Properties at Auction

J

jefa_IHB

New member
Ok, so a house I would've killed for way back when came on the market today at 1.4 million. The pricing is "normal" for the area I'm looking at (one of the last to fall, but this house should be about 1 million at 2002 pricing).



Anyway, it shows that this house went into foreclosure and was purchased at auction for 850k. The loan on the place at the time was 1.2 million.



Looking at the other auctions coming up, all are priced at the oustanding loan value (too high). But I'm seeing sales to third parties at below the auction bid price.



Does that happen often? I haven't bothered going to auctions because all the opening bids are too high. But do they lower them there? Or is something else going on? Do they change their mind at the last minute and go with a different opening bid? Or are these insider deals?
 
<a href="http://www.irvinehousingblog.com/forums/viewthread/346/">Foreclosure thread has your answers</a>.



Yes, the minimum bids are starting for less than what is owed, sometimes as much as 50% off.
 
Just to jump on the thread, I was curious about two aspects of the auction:

1) Does the bidder need to have the full amount to bid. Let's say I want to put 20% down and get a 80% mortgage. How would I participate at an auction?

2) Where is the main auction for Irvine and South OC properties located at (which courthouse)? Is there a website that contains the listing of the properties up for auction?

Thanks for your help.
 
[quote author="financeguy" date=1242102137]Just to jump on the thread, I was curious about two aspects of the auction:

1) Does the bidder need to have the full amount to bid. Let's say I want to put 20% down and get a 80% mortgage. How would I participate at an auction?

2) Where is the main auction for Irvine and South OC properties located at (which courthouse)? Is there a website that contains the listing of the properties up for auction?

Thanks for your help.</blockquote>
You have to have all your funds either in cash or cashier's check. I hardly doubt you'll be able to get a mortgage from a lender for a property at an auction at the courthouse.
 
Do you guys have a realtor send you a list of homes that will be going to trustee / probate auction or do you use a certain website?
 
[quote author="graphrix" date=1242008420]<a href="http://www.irvinehousingblog.com/forums/viewthread/346/">Foreclosure thread has your answers</a>.



Yes, the minimum bids are starting for less than what is owed, sometimes as much as 50% off.</blockquote>


^^^ Click link, answers you will find.
 
[quote author="usctrojanman29" date=1242106856]You have to have all your funds either in cash or cashier's check. I hardly doubt you'll be able to get a mortgage from a lender for a property at an auction at the courthouse.</blockquote>


So all these people biding at the courthouse or similar auctions have 500K or more in cash. That sucks. Count me out then.
 
I don't know if this was already listed in the foreclosure thread.

Public notices of an auction that are published in the newspaper can be found <a href="http://'http://www.mypublicnotices.com/OrangeCounty/PublicNotice.asp'">online here.</a>
 
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