ไม่สามารถเล่นวิดีโอนี้
ขออภัยในความไม่สะดวก
Foreclosure Auction Guide - PropertyRadar.com (formerly ForeclosureRadar.com)
ฝัง
- เผยแพร่เมื่อ 14 ส.ค. 2024
- In less than ten minutes, learn the basics of how a trustee sale foreclosure auction works.
00:00 Courthouse Foreclosure Auction Guide with Sean O’Toole with PropetyRadar (formerly ForeclosureRadar.com)
01:10 How to find out the location of the auction sale at the courthouse
00:55 The three possible outcome of a foreclosure auction
01:32 The details an auctioneer will call out during the auction process for a particular property
02:09 What to expect with multiple auctioneers during foreclosure auctions
02:38 Do cancellations, postponements, and sales happen in any particular order?
03:10 What is the specified or opening bid? Is it what the bank is owed?
03:34 If no third-party bidder bids more than the opening price, what happens?
03:58 The most important lesson from this video understanding what you’re bidding on
04:57 The reason why you need to pay attention to the document number and the recording date of the deed of trust
05:12 All sales are made in as-is condition without covenant or warranty expressed or implied regarding title, possession, condition, or encumbrances
05:22 What happens is something is wrong with the property purchased at the foreclosure auction?
05:33 Will the auctioneer or auction company give you a key to the property to the winning bidder?
05:36 What happen to the tenant when you win the bid at a foreclosure auction?
05:43 Are other liens and property taxes wiped out at foreclosure auction?
05:51 What happens to the first when you accidentally bid on a second?
06:49 What do you need to become a qualified bidder at a foreclosure auction?
07:23 How does the actual bidding process work?
08:00 When is the sale final? When the auctioneer proclaims “sold” (hint: nope)
08:42 What happens when you’re the winning bidder?
09:03 What happens if you don’t have the exact amount at the foreclosure sale? Or overpay?
09:27 What happens when no one bids on a property at foreclosure sale?
----------------------------------------------------------------------------------------------------------------
ABOUT PROPERTYRADAR
Filling your CRM with leads just got easier. Introducing PropertyRadar, the property owner information and public data platform that real estate and home service professionals have trusted and used to drive billions of dollars in deals since 2007. PropertyRadar’s clean, comprehensive, and continuously refreshed data is second to none.
✅ Pinpoint YOUR best prospects & deals using 200+ filters & patented heat maps
✅ Beat competitors to the best deals with push notifications sent directly to your phone
✅ Automate your prospecting and marketing with over 2,000 integrations
✅ Build dynamic lists that automatically update when new leads match your criteria
✅ And much more!
➡️ Curious about using data to drive your real estate business?
🔥Try it FREE for 3-days: bit.ly/PRfreet...
🔥Schedule a FREE one-on-one demo: bit.ly/demo-PR
----------------------------------------------------------------------------------------------------------------
CONNECT
• Facebook: / propertyradar
• Twitter: / propertyradar
Good video Sean. Rande. TrusteeCorps
This is the best video about forecloses out there.
Thank you.
I know I am quite off topic but does anybody know of a good site to watch newly released movies online ?
Sean, Great job! you managed this topic comprehensively with the reality video for emphasis.
way better than the guys w/ selfie cams or bumpy videography. you covered the auction process completely- THANKS!
If you win the auction and pay your deposit...you get to court 6 weeks later to finalize...but someone shows in court with 5% more...then do they have to pay the full amount? Do you have time to beat this new bidder in court?
Good info for home buyers who are new to trustee sales.
It was a very helpful video. Thank you.
Sean, I like your video, it shows what go's on. You don't Bullshit the obvious.
Thanks much for the info. The guy doing the narrating, did an excellent job! :0)
Great Video. Thanks man!
great video, lots of good info, thank you
very nice and informative video
well done video. thank you
Wow, this is really really really informative!!!!!
Thanks!!
thank you, quite informative.
Really cool, I'm about to do this, thank you!
Great video on foreclosure. Thanks.
Can you bid for a friend who is not there?
Does your friend trust you with thousands of dollars of cashiers' checks? You win as an amazing friend! Plenty of companies have people bidding on their behalf.
From some one who has been to the auctions, and rehabbed properties personally... I fully agree with abacab87. Investor work is not easy, quick or painless. Those that do high quality work are performing a great service for many areas. Easily arguable that rehabbers are promoting gentrification and reduction in crime in certain areas.
How do you tell if you're bidding on the 1st or 2nd mortgage?
You have to research the properties title history before the sale to figure it out. Services like PropertyRadar indicate the likely position of the loan, but you always need to verify. You can often get help from a title company on this, especially if you are a repeat buyer.
If multiple auctions are being conducted at the same time, how do you know which auctioneer is handling a particular property?
first time buyers what do you need to do for a home
Great video, thank you! Who is the cashier's check written out to, the trustee?
