InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Codes 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 60+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Trustee Sale Tips Posted by Sean, N.C. on February 17, 2004 at 5:06 PM I recorded my 2nd ever trustee's deed this morning. While the flavor of the board tends to be "Trustee Sales are Dead" because of all the competition in CA, I can tell you they're alive and well elsewhere. While I may be a relative newbie, I'm getting my sea legs at this and I've learned a thing or two. #1 - Attend the Sale! In N.C. the sale is open for 10 days for additional bidding. So, many investors get lazy. They just read the reports of sale, and if something looks good, they'll file an upset bid at the court. But the upset has to be at least 5% more than the last bid. Both of my purchases WERE worth buying at the courthouse, but NOT worth filing upset bids... I got them, because I was there to begin with! #2 More reasons to attend the sale. The newspaper is sloppy about publishing postponements. Many times an postponement will be ultimately auctioned, with nobody prepared to buy it. The attendees on day Y, were not there on day X, when the initial trustee sale was held, and the auctioneer announced the date of postponement... #3 There's no substitute for the NOS Again, I've noticed that the "upcoming auctions" section of the paper can be erroneous. Sometimes properties are omitted, or have the wrong address, etc. But if you actually read the notices of sale, [the legally binding text which gives the trustee power to conduct the auction] you'll know when and where. #4 Opportunity knocks repeatedly I've bid at 8 auctions and won 2 properties. I figure, so what if I lose?? There will be more. And there are. Besides, the only way you can be sure you're not paying too much, is to lose more auctions than you win. I see my competition pay 90 cents on the dollar sometimes, and this is NOT a market like CA where you have to. Or, newbies that attend a few sales and not come back. Both cases, they were too interested in a certain property. They didn't assume a better deal would come along, by just continuing to wait for that next chance. #5 It's not over, until the lender shows his cards Just because your research and projections show an opening bid too high to bother with, doesn't mean no deal can be had. I have seen lenders chop their owage by 20% or more at the auction table. Yeah, it's a long shot, but it happens once in a while... and you only need that one deal, to make up for a lot of wasted trips. Follow Ups: Re: Trustee Sale Tips Sean 1:16 PM, 03/11/04 (0) Re: Trustee Sale Tips Brad in San Diego 11:11 AM, 02/18/04 (0) Re: Trustee Sale Tips Rick Harmon 9:00 PM, 02/17/04 (0) Post a Followup: Name : E-Mail : Subject : Comments: : I recorded my 2nd ever trustee's deed this morning. While the flavor of the board tends to be "Trustee Sales are Dead" because of all the competition in CA, I can tell you they're alive and well elsewhere. : While I may be a relative newbie, I'm getting my sea legs at this and I've learned a thing or two. : #1 - Attend the Sale! : In N.C. the sale is open for 10 days for additional bidding. So, many investors get lazy. They just read the reports of sale, and if something looks good, they'll file an upset bid at the court. : But the upset has to be at least 5% more than the last bid. Both of my purchases WERE worth buying at the courthouse, but NOT worth filing upset bids... I got them, because I was there to begin with! : #2 More reasons to attend the sale. : The newspaper is sloppy about publishing postponements. Many times an postponement will be ultimately auctioned, with nobody prepared to buy it. The attendees on day Y, were not there on day X, when the initial trustee sale was held, and the auctioneer announced the date of postponement... : #3 There's no substitute for the NOS : Again, I've noticed that the "upcoming auctions" section of the paper can be erroneous. Sometimes properties are omitted, or have the wrong address, etc. But if you actually read the notices of sale, [the legally binding text which gives the trustee power to conduct the auction] you'll know when and where. : #4 Opportunity knocks repeatedly : I've bid at 8 auctions and won 2 properties. I figure, so what if I lose?? There will be more. And there are. Besides, the only way you can be sure you're not paying too much, is to lose more auctions than you win. : I see my competition pay 90 cents on the dollar sometimes, and this is NOT a market like CA where you have to. Or, newbies that attend a few sales and not come back. Both cases, they were too interested in a certain property. They didn't assume a better deal would come along, by just continuing to wait for that next chance. : #5 It's not over, until the lender shows his cards : Just because your research and projections show an opening bid too high to bother with, doesn't mean no deal can be had. I have seen lenders chop their owage by 20% or more at the auction table. Yeah, it's a long shot, but it happens once in a while... and you only need that one deal, to make up for a lot of wasted trips. 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

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 © 1997-2004, 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