CRR Blog

Trustee's Sale Tomorrow: What Will Happen?


A 5BR/3BA Custom Home with Pool on quiet Cul De Sac on Farrington Dr in La Habra opens tomorrow for $228,354.00!!!  We are showing an estimated value of $610,904.00!!!



The loans look like this:



1st          *  $215,000.00   1/15/2002



2nd            $228,000.00   1/28/2004



3rd             $250,000.00   1/25/2006



The purchase date was 7/2/2001.  If you plan to bid, you should have already made sure there is no senior loan from 2001 before today.  You should have checked County Taxes as well to see what else you would owe after the Trustee's Sale.  The total debt was pretty high, so you could have made a Short Sale Offer previously in order to see the house and judge its condition and the willingness of the borrower to cooperate in a deal.  If that did not pan out, you still have the options of trying to buy a note from a lender or being ready to bid at auction.  Finally, you can still make offers after the auction if you are unable to bid.  You could discover that the new owner is a flipper.  If they simply are looking for a profit, you could find that the two of you are not so far apart and that a deal can be made.



Always Keep Your Eye On Your Goal! Always Try To Get The Deal! Always!!!


Deal-Building is a Step by Step Process! You have to take Your First Step First!


4BR/2BA Home at 25 La Paloma Avenue in Alhambra is in Default.



1st   $204,000.00



2nd  $  62,200.00



3rd *$115,000.00



         $381,200.00  Estimated Debt



         $682,144.00  Estimated Value



This home has a large amount of equity.  The foreclosing loan is in 3rd position.



The lender appears to be an individual 3rd party lender.



The delinquent amount is just $4,052.00



Your options include: 1) Making an Offer to the Owner to take over the loans and bring them current. 



2) Making an Offer to buy ANY of the notes. 3) Make plans to Bid at Trustee's Sale.



4) Make an Offer to a 3rd Party Buyer AFTER the Trustee's Sale.



5) Make an Offer to the Lender if they become the New Owner at the Trustee's Sale.



Every Option is on the Table.  Get out there and work each Method.  Make an Offer First!



 



2BR/2BA Ranch Home at 15652 Baker Canyon Road in Santa Clarita is in Default.



1st *$503,000.00



         $503,000.00 Estimated Debt



         $432,522.00 Estimated Value



This home has no equity from the numbers we see.  The foreclosing loan is in 1st position.



The lender is a large institutional bank.



The delinquent amount is $64,520.00



Your options include: 1) Making an Offer to the owner as a Short Sale. 2) Making an Offer to buy the one note from the bank (Not my first choice. This is a HUGE BANK and this is a residential loan that is likely securitized and may not be available for an individual note purchase.)  3) Make plans to Bid at Trustee's Sale.  4) Make an Offer to a 3rd Party Buyer AFTER the Trustee's Sale.  5) Make an Offer to the Lender if they become the New Owner at the Trustee's Sale. (Also not my first choice.  HUGE BANKS tend to be slow on the uptake on residential REO's. They do not immediately take possession after the Trustee's Sale due to internal policies).


Make an Offer!!! Make an Offer!!! Make an Offer!!!

Hi Investors,


I was looking over tomorrow's Trustee's Sales to add a couple updates on potential bargains on our Twitter Account.  I found an example that I must tell you about.


A Home on Hayes Avenue in Long Beach is set to go to sale tomorrow in Pomona.  The home is worth $381,197.00  The foreclosing loan is owed $94,060.00 in First Position.  So it would appear that this will be a bidding frenzy at tomorrow's auction.


But... I clicked on our link to Zillow and discovered that someone took the advice we give out every day and made an offer.  The home is in escrow for $225,000.00!!!


Someone decided to make an offer and lock it up, rather than tempt fate at the auction.  I have been seeing more and more properties with equity set for auction.  I have also been seeing more and more properties being bought before auction.  People are getting offers accepted both in equity purchases and in Short Sales!


You don't need cash to make an offer.  So get out there and do it! It works!


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