I am so glad I found this video. I am interested buying @ auction & based in San Diego where this was shot so this was awesome to see. I have so many questions. Is there anyone @forclosureradar I can follow up with?
This auction looks like it was at the courthouse DOwntown? Is this the same auction as the County Tax online auction or something entirely different. How do you find the SD auction? Is it usually this busy there? I must learn more.
Contact us at propertyradar.com/support. We're be happy to help!
Im curious to know when the property has financing available.. Do you get preapproved prior to going there or do you have to use one of their loan services..Also, How are you supposed to qualify for the bid and show up with a cashiers check of $200k+ if you want to finance??.. That confuses me..
There is no financing on trustee sales. There are some states, like AZ, where you only have to put a deposit down and can bring the rest of the money a day or two later, but most states require payment in full as soon as the auction ends.
Yes, Ash, at least in CA. The amount you pay will clear up that loan completely for you as the buyer. In states like CA it will also eliminate the debt for the owner as a trustee sale eliminates that lenders ability to collect any remaining balance (CA is a "one action" state). It does not necessarily mean that the lender will recover the full amount owed to them however. Many properties are sold for less then what is owed.
Stephen - Each auctioneer is usually associated with specific trustees. When in doubt ask the auctioneer if they are handling the sale for the trustee on the property you are interested in. You'll find the name of the trustee on the Notice of Trustee Sale, or using a service like ours.
Gaacole - You are technically right that it doesn't go "back" to the bank because the bank has never owned the property, but "back to the bank" has been common slang forever on properties where the bank gets the property because there were no bids higher than their opening bid.
P.S. I'm the "narrator".
Terrific to see this video a few years later..
That's a useful tip!
if I find after bidding that the a person is still living in the home
If it shows the estimated debt will the 3rd party winner have to pay that as well?
What's the lowest starting min bid u have attanded? And why do u think it was so low?
What happens if there's a 1st mortgage on that particular property, does it get erased after purchasing the property or is it considered a lien such as the 2nd mortgage?
If the tenant has to be evicted, how long does the tenant get to stay? In WV?
So if you win a house for $175k (example) you will have to pay the full 175 and the mortgage that is still owed?
If you’re bidding on a first mortgage, then yes, the foreclosure wipes out that mortgage and any other mortgage on the property. Then you pay the full price you won on the bid. But it’s essential to do a title search prior to auction to ensure that you’re bidding on the first mortgage!
Will a title search also let me know if there are any tax liens as well?
Good Info - thanks Sean.
How do you get a loan in advace when you don't know which property you are going to buy? Hard money because hard money guys would be very happy if you default?
For the most part loans are not available in advance. There are a few hard money guys that will lend on the spot to investors they have a relationship with, but most trustee sale investors that use hard money get the loan after the fact - meaning they need enough cash up front to make the purchase.
They are held at the "steps" or inside local county courthouses where the place is crawling with Sheriffs. Have you ever heard of someone scamming people on courthouse property? Probably not. Good imagination though.
"...lots of 'poor people' buy these homes at bargain prices..." What a crock. Poor people can't afford to pay cash for these houses.
opening bid 400,000? whole!!!
Steve Conte 🤣🤣🤣 who could afford that much money?
Is there a service on the East Coast of the US?
We are going national later this year.
If you've ever been to an auction, you'll know that lots of poor people buy these homes at bargain rates. In any case, it's good for older sometimes broken down houses to get rehabbed and put back on the market, it increases property values for everyone on the block, and yes, even in poor neighborhoods.
So how do you know you're not giving your money to some random dudes selling B.S. pieces of paper on the street corner!? Seems like the perfect way for someone to pull a scam.
where are these auctions located?
Mariah Fox Courthouses for the most part but it can vary per auction
from your bank
Watch this basic ways to buy auction homes...beware, there's more to it than going up to court house step...lots of research will help! Need help?
Great video. In order to get in the game, google search "Arizona Investment Link" where we offer a 'seamless' way of wrangling this business. From start to finish. Enjoy!
Wrong. It cannot go 'back' to the bank. The bank has never owned the property; bank or (more accurately) the foreclosing mortagee has never owned the property or been on the deed. They have a right of redemption in the 'power of sale' within the mortgage: the foreclousre auction. Small point but: 'back to the bank' is wrong, though all you 'experts' continue using this terminology.
how do you get a cashier check?
looks like a scam. done on the street next to a court house. The real auction happens inside the court house.
Hi Sam, as odd as it may seem, the majority of foreclosure auctions take place at the county courthouse steps, or just adjacent to the courthouse if no steps available. If you Google "foreclosure auction courthouse steps" you'll find thousands of articles, videos, and photos that reflect this.
.
check out house-flipping*net
Our house in foreclosure... I highly doubt "poor" people are buying foreclosed houses... the reason ours in foreclosure is because we poor people can't afford the exorbitant costs that we were somehow suckered into...
You mean the commitment that you signed your name to?
u mad?
So this is were the parasitical bottom feeders hang out... Nice!
And you my friend are a donkey