InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Annual Reunion Speaking Schedule Store Foreclosure Fundamentals Code References 50 State Foreclosure Basics Foreclosure Glossary Foreclosure Statistics 70+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map About Us Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Offer on a house that is scheduled for auction Posted by Not So! on January 29, 2010 at 1:47 PM In Reply to: Re: Offer on a house that is scheduled for auction posted by LZMAN on January 29, 2010 at 9:10 AM Stick to the short sales, bcuz you have your facts wrong about the Trustee Sales. "the majority of auction deals in LA are selling above true retail right now("nimrods")" This has ALWAYS been the case, nothing new. That's why most go to benes. My exhaustive (trust me) research shows of those that go to 3rd party to even the "multiple buying Pros"...many of them "appear" to be sold for more than what makes good deal sense, however, some make up for it on the backend resale with wisely done rehabs and smart marketing to push resale value. There are great deals to be had, but, in my view you have to do a lot of hunting. "or the opening bid will be the NOS amount" Couldn't be further from the truth! A high majority (est. 80%) of Trustee Sales deals are being dropped by the auctioneer just minutes before selling. You have to assume that NOS amounts on every deal are irrelevant. : It depends on where you are in California. In LA and OC you'll get a better deal negotiating short sales off the MLS than the auctions. In fact, the majority of auction deals in LA are selling above true retail right now("nimrods"). That being said, some lenders are more apt to discount the bids; however, waiting for a specific property is time consuming and frustrating. In answer to your questions, the chances are high that the sale will be postponed or the opening bid will be the NOS amount. You never know if someone will bid or not. : : Hello everyone, : : I'm located in California. I have a cash offer in on a house that is listed as a short sale, but I discovered is scheduled for auction in a few weeks. : : I would try to buy it at auction if it comes to that, but the "Notice of Sale Amount" is significantly higher than the MLS listed short sale price (and thus significantly higher than I offered for the potential short sale). The price was intentionally set low to generate interest, but either way, it is still about 2/3 of what is actually owed on the house. : : Will the opening bid at auction be the "Notice of Sale Amount"? : : What happens if there are no bidders at that amount? : : Do I have a chance of getting the house at auction for what I originally offered (or less), or is that impossible given the "Notice of Sale Amount" is the amount owed? : : Thanks in advance for any thoughts on this! : : Lily Follow Ups: Re: Offer on a house that is scheduled for auction jaime 9:31 PM, 01/29/10 (2) Re: Offer on a house that is scheduled for auction You're wrong again!! 3:33 PM, 02/10/10 (0) Re: Offer on a house that is scheduled for auction You're wrong! 1:18 PM, 02/10/10 (0) Go for the short sale... Alfred CA 6:03 PM, 01/29/10 (4) Re: Go for the short sale... LilyBlossom 8:16 PM, 01/29/10 (3) It's only a house to you; not your home Rick, the Probate Guy 8:35 AM, 01/30/10 (2) Re: It's only a house to you; not your home LilyBlossom 9:13 PM, 01/30/10 (1) Re: It's only a house to you; not your home watch dog 3:39 PM, 02/01/10 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Stick to the short sales, bcuz you have your facts wrong about the Trustee Sales. : "the majority of auction deals in LA are selling above true retail right now("nimrods")" : This has ALWAYS been the case, nothing new. That's why most go to benes. My exhaustive (trust me) research shows of those that go to 3rd party to even the "multiple buying Pros"...many of them "appear" to be sold for more than what makes good deal sense, however, some make up for it on the backend resale with wisely done rehabs and smart marketing to push resale value. : There are great deals to be had, but, in my view you have to do a lot of hunting. : "or the opening bid will be the NOS amount" : Couldn't be further from the truth! A high majority (est. 80%) of Trustee Sales deals are being dropped by the auctioneer just minutes before selling. You have to assume that NOS amounts on every deal are irrelevant. : : : It depends on where you are in California. In LA and OC you'll get a better deal negotiating short sales off the MLS than the auctions. In fact, the majority of auction deals in LA are selling above true retail right now("nimrods"). That being said, some lenders are more apt to discount the bids; however, waiting for a specific property is time consuming and frustrating. In answer to your questions, the chances are high that the sale will be postponed or the opening bid will be the NOS amount. You never know if someone will bid or not. : : : Hello everyone, : : : I'm located in California. I have a cash offer in on a house that is listed as a short sale, but I discovered is scheduled for auction in a few weeks. : : : I would try to buy it at auction if it comes to that, but the "Notice of Sale Amount" is significantly higher than the MLS listed short sale price (and thus significantly higher than I offered for the potential short sale). The price was intentionally set low to generate interest, but either way, it is still about 2/3 of what is actually owed on the house. : : : Will the opening bid at auction be the "Notice of Sale Amount"? : : : What happens if there are no bidders at that amount? : : : Do I have a chance of getting the house at auction for what I originally offered (or less), or is that impossible given the "Notice of Sale Amount" is the amount owed? : : : Thanks in advance for any thoughts on this! : : : Lily [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-date("Y"), InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455