bubbleinfo.com

People have asked about finding a central location for auction information.

I don’t know of one central site, so I guess it’ll be right here!

Trustee Sales

In the right hand column here you’ll see a category called “San Diego County REOs” >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

The first group lists the properties that have received their ‘notice of trustee sale’ and are scheduled to have their house auctioned off, usually at the steps of the county court house in the next 3-4 weeks. 

You can follow the sale dates and times at http://www.fidelityasap.com/ and if don’t mind bringing a cashier’s check for the purchase price and buying without title insurance or inspection, then there you can score an occasional deal.

Right column >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

The second group are the ’trustee sale results’, the properties that will be listed for sale shortly (next 1-3 months) by the lender, unless a private party purchased it. 

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HUD (FHA foreclosures)

FHA properties are auctioned on-line by the Department of Housing and Urban Development.  Offers need to be submitted through a HUD-certified real estate broker (I sent my application in and should be ready in a few weeks).  In the meantine, check out their properties below.

Search by city, county or zip code on the left side:

http://hud2.towerauction.net/CA.htm

If you see one you like to buy, we’ll complete a purchase contract on a HUD form and send in, plus submit the offer electronically.

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IRS Auctions

The U.S. Treasury has some interesting selections around the country:

http://www.ustreas.gov/auctions/irs/

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SD County Property Tax Sales

The last SD County auction was February 22, 2008, so look for the next one coming up after the first of the year:

http://www.sdtreastax.com/pts_currentyear.html

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REDC – next San Diego auction is November 1st

http://www.ushomeauction.com/

My first former listing to be sent to auction (1488 Serene in Oceanside) will be one of the properties auctioned next month.  This house was right in my wheelhouse, but the seller wouldn’t listen - insisting on $500,000+, and it didn’t sell.  Now it’s up for auction on November 1st, with the opening bid at $199,000.

The last check of the previous REDC auction showed that only 30% of the properties actually closed escrow.  i’m guessing that was below expectations, and to juice it up this time they dropped the minimum bids down to practically nothing – in fact, opening bid on one condo was $1.

You may get more people interested that way (John and Lynda had 40 people attend open house today) but bidders aren’t likely to move from $199,000 to $400,000+ in a minute or two.  The opening bids are too low!

Then consider that the sellers’ “reserve price” is hidden, and don’t forget the 5% vig that winning bidders have to add on top of their price, and you’ll see buyers get reluctant in a hurry.

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Kennedy-Wilson

Another private auction compnay.  There are no San Diego County auctions listed currently, but they have a Los Angeles probate auction coming this Wednesday and Thursday, October 22nd and 23rd.:

http://www.kwiauctions.com/index.asp

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Bid4assets.com

A private company who runs auctions on behalf of over 50 counties and the U.S. Marshall, and includes more than just real estate:

http://www.bid4assets.com/

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If you’d like to bid on any of the properties you see at one of these auctions – I am happy to help. 

I’ll give you my thoughts on value and assist with making an offer.  If you are interested in pursuing an auction property, let me know!

If you know of other auctions, chime in!

Posted on Sunday, October 19th, 2008 at 12:10 AM in Auctions | 2 Comments » |  Print You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.