The buying-at-the-trustee-sale program is coming along – here are more views from the street while in search of the best deals around Carlsbad:
Jim Klinge
Klinge Realty Group
Broker-Associate, Compass
Are you looking for an experienced agent to help you buy or sell a home?
Contact Jim the Realtor!
- 682 S. Coast Hwy 101, Suite #110
Encinitas, CA 92024 - (858) 997-3801 call or text
- klingerealty@gmail.com
CA DRE #01527365, CA DRE #00873197
JtR,
Did you solve the ‘you need a cashier’s check for the whole amount’ problem at the trustee sale?
JK
The solution (which I am sure JtR is woking on) is to line up a lender willing to finance loans that are either unsecured or contingently secured.
Sorry, I failed to complete the thought.
. . . So you have cashiers checks on the courthouse steps.
I believe you need to provide full funding in the form of a cashiers’ check within 30-90 minutes of sale.
Can anybody confirm?
JK
Dodge Dart?
You have to show the cashier’s checks to the auctioneer before bidding.
Murf mentioned an experience he had earlier with the same guy, where he showed X amount, and then when he went to bid higher, the auctioneer said no, because he didn’t show the funds.
I am still working on funding. So far I have 60% LTV loan amount with six points confirmed, but hoping to get to 70% loan-to-value (30% down payment) and fewer points.
Mr Foothill!!!!
62-63 Chevy with oil leak
Mr. Foothill pegged it, a Dodge Dart V8 from the mid-1960s, with oil leak.
Imagine that 2007/2008 knife catchers are 2009/2010 foreclosures. This can’t be the same Carlsbad I know in the immune NCC area.
I was going to guess it was the Exxon Valdez. With a look at that oil spill, I was sure I was looking at a single-hull supertanker.
Chuck
JtR
The 6 points on the financing is like a transaction fee (i.e. 6% of the loan in fees)?
Thanks
JK
Stupid question time (but relevant, I suppose): What do you do if you have a cashier’s check for, say, $500K, and you bid and win at $450K? I know with a cashier’s check, the money is already out of your account, so you can’t just void it.
-Erica
I know this is totally off-topic, but my wife and I are concidering relocating and I’m wondering if anyone out there can provide any insight regarding San Clemente. Seems to me that the prices in San Clemente are much lower than North County beach areas…I realize this is very general, but I’d appreciate any help. Thanks.
Erica–You will receive a refund for the difference along with the Trustee’s Deed. It is advised to bring the opening bid amount plus one penny, and then additional cashier’s checks in small increments, all payable to yourself.
JK, He refers to it as a pre-payment penalty, he’d prefer to go three years at 11%, but I’m not sure you will.
MB Guy – you can check with my old friend Mike Anthony, he’s lived in San Clemente for 20 years and is a CB realtor:
http://www.MichaelAnthonyRealtor.com
I’ve known Mike since 1972 – he can tell some stories.
I know this area.
The back yards are literally about 8 feet deep – tiny.
It is close to the beach, however. You can walk/bike to the beach without too much trouble. Just cross one short bridge over the train tracks.
You are also gated and have some common amenities.
It is not bad.
Aviara is definatley a more established community, however. Much more likely to sell for > 700K IMHO.
10.Imagine that 2007/2008 knife catchers are 2009/2010 foreclosures. This can’t be the same Carlsbad I know in the immune NCC area.
…and 2009/10 knifecatchers will be 2011/12 foreclosures..just sayin.
…and 2009/10 knifecatchers will be 2011/12 foreclosures..just sayin.
There will be some foreclosures, and the FHA loans are a problem if they don’t force people to come up with the 3.5% DP on their own. However, a lot of people are buying all cash and with high down payments with fixed rate loans. These aren’t people who are going to be foreclosed on at high rates, unless we get back to cash out refis at 100% LTV. When people are plunking down $100K-$500K of their own cash for the DP they’ll be far less likely to walk
I thought the recommended practice was to bring a whole bunch of cashier’s checks in different amounts. That is, let’s say the property starts at $500k and you won’t pay more than $649k. Bring one check for $500k, two for $50k, four for $10k, one for $5k, and four for $1k. That way, you could bid anything from $500k to $649k in $1k increments and then hand over a handful of checks for the proper amount, and then you just redeposit whatever is left over afterwards.
Mid-sixties Caprice also had the moon hubs. Saw one today, I was trying to figure out how Mr. Foothill nailed it so fast.
The govt is offering more 0 down loans through the usda rural development program.Area has to have < 2ok poplulation.
Check to see if your area qualifies:
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?NavKey=home@1
Local Boy is correct in that you get a refund if you have cashiers checks for too mcuh. In most cases you get a refund with the Deed withing 10 or 14 days. The last purchases the company I work for has been getting a letter with the Deed telling us refund will be mailed within so many days-It has been running about 5 days after we receive the Deed
Jim –
I’ve been watching, 6914 Waters End, for over a year – original trustee sale date started 10/9/08, postponed numerous times until 10/29/09. Minimum bid – $622,625., current status – reverted to lender. Which supposedly means it didn’t receive a minimum bid.
What happens next? Will this property eventually be rescheduled for auction? Property has additionally been attached for back HOA, and I would assume taxes. If this were to be rescheduled and receives the minimum, is the minimum bidder on the hook for additional lien/s and back taxes? How does one find out this additonal financial information?
Thank you in advance ~ Sol
Sol,
Once they run the occupants out of the house, it’ll be listed with a realtor and inputed onto the MLS for sale, hopefully at an attractive price in the next 2-4 months (unless tenant-occupied with long-term lease who wants to stay).
You are doing what every potential home buyer should be doing, staying aware of houses that should be hitting the market before long.
If it’s one you might buy, you have a head-start on it, if not then at least you know it could provide disruption for others – you won’t walk around the corner and pay $800,000 for one that’s a little bigger.