Where can I find bank foreclosure auction properties?

Asked by Gkoehl, San Diego, CA Mon May 28, 2012

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Janet McCarthy’s answer
Janet McCart…, Agent, San Diego, CA
Sat Jun 2, 2012
Auction.com lists foreclosure properties in all states. I have attended these auctions and would urge you to be very careful.
The standard operating practice is to price the properties very low and then to work the buyers in to bidding up the property. Many sell very close to market price. Also, you need to know the condition of the property and the terms of the auction. Buyers often need to pay a 1% auction fee - which could negate your savings.
Your interests are better served by finding a Realtor who can help you set up a buying plan and then alert you when the best properties become available.
I try to position my clients to avoid any bidding wars which serve the seller more than the buyer.
Janet McCarthy
Connect Realty
0 votes
Paul, Home Buyer, San Diego, CA
Mon Oct 10, 2016
Hi Gkoehl,

Please refer to Top 10 Real Estate Auction sites http://www.publicauctionfinder.com/blog-news/real-estate-auc… I hope you'll find your next property.
0 votes
Jay Becker S…, Agent, La Jolla, CA
Sat Jun 2, 2012
I feel that your best bet is to align yourself with a real estate professional that clearly understands your property needs and your goals i.e. investment property for cash flow, 2nd home for retirement, seeking future appreciation etc.. Resourceful realtor's have access to several resources to obtain distressed properties and maintain relationship to lender inventory as well. Often time what you may find through internet searching is not current, not accurate and many times there are bait and switch property listings that encourage buyer's to sign up for a paid services.

Check the reviews of your chosen real estate professional and see what their clients are saying about their experiences.

I have been a licensed buyer's agent for 21 years and if you have not yet aligned yourself with a realtor to represent you, I would be happy to speak with you.

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Steven Brant, Agent, San Diego, CA
Tue May 29, 2012
As the CEO of a brokerage that derives over 50% of their revenues from the sales of REO properties you would think that I would offer a self serving answer. However I am going to suprise you. Let's first look at your question. Rarely are people looking for a certain type of sale ie. REO, Short Sale, Traditional, rather people are mainly looking for a "good deal".

My guess is this is why you are interested in REOs or Auction properties, the perception being that you will find a "good deal". You will, but more on that in a minute. First I think it is important to define what it is you actually hope to accomplish. Are you looking for a home for your family? Are you looking for an investment? Do you want an investment that requires more management or less management? Are you comfortable spending money on rehab expenses? Maybe you have already asked yourself these questions and if so, then well done, if not this is really where you should start. Why? Because we don't have a shortage of distressed properties for sale, almost 50% of the market (in San Diego and Miami) is distressed real estate. This means once you identify the niche you want to occupy finding the right home is really pretty easy.

Most agency websites offer a free searches of REO properties for sale. I have them on our website, as I am sure many other brokerages do also. As for auction properties there are two types of auctions, the auction that takes place on the county courthouse steps or the auction that takes place in the ball room. There are a couple websites that offer lists of properties for sale at the county courthouse steps however there are some key items you need to understand.

1. The courthouse sales are all cash sales.
2. You are buying the home without inspections and run high risks
3. If the property is occupied you will have to evict.
4. There may be problems with the title that you are not aware of, there is no title insurance in an auction sale.

I would take a look at http://www.foreclosureradar.com or http://www.foreclosure.com or http://www.realtytrac.com for info on properties about to go to auction.

As for the other type of auction there are 3 or four major auction companies. Williams and Williams, REDC aka Auction.com, and Hudson and Marshall. Be cautious about these sales because i have seen many people get caught up in the hype and overpay for a home.

So first things first.

1. Identify exactly what you are looking for. (if you don't know this yet, speak to others, go to investment club meetings, talk to a real estate agent, etc.)

2. Target your search to great deals in your focus zone. (location, price range, condition, type, etc)

3. Be quick to execute. (Great deals last maybe 24 hrs, if you aren't prepared to jump fast you will be left out)_

I wish you best success.
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Walter 'Skip'…, Agent, Brea, CA
Tue May 29, 2012
In my opinion the best information is at foreclosureradar.com. It is a paid site but you can get a free 3 day trial.
Good luck,
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John Souerbry, Agent, Fairfield, CA
Tue May 29, 2012
There are many ways to find these properties, here are a few web sites to look at:
- auction.com
- bid4assets.com
- http://portal.hud.gov/hudportal/HUD?src=/topics/homes_for_sale
If you intend to do this for a living, you may want to pop for a membership to RealtyTrac (realtytrac.com). It costs a few hundred bucks per year, but it has a good property alert system and also provides information on pre-foreclosure (NOD) properties.
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JIM Teak II, Agent, San Diego, CA
Mon May 28, 2012
Our Office--Call Anytime!~
We Are Your REO Specialists!~
0 votes
John Arendsen, Agent, Leucadia, CA
Mon May 28, 2012
Give us a call. We specialize in distressed property acquisitions, rehab, resale or buy and hold to rent/least or occupy. We are a one-stop, turnkey family owned and operated business. We're a RE broker, general contractor and interior design company all rolled into one business and can satisfy any RE requirement you may have.

Please feel free to log onto our very user friendly websites and by all means call me on my cell anytime or email me. 760 815-6977. onthelevel@cox.net.

0 votes
Byron Lohman, Agent, Palm Springs, CA
Mon May 28, 2012
I really think this is your best bet. I presume you are asking for properties that are being auctioned at the courthouse? This company provides significant info. You have to register for the site but it's free: http://www.lpsasap.com. You may still want to work with a knowledgeable agent in your area as punching at auction still requires expertise in value, strategies and risk!

Byron Lohman, ABR, CCIM, SFR, CDPE
Prudential CA Realty
DRE #01272085
0 votes
Bud Meacham, Agent, SAN JOSE, CA
Mon May 28, 2012
Click on this link and supply information for what you are looking for and you will get
automated listings as they become open. Or, contact me. Thanks.
0 votes
Home Auction…, , San Diego, CA
Mon May 28, 2012
If you visit Http://www.homeauctionblock.com you can find updated auction listings in yuor area.
0 votes
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