How Do I Buy Properties At Trustee Sales In Placer County, California?
Here are the 10 steps to buying properties at trustee's sales:
- Obtain addresses of properties with a Notice of Trustee's Sale.
- Drive by the properties you are interested in.
- Research title for any liens or encumbrances that you will inherit.
- Make sure you have enough cash to bid on your selected property.
- Show up at the designated time and place of the trustee's sale.
- Start bidding when your property comes up for sale.
- Hand over the money to the auctioneer if you are the highest bidder.
- Wait for the auctioneer to write you a receipt of sale.
- Evict the owner, tenant or squatter (unless you want them to stay).
- Record the deed at the county recorder's office.
If this sounds easy, you'll do just fine investing in trustee sales all by yourself!
If you decide to buy properties at trustee sales alone and have questions about any of the steps described above, you can always search for answers on the internet and "hope" they come from a reliable source! ;)
-OR-
You may want to consider hiring a professional who specializes in buying property at trustee sales. At Souza Realty, we provide investors with assistance in any or all of the areas described below:
- Auction properties list (with address and descriptions)
- Title research (done by a local title company)
- Exterior photos (interior if the property is listed as an active short sale)
- Estimate of value (as-is, remodeled or monthly rental amount)
- Bidding services (investors typically have better things to do than stand at the auction for hours)
- Occupancy by former owner or tenant (we're familiar with the new laws for foreclosure evictions)
- Marketing the property for sale or rent (real estate & property management is what we do!)
If you would like a quote for our services, please contact us and we will put together an estimate based on your needs. We also offer a rebate for clients that list their properties with us when they are ready to sell. :)
BOB & LEILANI SOUZA
Real Estate Investment Specialists
Southwest Placer County, CA
Bob Souza - 925.513.3400 - bob@souzarealty.com
Leilani Souza - 916.408.5500 - leilani@souzarealty.com
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not sure about CA, but, here in Virginia you can not see inside the home prior to purchase.
As such, this is also VERY important;
Allow for "surprises" and NEVER EVER EVER go over your target purchase number!!!
Thanks for your comment, Ben! In California, we only are able to see the inside of homes that are currently listed for sale (because we are real estate agents)...otherwise, it's the same as Virginia. :)
Leilani
Great list that buyers can use as a handy guide when looking to buy at Trustee Sales. Thanks for sharing it Leilani.
Leilani,
While your list isn't especially long, but anyone who's been around knows none of the tasks are as easy as they sound. Good speed with your sales!
Steve
Bob & Leilani - Great step by step list of how to buy a trustee sale, but I think I'd make my life easy and hire you.
You're welcome, Anita! :)
Leilani
Steve, my list is just a "teaser" of what people see from the outside...what I didn't include was everything between the lines! The benefit of working with us is to have access to our knowledge and experience in the risky trustee sale market. :)
Leilani
You are a smart woman, Michelle...I knew it all along, though! :)
Leilani
Leilani, for less stress and to ensure everything is done right when buying property at a Trustee sale...the very first step of the process is to CALL YOU! Suggested this for a feature.
Thanks for the suggest, Rebecca! Buying foreclosures as REOs is one thing most investors can do successfully as a "side job" but buying them at trustee sales is something that needs a full-time commitment, in order to be successful. Many people seem to want the answers and assistance for free, so this "10-step" post was written tongue-in-cheek especially for them! ;)
Leilani
Leilani, I think the savvy investors know the value of a knowledgable agent. And, the way that you and Bob always post such relevant information shows that YOU know your market!!!
Juli, I agree about savvy investors...and yes, Bob and I do know the trustee sale market and I post weekly updates right here on our blog! :)
Leilani