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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Had my First Taste at a Trustee Auction - Questions Posted by Ward-CA- on July 02, 2001 at 6:50 AM In Reply to: Had my First Taste at a Trustee Auction - Questions posted by Irma/California on July 02, 2001 at 0:09 AM : Hello: I had my first taste at a Trustee Auction...I thought I had done all of my homework on this property but I was outbid. That is OK - it was a learning adventure...I now have a few questions - : (1) Owners of property agreed to leave (30 days)...is that : normal?? No access to the property?? : (2) How do you protect your new investment from damage from : the ex-owners if it is a "AS IS" sell?? : (3) How do you find out who now is the owner of the said : property?? : (4) How do you find out what the senior liens were on the : property? The final price tag?? : If you can think of anything else to add in reference to the : behind the scenes after a trustee sale is over I would really : appreciate any comments. Curosity is getting the best of me...I want to learn more. : Thank you for reading - Irma/CA =•=•=•=•=•=•=•=•=•=•=•=•= Irma, welcome to the club. You probably did do all your homework. The trouble is the person who outbid you probably didn’t! 1. In CA, according to the Civil Code, you can give the ex-owners a Three Day Notice (Due to Foreclosure) whereas holdover tenants are entitled to a Thirty Day Notice (Due to Foreclosure). Until you regain possession of the property you don’t have free access to it. If the occupants of the property refuse to move per the Code then you’ll have to bring an Unlawful Detainer Action against them to forcibly dispossess them. Will usually take you about a month to do. Happens only 5% of the time. 2. In my 19 years of buying foreclosures at the Trustee’s Sale full-time, I have never experienced my first case of vandalism by the holdover occupants yet, whether they be tenants or ex-owners. And I think it’s because of three things I do: A). When I meet them for the first time I get them to acknowledge that I had nothing to do with causing their foreclosure. I ask to understand that I didn’t know anything about the foreclosure until I bid on it at the courthouse steps. B) I take photos of the interiors on the day I first visit with them to give them their Three Day Notice To Quit. Thus they know I have photographic proof of the condition of the property on that day (photos are date-stamped automatically). C) I always give them an extra week to be out. In other words I give them the Three Day Notice but I verbally extend it for another week if they promise to leave the place broom clean. D) And finally I tell them that whenever they get back on their feet, to call me before they buy some other house because I will sell them one from whatever I have on hand at the time for just 10% more than what it cost me at the auction sale. I’ll even show them my auctioneer’s receipt. 3. Just call any title company’s Customer Service Dept. and ask them for the current ownership. 4. We teach people how to research the title to any property down at their county recorder’s office. So we know how to find that out all liens against the title to property in about 10 minutes (I kid you not) at the recorder’s office. Good luck Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Hello: I had my first taste at a Trustee Auction...I thought I had done all of my homework on this property but I was outbid. That is OK - it was a learning adventure...I now have a few questions - : : (1) Owners of property agreed to leave (30 days)...is that : : normal?? No access to the property?? : : (2) How do you protect your new investment from damage from : : the ex-owners if it is a "AS IS" sell?? : : (3) How do you find out who now is the owner of the said : : property?? : : (4) How do you find out what the senior liens were on the : : property? The final price tag?? : : If you can think of anything else to add in reference to the : : behind the scenes after a trustee sale is over I would really : : appreciate any comments. Curosity is getting the best of me...I want to learn more. : : Thank you for reading - Irma/CA : =•=•=•=•=•=•=•=•=•=•=•=•= : Irma, welcome to the club. You probably did do all your homework. The trouble is the person who outbid you probably didn’t! : 1. In CA, according to the Civil Code, you can give the ex-owners a Three Day Notice (Due to Foreclosure) whereas holdover tenants are entitled to a Thirty Day Notice (Due to Foreclosure). : Until you regain possession of the property you don’t have free access to it. If the occupants of the property refuse to move per the Code then you’ll have to bring an Unlawful Detainer Action against them to forcibly dispossess them. Will usually take you about a month to do. Happens only 5% of the time. : 2. In my 19 years of buying foreclosures at the Trustee’s Sale full-time, I have never experienced my first case of vandalism by the holdover occupants yet, whether they be tenants or ex-owners. : And I think it’s because of three things I do: : A). When I meet them for the first time I get them to acknowledge that I had nothing to do with causing their foreclosure. I ask to understand that I didn’t know anything about the foreclosure until I bid on it at the courthouse steps. : B) I take photos of the interiors on the day I first visit with them to give them their Three Day Notice To Quit. Thus they know I have photographic proof of the condition of the property on that day (photos are date-stamped automatically). : C) I always give them an extra week to be out. In other words I give them the Three Day Notice but I verbally extend it for another week if they promise to leave the place broom clean. : D) And finally I tell them that whenever they get back on their feet, to call me before they buy some other house because I will sell them one from whatever I have on hand at the time for just 10% more than what it cost me at the auction sale. I’ll even show them my auctioneer’s receipt. : 3. Just call any title company’s Customer Service Dept. and ask them for the current ownership. : 4. We teach people how to research the title to any property down at their county recorder’s office. So we know how to find that out all liens against the title to property in about 10 minutes (I kid you not) at the recorder’s office. : Good luck 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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