Updated List of Upcoming Trustee's Sales in Placer County
If you are looking to purchase a home with cash and are willing to take a certain amount of risk to get a "good deal", you may have considered purchasing a home through a trustee's sale at the county court house.
These homes are sold by auction to the highest bidder and require that you provide cashier's checks or cash to the trustee at the time of the auction. Typically a bidder will bring a cashier's check for close to the opening bid amount, along with numerous smaller cashiers checks in the increments they plan on bidding with.
Bids are irrevocable and sales are final. There are no guarantees regarding the properties condition or the status of its title.
I have found that most of the properties sold at trustee's sales recently have gone back to the beneficiary (the bank), due to the fact that the opening bids are higher than what most investors would pay after taking into account the increased risk and a need for a profit margin. However, there have been a few properties that have recently sold to investors at trustee's sales that have been fixed up and then resold for a profit through the MLS.
As a Realtor, I track these trustee's sales as a way to keep track of homes that will possibly become REOs soon. When a buyer purchases a home through a trustee's sale a Realtor is not typically involved in the purchase. Although, Realtors are typically involved in in the eventual resale of the property.
Trustee's post notices of upcoming sales as a matter of law in local newspapers. While you can track trustee's sales by reading your paper daily, it can be tedious and is now completely unnecessary.
Upcoming trustee's sales can now be found on-line at www.fidelityasap.com, which is free to register with and allows you to search by county, city, zip-code and even by individual accessors parcel numbers.
Even if you are not interested in purchasing a home at auction, it can be a good resource for checking the status of a short sale you have been following or to find out when a vacant home in your neighborhood will be repossessed.
If you don't have cash and are still interested in buying a bank foreclosure, I suggest that you visit our bank owned homes website and view updated lists of the current bank owned properties for sale in Placer, Sacramento, El Dorado and Yolo Counties. These properties can be purchased with financing and quite often are priced better than the minimum bids at trustee's sales.