The Trustee Sale Thread - Califoria Specific

[quote author="Minimorty" date=1255160698][quote author="awgee" date=1255158864][quote author="Minimorty" date=1255151400]Questions on auctions:



A property I have been following was scheduled to be auctioned today. The published bid was $1,090,050. The opening bid was $862,750. The winning bid was $862,750. Now it is bank owned.



1.) Why is the opening bid much lower than the published bid?



2.) If I had been there with cash and bid, would I have walked away with this home for $862,750 ish?



3.) If there are 2nd and 3rd mortgages on the property, do these go away when the house is purchased with the winning bid?



Thanks!</blockquote>
1) There is a law stating that the published bid must be the amount owed.</blockquote>


Interesting. How can I find out the opening bid prior to the auction?



I checked foreclosure radar this morning and it was not updated.



The amount owed (for the published bid) is only the 1st mortgage, correct?</blockquote>
Graph will know for sure, but I do not think you can find out the opening bid unless you go to the auction and listen for the opening bid.
 
[quote author="Minimorty" date=1255160698][quote author="awgee" date=1255158864][quote author="Minimorty" date=1255151400]Questions on auctions:



A property I have been following was scheduled to be auctioned today. The published bid was $1,090,050. The opening bid was $862,750. The winning bid was $862,750. Now it is bank owned.



1.) Why is the opening bid much lower than the published bid?



2.) If I had been there with cash and bid, would I have walked away with this home for $862,750 ish?



3.) If there are 2nd and 3rd mortgages on the property, do these go away when the house is purchased with the winning bid?



Thanks!</blockquote>
1) There is a law stating that the published bid must be the amount owed.</blockquote>


Interesting. How can I find out the opening bid prior to the auction?



I checked foreclosure radar this morning and it was not updated.



The amount owed (for the published bid) is only the 1st mortgage, correct?</blockquote>


The sites I linked above will sometimes have the minimum bid, but the only certain way to find the min bid is to go to the auction. If you don't have the time to go to the auction every time a place you like is up, let me know via PM and I might be able to help you out. Foreclosure Radar is useless for the min bid and even more useless for the winning bid amount until after it records.
 
[quote author="Minimorty" date=1255162111]Couple more:



1.) There is no way to see the inside of the house being auctioned, correct?



2.) What if the inside of the house is bare (example...like they ripped out the staircase or something)?</blockquote>


1.) Not true. Some are listed on the MLS, and they can be easily seen. You can also go check out the house knock on the door and BS your way in. Or it could be vacant and you can peak in the windows.



2.) They might rip out the sinks, appliances, cabinets etc. but that could save you on demo costs if you planned on remodeling the place. If you wanted a turnkey home, don't buy it.
 
[quote author="graphrix" date=1255174141][quote author="Minimorty" date=1255162111]Couple more:



1.) There is no way to see the inside of the house being auctioned, correct?



2.) What if the inside of the house is bare (example...like they ripped out the staircase or something)?</blockquote>


1.) Not true. Some are listed on the MLS, and they can be easily seen. You can also go check out the house knock on the door and BS your way in. Or it could be vacant and you can peak in the windows.



2.) They might rip out the sinks, appliances, cabinets etc. but that could save you on demo costs if you planned on remodeling the place. If you wanted a turnkey home, don't buy it.</blockquote>


If it's vacant, I'm small enough to hop in through a window (and I'll do it, too), I only hope that Willie isn't there ;-P
 
If a property gets taken back by the bank at auction, can you go to the bank and make an offer on the property?



What typically happens when a property goes back to the bank? They make a couple of simple improvements and put it back on the market? Wait a couple months and put it up for auction again? Or does it become shadow inventory because the bank does not want to mark the asset down to market value?
 
[quote author="Minimorty" date=1255638840]If a property gets taken back by the bank at auction, can you go to the bank and make an offer on the property?



What typically happens when a property goes back to the bank? They make a couple of simple improvements and put it back on the market? Wait a couple months and put it up for auction again? Or does it become shadow inventory because the bank does not want to mark the asset down to market value?</blockquote>
Sure, but good luck hunting down the asset manager to has the authority to do anything. haha



When a property goes back to the back in goes into a Que and then will be assigned to an asset manager. Once the asset manager is selected it gets dumped on their desk and they get to it when they get to it. Then they will contact an REO approved listing agent/broker to list their property. They may put in a little money to improve the home if it makes sense for them.
 
e auctioneer bids up the property all the time. They will state ?On behalf of the trustee and the beneficiary, I am authorized to bid up the property per their request.? This happened with 24022 Prague St. in Mission Viejo today at the 3pm auction. The opening bid was $444k, and only one person other than the auctioneer bidding on it was some dude, and he won the auction at $470,350. I know, because I was there.



