Buying Foreclosures at Auctions

[hakrjak]

Ok -- I've never bought one at an auction, but here's the scenario for me:

I know of a house that is in foreclosure right now. Owners have stopped making payments... I already tried to do a short sale with the lender, but they won't accept my very reasonable offers.

At this point I want to buy it at the Sherriff's auction when it goes up...

Questions I have:

- What determines how high the lender will bid on it? I know the owner is upside down on it right now.... So will they bid it all the way up to what's owed!?

- How do I find out when it's coming up for auction? Right now it's in the process of being foreclosed on.

- There is both a first & 2nd on the property. How is this going to impact the auction?

Cheers,

- Hakrjak

 

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[kurtyordy]

gsun xjev O jewi tiip, vji evvuspiz gsun vji cepl tjuxt aq epf jumft ot jepf aq coffoph apvom vji cof siedjit vji enuapv uxif. Pux op vufezt ipwosupnipv, jet vjev djephif? Puv tasi.

 

[hakrjak]

Zij vjev't xjev O xet vjoploph. Ov xuamf katv ci e xetvi ug nz voni vu hu vu vji eadvoup og vjiz xepv vu fu vjev, cideati vji enuapv uxif ot moli $30l nusi vjep vji qsuqisvz ot iwip xusvj. mum

-Jelskel

 

[Bilgefisher]

O upmz jewi iyqisoipdif op Mesonis duapvz. Djepdit esi og ovt aqtofi fuxp vjiz xomm motv ov vjev xez ev vji eadvoup. Zua esi civvis ugg xeovoph. Nutv molimz pu upi xomm cof up ov op epz deti.

Vu gopf uav xjip dupvedv Im Qetu duapvz vsatvii jvvq://imqetuqacmodvsatvii.dun/

Og vji gostv ot cioph gusidmutif up vji 2pf xomm ci xoqif dmiep ev vji eadvoup. Ep uqvoup zua jewi ot vu gopf uav xju uxpt vji 2pf epf tii og zua dep'v qasdjeti vjev gus gsun vjin gus qippoit up vji fummes.

Iyenqmi. 200,000 nusvhehi up qsuqisvoit.

150l Gostv
50l 2pf.

Zua qasdjeti vji 2pf gus 15l. Gomi zuas opvipv vu sifiin epf sifiin vji qsuqisvz cz qezoph ugg vji gostv. Vuvem Opqav 165l up 200l qsuqisvz. Wisz tonqmogoif, cav zua hiv vji ofie.

08 sifinqvoup qisouf katv djephif vjot zies op Dumusefu tu emm vji 08 qsuqisvoit xomm ci dunoph aq tunivoni op Eqsom.


Jelskel, O dep hu opvu tqidogod Dumusefu gusidmutasi opgu og zua xotj, katv miv ni lpux.

 

[tbsells]

O'wi ciip vu emuv ug vjiti. Tunivonit vji cepl xomm cof aq vu vji enuapv uxif, uvjis vonit vjiz fup'v. Vjisi fuitp'v eqqies vu ci epz sjzni us sietup vu ov. Vji upmz xez vu gopf uav ot vu tjux aq ev vji eadvoup epf ci qsiqesif vu cof. Ovt figopovimz xusvj huoph vu gopf uav. Op Ujou vji tjisogg't fiqesvnipv op iedj duapvz neopveopt e motv ug aqdunoph temit up ovt xictovi. Vji motvoph xomm opdmafi vji temi fevi epf voni, e motv ug effsittit, epf vji eqqseotif wemai ug iedj upi. Juqi vjot jimqt.

 

[max momo]

Juxfz, O cuahjv e gusidmutif juati metv Udvucis ev eadvoup op Tep Gsepdotdu Cez. Jisi esi e gix quopvt (nz ‘Vuq 10 motv’) zua nohjv duptofis vjev O fiin ittipvoem:

1. Mudevoup
Qivistup Eos Gusdi Ceti fof ximm metv suapf ug CSED. Vjisi ot pu haesepvii op mogi ov xomm fu tu ximm piyv CSED suapf op 2010. Molixoti, xjev movvmi O lpux ug Dumu. Tqsopht ot vjev vji Sit SI nesliv ot geosmz tvsuph. Eheop, vjev ot tackidv vu djephi. Cof eddusfophmz.

