Home Buying in Sacramento>Question Details

Jade, Home Buyer in Sacramento, CA

Where can I find an accurate list of Auction Homes in the Sacramento / Elk Grove area? I don't want the spam websites.

Asked by Jade, Sacramento, CA Sun Feb 12, 2012

I'm interested in purchasing a property via Auction. I've heard people mention that they received a letter that their home was going to be sold at court after they lost their home due to foreclosure. Where is the list of auction (trustee sales) so that I can research the properties before going to an auction? Where are the auctions located, which court in Sacramento?

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I've purchased a few homes through auction. You just have to be sure to really do your homework because you get the property and TITLE "as-is" with an auction. In some cases there may be liens on the title for taxes, utilities, code enforcement violations, etc. A knowledgable real estate agent and title officer can really help out here to make sure the title is clear and you don't end up paying $50,000 for a home that has $100,000 worth or liens on it that you are now responsible for.
Good Luck Jade, and don't get caught up in the "hype" of the auction.
http://www.auction.com
Web Reference: http://www.auction.com
0 votes Thank Flag Link Mon Feb 13, 2012
Hi Jade,
I can't really address: " I've heard people mention that they received a letter that their home was going to be sold at court after they lost their home due to foreclosure" since we don't know who they got these letters from- was it someone trying to solicit business? or an actual notice of trustee sale, which comes 21 days prior to the trustee sale date.

If you are looking for Trustee Sales, check also the newspaper for Notice of Trustee Sale, a lot of information can be found there, some of the trustee's have websites where you can check the status of the sale prior to the sale date. It will also tell you where and when the sale date is. These sales require full cash payment & as others have pointed out you do not get clear title. I suggest you attend a few of the sales and see how they work.

Post foreclosure auctions are usually homes that have not been sold on the open market, that current owner (usually a bank, Fannie Mae or Freddie Mac) contracts with an auction house to sell the home. In many cases financing & clear title are available, BUT read the fine print carefully, and be aware you will also be paying a buyers premium.
0 votes Thank Flag Link Mon Feb 13, 2012
Your question itself indicates the confusion over foreclosures and auctions. A foreclosure process ends at an auction- you have notice of default, 90 days later the notice of trustee sale, and then the auction itself which is really the trustee sale. The sale occurs at the courthouse steps, is often postponed, rescheduled, and not for someone who has not done proper research as you are buying the position that the lender had. That position may be for full possession or it could included additional liens on the property. The property may or may not be vacant in which eviction proceedings need to be followed according to the law.

Auction.com is auctions completed by Fannie Mae, and Freddie Mac or others who had not recevied a buyer at the trustee sale, and had maybe even tried to sell it on the market with no buyers. This option may be better for you as you can actually view the property in most cases prior to bidding. You can bid online, or go to the auction itself and get caught up in a frenzy paying more than the home was worth. In this case, you pay the price plus a 5% upcharge ... it's best to work with realtor, you're paying for it anyway, and you can avoid much of the risk. Find one who has extensive experience as an investor themselves for best insight into how it's done.
Web Reference: http://www.suearcher.com
0 votes Thank Flag Link Mon Feb 13, 2012
Okay I guess it is okay to use the word ballroom.... What other word could it have been? Trulia webmaster: please read my blogpost and tell me why it was not a valid answer for an answer to a Trulia Voices question.
0 votes Thank Flag Link Sun Feb 12, 2012
Jim Walker, Real Estate Pro in Carmichael, CA
MVP'08
Contact
Trulia's spam / inappropriate content filter is not working correctly. Claiming that my post was "not valid" Trulia software did allow my post. No explanation from the software of why it would not be valid. I answered this question on the blog instead.
You can read it and see the answer on the link. The filter did not block the exact same wording on a blog post, so my conclusion is that Trulia voice's spam filter is malfunctioning.

Summary of the blog: I warn that hotel conference room auctions are not usually such bargains. Oh was it because of the word ballroom?
0 votes Thank Flag Link Sun Feb 12, 2012
Jim Walker, Real Estate Pro in Carmichael, CA
MVP'08
Contact
You can try http://www.auction.com, Williams and Williams, Hudson and Marshall. Also properties are auctioned at the county courthouse steps M-F.
0 votes Thank Flag Link Sun Feb 12, 2012
Hi jade all good answers and recommendation, also can visit Auction.com they have these action also- .which type, there are trustee sale, tax sale coming at this month end and foreclosures.Most list are online but cost- you can get a trail for 7-days free then must join. They list a lot of information.Also they have them at different places and hotels- Check the Radisson, based on what type of auction your interested in.
0 votes Thank Flag Link Sun Feb 12, 2012
Its posted in the paper, but the most accurate site would be foreclosure radar. It is kept updated through the trustees. The dates posted typically changes numerous times before a home is actually sold via auction. The auctions are all held in different locations: court house steps, hotels, sheriff, etc... The issue you will come into is that these homes are not being sold free and clear. A lot of them have liens, seconds, etc... that you will acquire once you buy them. The people going to these auctions have title researched on each property and physically inspect. The entire process is time consuming and tricky. I would recommend finding a Realtor who is experienced in this type of sale to help you.

If you have additional questions, please feel free to contact me.

Brandie Ribeiro
(916) 995-7564
0 votes Thank Flag Link Sun Feb 12, 2012
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