Regards



Gondar
 
[quote author="Gondar12" date=1255966360]e auctioneer bids up the property all the time. They will state ?On behalf of the trustee and the beneficiary, I am authorized to bid up the property per their request.? This happened with 24022 Prague St. in Mission Viejo today at the 3pm auction. The opening bid was $444k, and only one person other than the auctioneer bidding on it was some dude, and he won the auction at $470,350. I know, because I was there.



Regards



Gondar</blockquote>


Funny, that sounds familiar...
 
[quote author="graphrix" date=1256001692][quote author="Gondar12" date=1255966360]e auctioneer bids up the property all the time. They will state ?On behalf of the trustee and the beneficiary, I am authorized to bid up the property per their request.? This happened with 24022 Prague St. in Mission Viejo today at the 3pm auction. The opening bid was $444k, and only one person other than the auctioneer bidding on it was some dude, and he won the auction at $470,350. I know, because I was there.



Regards



Gondar</blockquote>


Funny, that sounds familiar...</blockquote>


Um, edited by Zovall because it was spam? Wow. They are getting really clever now.
 
Wasn't sure where to post it so i'll do it here.



Latest report from Dataquick:



<a href="http://www.dqnews.com/Articles/2009/News/California/CA-Foreclosures/RRFor091020.aspx">http://www.dqnews.com/Articles/2009/News/California/CA-Foreclosures/RRFor091020.aspx</a>





Am I missing something or did they not give us any info on whats going on with the second stage...the NTS stage. Anyone happen to have the numbers for CA on how they look compared to last quarter and/or Q3 2009. Seems like they just want to talk about how great it is NOD's are down.
 
Who says NODs are down? <a href="http://www.doctorhousingbubble.com/california-sending-out-approximately-475000-notice-of-defaults-for-2009-yet-overall-foreclosures-declining-shadow-inventory-q3-defaults-toxic-loans-the-state-of-the-national-housing-market/">This from Dr. Housing Bubble.</a>
 
Just Q3 09 vs. Q2 09 they are down. But who knows maybe next quarter they will be up! But I bet we have new record high in NTS. Just not sure if its Q2, Q3 or whether it will be Q4.
 
How much cash (expressed as a percentage) do you need to have to buy a property at auction? Can you go to your bank with 20%-30%, get financing for the remaining 70%-80% and take that to the auction with you? Or do you need to have close to 100% cash?
 
[quote author="Minimorty" date=1256253361]How much cash (expressed as a percentage) do you need to have to buy a property at auction? Can you go to your bank with 20%-30%, get financing for the remaining 70%-80% and take that to the auction with you? Or do you need to have close to 100% cash?</blockquote>


100% Cash. Where you get that cash is up to you. Doubt your bank will let you borrow that kind of money without the collateral in your name yet.
 
I?ve been browsing through some past trustee sales listings and I?m seeing a huge number of postponements. It seems that on any given trustee sale day about 90% or more of the sales are postponed. To me this seems unusual, but then again I?ve never tracked the trustee sales during ?normal? times in the real estate market so I?m a novice in this area? Why aren?t the banks foreclosing?
 
[quote author="David714" date=1256561584]I?ve been browsing through some past trustee sales listings and I?m seeing a huge number of postponements. It seems that on any given trustee sale day about 90% or more of the sales are postponed. To me this seems unusual, but then again I?ve never tracked the trustee sales during ?normal? times in the real estate market so I?m a novice in this area? Why aren?t the banks foreclosing?</blockquote>


It may not be within their control entirely. Those "Stop Foreclosure Now" businesses often turn to the courts to prevent the foreclosure from going forward until further hearings can be had. Sometimes they are successful. Sometimes not.
 
[quote author="EvaLSeraphim" date=1256564467][quote author="David714" date=1256561584]I?ve been browsing through some past trustee sales listings and I?m seeing a huge number of postponements. It seems that on any given trustee sale day about 90% or more of the sales are postponed. To me this seems unusual, but then again I?ve never tracked the trustee sales during ?normal? times in the real estate market so I?m a novice in this area? Why aren?t the banks foreclosing?</blockquote>


It may not be within their control entirely. Those "Stop Foreclosure Now" businesses often turn to the courts to prevent the foreclosure from going forward until further hearings can be had. Sometimes they are successful. Sometimes not.</blockquote>


I don't know about that... Most of the posponement reasons are "beneficiary request" and "mutual agreement"
 
After purchase condo in trustee sale.



1.What kind of documents I need to bring to Orange County Clerk-Recorder to register deed under my name?



2.Is the following address correct ?

12 Civic Center Plaza, Room 101

Santa Ana, CA 92701



Thanks
 
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