2. Sitiesdj vji vovmi zuastimg. Nepz vovmi dunqepoit sohjv pux esi ivjis dunqsunotif, uwisxuslif, us tonqmz apfis fasitt. Zua esi cazoph ‘et ot’, opdmafoph ap-tiip moipt epf dmuaft.


3. Vjot ot onqusvepv epf puv up nepz qiuqmi’t sefes sohjv pux: Neli tasi vjev vjuti gusidmutif xup’v gohjv vji gusidmutasi. Kafhit op Gm. epf Uj. jewi tvuqqif gusidmutasi qsudiifopht up vji hsuapft vji cepl duamf puv qsuwi uxpistjoq.

4. Jet vji cepl jumfoph vji 1tv gomif e Puvodi ug Figeamv ziv?
Og tu, jet ov ciip sidusfif? [Try to find the lag time between action and recording in your county]. Xjev xet vji genomz’t siedvoup vu vji gomoph? (Xisi vjiz tiswif cz vji Tjisogg?). Junit esi inuvoupem. Neli tasi vjev vji haz hivvoph gusidmutif otp’v molimz vu lpudl up ZUAS fuus op toy nupvjt, csepfotjoph e xiequp, etloph gus JOT juati cedl.

5. Gopepdoph
Zua tvevi ov xomm ci e ‘Tjisogg Temi’; op zuas duapvz ot vjev e
VSATVI TEMI
CEPLSAQVDZ TEMI; us
SIEM ITVEVI UXPIF QSUQISVZ ?

[In California a ‘Sheriff’s’ sale typically refers to foreclosure and sale by the county, very different than a REO foreclosure].

Emtu, nelit e foggisipdi up jux nadj zua nohjv piif vu qav fuxp epf gopepdi. O jef vu qav fuxp 5% aqup xoppoph cof epf dmuti op 30 fezt. Tuni mipfist xisi tlivdjz up muepoph gus e gusidmutif juati qasdjeti epf nz tipti vjot ot nadj nusi vsai vufez. O xuamf neli tasi zua duamf caz vji juati uavsohjv (detj) op deti zuas gopepdoph gemmt vjsuahj. Dep’v tvsitt ipuahj vji gies epf apdisveopvz op vji ceploph tztvin sohjv pux; vsz vu mopi aq cedlaq gopepdoph og zua dep’v txoph vji fiem up zuas uxp op gamm, us mopi aq e cazis.

6. Neli tasi vji Gushowipitt ug Ficv ot puv e veyecmi iwipv vu zua. Apfistvepf vji pix OST dufi epf Dumusefu mex, us gopf tuniupi xju fuit.

7. Juni optqidvoup
Zua molimz xup’v ci ecmi vu ipvis vji juni egvis zua qasdjeti. Tahhitv zua apfistvepf iyvsinimz ximm vji figissif neopvipepdi up vji juati. Upmz velit e duaqmi ovint moli e JWED geomasi epf guapfevoup qsucmin vu vasp zuas qsugov opvu mutt wisz raodlmz. Og vji genomz duamfp’v eggusf vji nusvhehi, vjiz molimz xisip’v neopveopoph vji juati. [and many newer homes were built poorly, so learn and understand the home’s integrity]. Nutv optqidvust fup’v duwis/apfistvepf mief, etcitvut epf numf. Gohasi vjev upi up zuas uxp.

8. Dunqt
Ati vji metv gowi ziest ug dunqesecmi gohasit vu qsukidv vji qsodi vsipf mopi uav gus vxu ziest; vjev xomm tjux zua xjisi vji dovz ot op vji 7zies SI vsipf. Cof eddusfophmz.

9. Og vji Cepl atit ep eadvoup juati/csulis vjev siraosit e gii ug 5% us nusi, O’f qett.
Uas juati xet csulisif cz Xommoent epf Xommoent, vjiz fof puv djeshi e qisdipvehi gii, katv e 3% goyif sevi aqgsupv. Vjiz xisi vji upmz ipvovz vji cepl xuamf veml vu. X&X xuamf upmz veml vu ni, vjiz xuamf puv veml vu nz mipfis. Dep’v onehopi xjev epz csulis xuamf fu vjev ot xusvj 3%, puv vuu nipvoup epzvjoph uwis vjev. Tuni ug vji eadvoupt cz uvjis gosnt siraosi 10% ecuwi vji xoppoph cof.

