The opening bid posted may not match the starting bid at the court steps. It will be closer to real 'market value'. You'll need to have 10% cash of the accepted bid in cashier checks in your pocket the day of the auction. Just call me and I will assist you with this.
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There are specifically two ways to buy a property that has gone to trustee sale.
1. Purchase with cash and no contingencies on the courthouse steps by way of auction. Generally speaking, in the past, if the reserve (the amount owed on the property) was not met the lender or back would take back the property and add it to their portfolio of non-performing assets (also known as Bank Owned, Lender Owned and REO or Real Estate Owned). It would then be either marketed with a real estate agent or sold as part of a large portfolio to an institutional investor.
2. If the property is marketed for retail with a local realtor then the purchase is very similar to a standard sale though the bank will have no emotional attachment so they are more concerned with your ability to purchase and take on any liabilities. That is why cash buyers with few or no contingencies compete well with this type of property. Expect multiple offers on most REO properties.
I would be glad to help you locate and purchase a property in the Santa Monica area. Please feel free to contact me.
I look forward to speaking with you soon!
Have a great day,
Heather Paul, Realtor
The SoCal Investment Real Estate Group
Sothebyâ€™s International Realty
License # - 01343854
If you have something to prove, you have nothing to discover. â€”Zen maxim
99.5% of the time the online ads are wrong in addition to postponing the sales they also get cancelled...
you will probably buy it subject to junior leans.... meaning the HOA forecloses and sells it for $6K subject to lender liens on title... so you buy a condo for $6K and it has $500K in liens that you have to pay on it otherwise the bank will foreclose on you...
There are plenty of easier deals out there... and experienced and well connected buyer's agent will be able to get you to them.
if you like my answer give it a thumbs up or the best answer!
This property will auctioned off. All cash only.
I'll have to look up the starting bid..it will not be for $6,000
That's most likely the amount in default.
Please email me your email address or phone number, and I'll be happy to give you that info.
Have a wonderful day!
Susan Bo'ur Realtor/Coldwell Banker