The trustee sales have to provide some fruit someday, right?
The more you know about them, the more comfortable you might feel with pursuing a purchase there. Here is a good introduction to buying at the court house steps, done Foreclosureradar.com, and filmed at the SD County Court House:
This is a pretty good intro. video to the process. I still have a few lingering questions/concerns that go beyond the basics; various other lien conditions, title circumstances, and property access issues after the fact.
It looks so 19th century to conduct business in a courtyard like this.
very educational.
so Jim, do you have a team in place to do the leg work or any plans in that regard?
I finally watched this. Really great instructions by Foreclosureradar.com. In fact I got some tips on how to make a good instructional vid by watching.
But who is in charge of the actual auction process? Our gub’ment? HOLYCOW, that is the worst process in terms of inefficiencies, risk, communication, effectiveness, that I have ever seen.
There must not be an organized interested party of people that can influence improvement.
The government plays no role. These are non-judicial foreclosures, purely creatures of contract. If lenders were smarter, they would work with trustees and auctioneers to maket the process more transparent and predictable, like putting opening bids out on the internet at least a few days or a week in advance and reducing the number of postponements, etc. But those inefficiences only hurt themselves, by reducing the pool of bidders and thus lowering prices at auction.
I was expecting to see a bunch of tuxedos!
Very accurate and representative….I like the craziness and intimidation factor as it keeps the crowds/bidders away.
One good point not mentioned, you must have a power of attorney, or signed letter authorizing your bidder to sign over checks that may not be in their name.
I know I don’t give checks in the name of anyone doing our bidding, but rather give them power of attorney to sign for us on these checks at the trustee auction only.
I didn’t know they made change. I thought you had to show up with a bunch of cashier’s checks in small denominations to get the exact price. Nice.
The Sean Connery looking fellow with the glasses on his forehead (sitting on the steps), he bids for Don Rady–used to buy 3-4 properties a week, bids at least a couple times per day and bids HIGH!!!!!
Justme…..”Courtyard” is actually a little too sterile and polite of a description of the scene down there.
In reality that courtyard is the main entrance to the courthouse, which offers up additional entertainment all day as degenerates file by on their way to court hearings. Then just a few feet away from the auctioneer is Broadway Street, complete with loud city busses that unload/reload waves of future cons. It’s the wild wild west down there baby!
I’ve been to a few of these in Orange County just to watch. It’s amazing to watch millions in real estate trade hands in an atmosphere that’s similar to people ordering burgers at Mcdonalds. I haven’t paid much attention as of late but when I was attending people were bidding way too close to retail.
Tuesday at the auction a homeless lady leaned over on her blanket and asked me what price that house just sold for..I told her $225k and she responds “thats a great price in that neighborhood…”
When the homeless are real estate value experts at the Trustee Auction I am positive it is a sign of a peak in pricing and we’re headed down.
Probably a former Countrywide loan officer…
LOL @ comment #12
I think clearfund wins for the best post of the week.
murf2222 – sounds like all of “god’s creatures” show up. kinda like fourth of july in DC.
Can you imagine if all videos (learning about a subject) could be this simple/clear and NOT A FRIGGIN SALES PITCH LIKE EVERYTHING ELSE OUT THERE!!?
I think maybe we heard the term foreclosureradar once in the entire piece. Nice!
Thanks for posting.
“When the homeless are real estate value experts at the Trustee Auction I am positive it is a sign of a peak in pricing and we’re headed down.”
Actually I was thinking that if she sleeps there all the time & is there for all the auctions, she probably knows the market better than anyone.
Great video. Straight to the point. As for the environment, I wouldn’t mind it as long as there’s only one auctioneer calling at a time. Having two of them go at it at once does lack professionalism, and could deny someone the opportunity to purchase a property.