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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Pro's and con's of Trustee's sales in CA. Posted by Ward-CA- on January 22, 2002 at 5:54 PM In Reply to: trustee sales posted by johnson on January 21, 2002 at 4:08 PM : 1.what are the pro's and cons of buying from a trustee sale in california? : 2. is it true that even after purchasing a home at a trustee sale the beneficiary has a period in which they can buy the take the property back from a successful bidder? : 3. at trustee sales do you need to have the full amount that you bid for the property at the time of the bid? if not, what is the procedure? : thanks in advance. =•=•=•=•=•=•=•=•=•=•= Johnson, 1). Some of the advantages of buying foreclosures at the Trustee’s sale in CA are: a). Generally there is a greater, potential profit to be made at the trustee’s sale rather than buying from the trustor or from the beneficiary (REO). b). The trustee’s sale of a senior lien wipes off any junior lienors and interests, whereas buying from the owner wipes nothing off of title. c). Buying from trustors can be an emotional drain over time as you’re exposed to an endless litany of heartbreaking foreclosure stories. d). There’s a greater exposure to litigation when dealing directly with trustors, rather than having no contractual relations with trustors in acquiring title to foreclosure properties. e). Buying from trustors entails door knocking in the evenings and on weekends, just when you’d rather be home with your own family. .....Some of the disadvantages of buying foreclosures at the Trustee’s sale in CA are: f). Have to pay your bid in full immediately upon its acceptance by the auctioneer. g). No real opportunity to see the interiors of the foreclosure property prior to bidding on it. h). Possibility of extended eviction hassle with ex-owner. i). Non-availability of title insurance and escrow when buying at a trustee’s sale. j). Non-disclosure of property’s condition and non-disclosure of property’s title record. 2). Johnson, I think you must have meant to say trustor rather than beneficiary in this question. Foreclosures in CA are conducted non-judicially. And California, like most non-judicial jurisdictions, doesn’t allow the trustor any right of redemption after the trustee’s sale. So, for the ex-owner, the game is over at the trustee’s sale. 3). At the trustee’s sales in CA, a bidder must show to the auctioneer, before she’s allowed to bid, the amount and make-up of the money she is going to use to cover her highest bid. All trustee’s sales must be paid in full at the time the bid is made and all sales are final. Follow Ups: Re:leased propertry,foreclosure trustee sale? Michael Manso 10:17 PM, 01/27/02 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : 1.what are the pro's and cons of buying from a trustee sale in california? : : 2. is it true that even after purchasing a home at a trustee sale the beneficiary has a period in which they can buy the take the property back from a successful bidder? : : 3. at trustee sales do you need to have the full amount that you bid for the property at the time of the bid? if not, what is the procedure? : : thanks in advance. : =•=•=•=•=•=•=•=•=•=•= : Johnson, : 1). Some of the advantages of buying foreclosures at the Trustee’s sale in CA are: : a). Generally there is a greater, potential profit to be made at the trustee’s sale rather than buying from the trustor or from the beneficiary (REO). : b). The trustee’s sale of a senior lien wipes off any junior lienors and interests, whereas buying from the owner wipes nothing off of title. : c). Buying from trustors can be an emotional drain over time as you’re exposed to an endless litany of heartbreaking foreclosure stories. : d). There’s a greater exposure to litigation when dealing directly with trustors, rather than having no contractual relations with trustors in acquiring title to foreclosure properties. : e). Buying from trustors entails door knocking in the evenings and on weekends, just when you’d rather be home with your own family. : .....Some of the disadvantages of buying foreclosures at the Trustee’s sale in CA are: : f). Have to pay your bid in full immediately upon its acceptance by the auctioneer. : g). No real opportunity to see the interiors of the foreclosure property prior to bidding on it. : h). Possibility of extended eviction hassle with ex-owner. : i). Non-availability of title insurance and escrow when buying at a trustee’s sale. : j). Non-disclosure of property’s condition and non-disclosure of property’s title record. : 2). Johnson, I think you must have meant to say trustor rather than beneficiary in this question. Foreclosures in CA are conducted non-judicially. And California, like most non-judicial jurisdictions, doesn’t allow the trustor any right of redemption after the trustee’s sale. So, for the ex-owner, the game is over at the trustee’s sale. : 3). At the trustee’s sales in CA, a bidder must show to the auctioneer, before she’s allowed to bid, the amount and make-up of the money she is going to use to cover her highest bid. All trustee’s sales must be paid in full at the time the bid is made and all sales are final. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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