Foreclosure Sales 101
Find out what you should know before attending the live foreclosure auction (trustee sale) in California
I get calls sometimes from buyers that say hey Libby, I’d like to go down to the Foreclosure sale and I’d like to bid on the property there and become, you know, get the property that way and then that way I just I’m the owner and I don’t I can get a bargain possibly. Well in the state of California, it’s called a trustee sale and the trustee actually conducts the sale for the beneficiary who’s the lender that’s foreclosing on the property.
And in order to be the successful bidder on that property. The bidder must come in with a cashier’s check for the full amount for the minimum bid and in any increments above that, if there is going to be any competition at that bidding, you know at the Foreclosure sale. So just be aware of that.
It’s not anything that you can just say. Hey, I’ve got you know, I’m the successful bidder. But by the way, I need to get a loan. No, you have to have the amount full amount in a cashier’s check ready to go. And the other thing you want to do before you go to that sale is looking into if you can if there are any outstanding liens on that property that you would be obligated for if you were the successful bidder.
Also, if you can find out if the property’s occupied there could there be tenants’ rights there? Also the general condition of the property. Is it habitable, you know, are there any problems with the property try to find all that out before you actually start in the bidding, but it can be successful for a lot of people and you can sometimes get some bargains.
So it’s long as you go into it knowing you know, what you need to do. You know, go for it and good luck.
Do you have questions about buying or selling a home? Leave your question in the comments below and I’ll do my best to answer them, or call me at 925-628-2436 and I’ll be glad to help!