Foreclosures & Trustee Sales

Purchasing Trustee Sales at Foreclosure Auctions

There are many types of Auctions available in today’s Real Estate world. However, there is one that is called “Trustee Sale” which is when the Trustee (“Repo Man”) of the Bank bring’s the property to Auction for the public to purchase before they foreclose and take it back as a Bank Owned (“REO” – Real Estate Owned) property.

If you are interested in this type of purchase or investment here is a list of qualifications and facts:

1. You can’t see the inside of the property or inspect the property. No access (unless by luck it is on the market or you gain access from the property owner/resident)

–> We have tools and tricks to help aid in seeing inside the property or seeing pictures plus other pertinent and important data.

2. You have to complete a complete analysis to see which loan it is that you are bidding on. Bidding and winning the wrong loan might cause you to be subject to superior liens and judgments putting your entire investment at risk for a loss.

–> We have tools to investigate which loan you are bidding on and see if there is anything superior to the loan you want to bid on. Usually, property taxes will be outstanding which will have to be incorporated into your bid cost. 

3. Can I get Title Insurance upon purchase?

–> No. However, we have special arrangements with a title company through a special program to obtain title insurance for you.

4. Can you finance?

–> No, it is all 100% cash. We would help you analyze the value to purchase, maximum bid amount, plus costs & commissions so everything is calculated prior to going to the auction so you are not pulled into the bidding frenzy and make a bad decision. The cash would be brought in cashier’s checks payable to yourself or entity.

5. How long does it take to close?

–> Same day to a week.

6. Can I kick out the tenant or owner after I own it?

–> No. They become a tenant and you have to do “cash for keys” or eviction. Consult with your attorney.

There are a lot of other factors to discuss. If you feel this is something you are interested in please contact us for more information. We will then arrange a face to face meeting to take you through all the steps on a sample property or search.

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