Foreclosure in San Diego>Question Details

Ida, Other/Just Looking in Fallbrook, CA

Whom do you contact for a property going up for auction?

Asked by Ida, Fallbrook, CA Sun Jul 20, 2008

The property owner is listed as the contact person but no longer lives at the address indicated since that is the property going up for auction tomorrow, July 21st. We were dealing with this property as a short sale but never came to an agreement on the price. Also, what does the "estimated list price" mean at an auction sale? What's the best guess for the high bidder at the auction in comparison to this list price? Does the lender have to accept this high bid or does it just continue on and on as the short sale offer did?

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Are you talking about trustee sale auction at the county counthouse steps? Or are you talking about a bank-owned auction they have generally in Hotels?

I think you're talking about a trustee sale auction. There are services like County Records Research that have the information to call regarding the sale date of the trustee sale. You could also find out who the lender is on the property and call them. You can find the lender with a property profile search on the property through a title co.

At a trustee sales the lenders are starting to "discount the opening bid's". This means they are offering an opening bid that is for LESS than what is owed on the house. But from what I hear, the vast majority of houses are not getting bought at trustee sales, they are instead reverting to the lender to then become bank-owned and listed with a realtor.
2 votes Thank Flag Link Sun Jul 20, 2008
If this is a trustees sale, and it sounds like it is, you will need to have cash or cash equivalent for the auction for the entire amount. Some people bring cashiers checks in various amounts to cover the winning bid. The lender may discount the amount they are willing to take though not always. Remember these important points
1. Know if you are bidding on a first, second or other junior lein. Some people think they are buying the 1st TD, but wind up with something else.
2. Make sure there are no IRS leins, since the IRS can take the property for what they are owed. My company will issue title insurance with the disclaimer for IRS leins. After 120 days, the IRS leins if any, are usually not valid.
3. You will be buying the property as is. Damage to the property is possible.
4. You can call our customer service at 619.521.3478 in the am and they can give you copies of all the open deeds and the notice of trustee/notice of defaults for free. Mention my name. Call me if you need more information.
1 vote Thank Flag Link Sun Jul 20, 2008
Hello Ida, if the property went to auction it may have sold it may have not sold. You still have a chance to purchase. If you are in need of Purchasing Real Estate and not represented by a Agent/Broker.
Keep me posted,
Ruben Sanchez: License Realtor/Broker
Web Reference:
0 votes Thank Flag Link Tue Jul 22, 2008
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