Are You Thinking of Bidding on California Property at Public Trustee Auction After Foreclosure Proceedings?

Some Buyers these days are looking for a GOOD DEAL on California real estate.

Are you thinking about bidding on a California home or property at trustees auction sale at the end of foreclosure proceedings?

CONSIDER POSSIBLE DISADVANTAGES OF BIDDING AND BUYING AT A TRUSTEE AUCTION SALE AFTER FORECLOSURE:

1. You must know and understand California law and the foreclosure process before bidding on a home at trustee sale.

2. You must inspect the home and neighborhood completely and be satisfied with its conditions. You should probably hire and pay for services of professional home inspection before making any offers.

3. Information on public access web sites about the property and title is not reliable.

4. The trustee at auction will be the seller and provide no information other than date, time of sale and minimum bid.

5. There will be no seller disclosures at trustee sale auction.

6. The trustee seller will not help you as buyer. What you buy is what you get. You will get a trustee's deed for the property ... in WHERE IS ... and AS IS ... condition.

7. You must know what you are buying ... check out chain of title, possibly purchase a title opinion or binder, to determine who owns the property and all encumberances and tax liens.

8. You must check out and make sure you are bidding on the lien or deed of trust that is senior to all others.

9. You must pay by all cash or cashier's checks to the trustee after auction sale ... on the spot and immediately after sale.

(Experienced trustee sale buyers have and carry cashier's checks payable to themselves in denominations of $10k to $100k).

10. If you win the bid and pay the cash, you will get a receipt and eventually a trustee's deed for the property. Such trustees deed will have no title guarantees.

WE RECOMMEND ~ Consult with qualified counsel before considering such a California trustee sale purchase and hire an experienced Realtor to assist you.

____________________________

Some people will also think about getting a deal on California property at public land sale auctions after property tax defaults. That's even more tricky territory.

_________________________________

If you want information about trustee sales, or Southern California and Orange County homes and properties, please contact us. Thank you.

Harrison K. Long, Explore Group Properties, Coldwell Banker Previews, Irvine, CA.

www.BuyersExploreHomes.com ~ www.ExploreTheOC.com