps for the published bid of $726,055, you would end up paying well over $3.261 million for the house. Not such a great deal after all.

Shel-lee Davis, CDPE
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
http://shel-lee.listingbook.com
0 votes Thank Flag Link Mon Apr 5, 2010
No, it doesn't mean that. It just means that the lender has given the home owner an extension. My question to you is why buy a home at auction. Buying a home at auction does not guarantee you buying it at the lowest price. Furthermore, you are buying a home without the opportunity to do due diligence and opening yourself up to buying a home with a cloud on title.
I would love to speak to you further and if you would like to contact me please feel free to call me at (310) 498-2151

Ambra Bisconti
0 votes Thank Flag Link Mon Apr 5, 2010
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