Irvine trustee sales, anyone interested?

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luckyguy

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I am not a realtor. Just start to buy trustee sales as a side business. If you are interested, let me know. Basically, I will add 8% to the trustee sales price and sell to you. 8% includes around 2% escrow fees, title fees, holding cost such as taxes, HOA, etc. The real margin will be around 6%. If you are a realtor, I can add 2.5% or 3% agent fees to sell to your customer.

I would also be interested in working with a realtor. He can screen the trustee sales for me. I won't pay him fees upfront.  Instead, I will give him the listings if I purchase the property in front of the courthouse.
 
Can you give us some background on yourself?

Nothing personal, just what type of experience you have in determining what are good products to buy at auction and how you evaluate them.

There are other people offering similar services and some may want to know what differentiates what you offer from theirs.
 
ive always thought there is a market opportunity like this that is underserved/non existant (buying at the courthouse with a buyer already lined up).  Under this setup the investor doesnt have to worry about doing the renovations and incurring extra costs and having capital tied up while the property is on the market and the buyer doesnt have to pay for somebody elses taste and end up redoing carpets/tiles/cabinets, etc. The investor still gets his 6% return and the buyer gets a lower priced home.
 
I have been living in Irvine for fifteen years and is quite familiar with Irvine market. I bought one trustee sale last year and it's sold. I bought one short sale recently and will put it on the market within one week. I am more familiar with SFR and evaluate them based on comps. I will stay away with condos unless someone can help me on the evaluation. I have subscription to foreclosureradar. I would like to buy a trustee sale with around 20% discount to market price. If someone is on my interested list for that area, I will give him a first look before sending it to a realtor for MLS. Benefit for me will be quick turnaround. Benefit for the buyer will be lower cost.

As trustee sales are always postponed or cancelled and I may already commit my capital to previous sales, you should always work with your realtors for other opportunities.
 
I would do this as long as I could include my realtor (and of course the increased cost to do so).

The extra agent fee is worth the peace of mind as I would hopefully be paying below market anyways.
 
PM me your requirements. I will keep an eye on foreclosure properties. If I see a fit, we can discuss with your realtor to see whether the value is right.
 
irvinehomeowner said:
I would do this as long as I could include my realtor (and of course the increased cost to do so).

The extra agent fee is worth the peace of mind as I would hopefully be paying below market anyways.
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You could always be like the tooth fairy and leave a little something under your realtor's pillow instead of helping to line his broker's pocket with your hard earned money.  haha
 
NonFCB said:
PM me your requirements. I will keep an eye on foreclosure properties. If I see a fit, we can discuss with your realtor to see whether the value is right.
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So you do go to the foreclosure auctions on a daily basis?
 
NonFCB said:
I have been living in Irvine for fifteen years and is quite familiar with Irvine market. I bought one trustee sale last year and it's sold. I bought one short sale recently and will put it on the market within one week. I am more familiar with SFR and evaluate them based on comps. I will stay away with condos unless someone can help me on the evaluation. I have subscription to foreclosureradar. I would like to buy a trustee sale with around 20% discount to market price. If someone is on my interested list for that area, I will give him a first look before sending it to a realtor for MLS. Benefit for me will be quick turnaround. Benefit for the buyer will be lower cost.

As trustee sales are always postponed or cancelled and I may already commit my capital to previous sales, you should always work with your realtors for other opportunities.
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Sounds very appealing, and if done well, could be beneficial to all parties.
 
I have another business. I only go to the courthouse if I find something interesting, which means I am confident of the value. My scope is limited to SFR in Irvine so there are many gems that I can't uncover. I will go to county recorder office first to make sure the property has a clean record. I also need to budget additional 5% for realtor fees. The last sale I went was for 101 Lattice. I bid $903k and gave up. It was sold for $932k.
 
NonFCB said:
I have another business. I only go to the courthouse if I find something interesting, which means I am confident of the value. My scope is limited to SFR in Irvine so there are many gems that I can't uncover. I will go to county recorder office first to make sure the property has a clean record. I also need to budget additional 5% for realtor fees. The last sale I went was for 101 Lattice. I bid $903k and gave up. It was sold for $932k.
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I've worked with a few people who were looking to purchase homes at the auction as well but the postponements and cancellations or the properties having too high of an opening bid turned them off.  You really have to have a lot of patience.  I've noticed that the number of people (investors, flippers, and future home owners) at the auctions have increased which has drove up the bidding for home, like 101 Lattice in your case.  Do you have access to MLS to look up old listings (rental and/or for sale) to view pictures of various homes going to auction?  I found that helped the people I was working with to bid appropriately.  Also, you don't have to go down to the courthouse to check on liens.  I have access to an online database that a title insurance rep provided me.  Besides verifying you are bidding on the 1st mortgage, you want to verify if there are any delinquent property taxes, state & federal tax liens, and/or mechanics liens on the properties. 

You sound like you are going about it the right way...you need to budget for realtor commissions, cash-for-keys payment, carrying costs, clean-up costs, county transfer tax to record the trustee deed, locksmith to re-key, closing costs, and then of course a profit margin that would cover any other risks. 
 
Is this sort of what Larry does in Las Vegas with his investment fund, but we are doing it in a larger scale with SFRs in Irvine? How much will the fund have to be to get started? NonFCB, you seem like a nice guy, but i don't know you. For all I know you may run off to Shanghai with our "Talk Irvine" million dollar investment fund :) 

If IR2 manages the money that the "TalkIrvine" members invest, I may be interested as he has proven to all of us in  past 4 years that his integrity is good as gold. 
 
Panda said:
Is this sort of what Larry does in Las Vegas with his investment fund, but we are doing it in a larger scale with SFRs in Irvine? How much will the fund have to be to get started? NonFCB, you seem like a nice guy, but i don't know you. For all I know you may run off to Shanghai with our "Talk Irvine" million dollar investment fund :) 

If IR2 manages the money that the "TalkIrvine" members invest, I may be interested as he has proven to all of us in  past 4 years that his integrity is good as gold. 
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Thanks for the compliment, but I think (unless I'm misunderstanding) that this is not the same.  NonFCB is looking to invest his own money for the purchase and provide a quick resale in between auction price and market price to known buyers for profit.
 
I also believe that Larry isn't doing just flips, he is buying properties in Vegas and renting them out because purchase costs are below rental parity.

I wish I had the bucks to buy at the courthouse steps. Could NonFCB give us an example of a property he did buy and sell?
 
nonFCB,

1.
I went tohttp://cr.ocgov.com/grantorgrantee2/searchPersonsName.asp
Key in last name or date range.

But only got very limited info, such as:
Is a better way to search on-line?

05-19-2006 2006-00339366 Gxxxx Rxxxxx E    RECONVEYANCE  GRANTEE
06-19-2006 2006-00407846 Gxxxx Rxxxxx E  RECONVEYANCE  GRANTEE
01-30-2006 2006-00065109 Gxxxx Rxxxxx L  ASGT TRUST DEED GRANTEE
01-30-2006 2006-00065109 Gxxxx Rxxxxx L TR          ASGT TRUST DEED GRANTOR

2.
How do you search in recorder office?
By owner name or property address as index?

The search is free, only copy fee is charged, right ?



 
That's the right way to search. But the actual documents are not available from the internet. To see the actual documents, I went to county Clerk-Recorder's office in Santa Ana. The search interface in the computers over there is similar to the interface from the URL you use. You can see digital images of all the recorded documents. If you want hard copies of documents, you can also purchase in the office.

Alternatively, there are some third-party data providers that may allow you to purchase the documents over the internet. ForeclosureRadar allows its users to purchase county recorded documents.
 
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