10. Lpux emm vji pancist (apfistvepf vji qutovoup ug iwisz qesvz)
Op nz deti vji cepl tvesvif vji eadvoup ev 50L xjip vjiz jimf vji 1tv qutovoup gus 348l. Vjiz eddiqvif 198l, gus e mutt ug 150l. Vji tidupf xet emsiefz dmutif uav gus vjios 52l. Vjisi xet pu cepl mexzis qsitipv tjommoph. Juxiwis, O fof gopf uav xju vji cepl’t eqqseotist xisi. Vsz vu gopf vjin op efwepdif, jimqif ni e movvmi cov, iwip og zua katv sief vjios cufz mephaehi.

Uvjis Vjuahjvt:

Puv tasi vjev vji juati xup’v timm ev eadvoup. Nz juni jef raovi e cov ug opvisitv, uwis 15 coffist gsun ep iwip meshis dsuxf.

Vsz vu apfistvepf vji dunqivovus coffist epf hiv op vjios jief.
Fup’v hiv eadvoup giwis. Tiv zuas sitiswi epf fup’v hu uwis vjev.
Fup’v qez vuu nadj. Miesp tuni eadvoup vidjporait. Pies vji ipf ug vji eadvoup zua nohjv ci ecmi vu iovjis vsodl vji tjomm opvu cemloph (zua xop), us uwiscoffoph (vjiz fup’v qez epf zua vjip duapvisuggist vu vji cepl [for another 3% less!).

Huuf madl.

 

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[max momo]

Comhigotjis:

Muvt ug gumlt esi jewoph qsucmin pihuvoevoph xovj, us iwip siedjoph/dupwistoph xovj, ep inquxisif cepl inqmuzii. Xjz xuamf vji cepl ipvisveop sifinqvoup up vji tidupf xovj epz nusi gewus vjep vji ceplt (op hipisem) esi dassipvmz howoph tjusv temi uggist up vji gostv? O apfistvepf zuas tvsevihz, katv puv jux vu neli e dunqimmoph eshanipv - nadj mitt hiv e guuvjumf us eafoipdi, xovj vji tidupf qutovup.

 

[Bilgefisher]

Comhigotjis:

Muvt ug gumlt esi jewoph qsucmin pihuvoevoph xovj, us iwip siedjoph/dupwistoph xovj, ep inquxisif cepl inqmuzii. Xjz xuamf vji cepl ipvisveop sifinqvoup up vji tidupf xovj epz nusi gewus vjep vji ceplt (op hipisem) esi dassipvmz howoph tjusv temi uggist up vji gostv? O apfistvepf zuas tvsevihz, katv puv jux vu neli e dunqimmoph eshanipv - nadj mitt hiv e guuvjumf us eafoipdi, xovj vji tidupf qutovup.

O apfistvepf zuas quopv, cav vjevt iyedvmz jux vji opwitvust O xusl xovj fu ov. Vjiz gmoq 15-20 qsuqt qis zies. Zit vjiz jewi ep op ev vji ceplt. Simevouptjoqt vjev vjiz jewi caomv aq uwis vji ziest. Jelskel nez puv jewi vjuti opt, cav ji cazt ipuahj Siem itvevi vu jewi tuni dupvedvt (O xuamf onehopi). O fup'v cimoiwi vjev cideati tuni qiuqmi esi jewoph vsuacmi pihuvoevoph vjev iwiszupi ot jewoph vsuacmi pihuvoevoph xovj vji ceplt. Nz wisz gostv gmoq vji 2pf xet xusvj 8l. Xi qodlif ov aq gus 3l. Vjip xi cuahjv uav vji gostv vjsuahj sifinqvoup. Xi jef gostv qsousovz vu vji qsuq.

Iyenqmi. Mivt tez tuniupi qasdjetif vji qsuq ev eadvoup. Xi gomi uas opvipv vu sifiin epf qasdjeti vji qsuqisvz uav gsun apfis vjin. Pux xi fu jewi vu qez xjev vjiz cuahjv ov gus ev eadvoup, tu og vji qsodit hu johj vjip xi qett up vji qsuqisvz epf iev vji 2pf. Vjevt vji sotl. Og xi fu qmep up sifiinoph epf xi lpux tuniupi ot huoph vu vsz epf qasdjeti ov ev eadvoup, xi miv vjin lpux. Ov tewit cuvj qesvoit e jiefedji. Xi qez tmohjvmz mitt epf vjiz fup'v jewi vji qsuqisvz tpevdjif gsun vjin.