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« Placer County Real Estate Sales July 21 - July 27th, 2008 | Main | Fair Oaks Homes for Sale and May - July 2008 Statistics »

August 03, 2008

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.

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sam Says:

Patrick,

Helpful website. Where can I find access to a list of consummated trustee sales? I can certainly find completed sales many places on the web, but hard to differentiate between trustee sales and others.

Thanks,
Sam

Patrick Hake Says:

Hello Sam,

I use www.fidelityasap.com to check for upcoming trustee’s sales and to track completed trustee’s sales as well.

If the property is sold back to the bank, it is referred to as going “Back to the Beneficiary”. If it is sold to an investor with cash, it is referred to as simply “Sold”. If neither occur, it will state that the sale has been postponed or cancelled.

They are limited in how long you can go back in history for sales results though.

I have not attempted to find historical trustee’s sales data. If I needed that kind of information, the first place I would go would be the county recorders office and then a local title company.

I hope that helps.

-Patrick

List of Trustee Sales Phoenix Says:

Thanks for the link and REO list... I stumbled upon a daily, free list that is really detailed for maricopa county, az Phoenix area...

T.T. Says:

sorry... here's the link for the daily list of foreclosed properties selling at Phoenix valley trustee sales


http://phoenix-foreclosure.com/az-foreclosure-list-trustee-sale-phoenix/

Patrick Hake Says:

That is an interesting service you have there.

So you provide assistance to investors who are interested in purchasing homes at foreclosure auction?

What kind of fee do you charge? Do you know of anyone who does something similar in this area?

Alliance Bid Services - AZ Trustee Sales Says:

Patrick,

Our fees vary, but typically we charge 2k - 3k for proxy bidding, due dilligence of title report, drive report, and we handle the transaction with trustee.
I'm not aware of a similar service in your area, but would be willing to have a look for you.

Patrick Hake Says:

Sure, if you can find someone similar in our area, I would be interested.

Is your fee for each property targeted, or only for each property purchased?

I know that many properties go back to the bank at trustee sale because the opening bid from the bank is too high.

The published sale price is not always the price they open with either.

It seems like you would need to go to the auction with a list of possible properties and acceptable prices and then take what you can get.

So, would a client of your need to pay you for each property, or only sales that are completed?

QP Says:

How do I verify my home was sold at auction? Two individuals presented me documents that looked like anyone could have typed it and i mistakenly assumed that they were legitimate and invited them into my home and gave them copies of papers of the new lease for a home rental to show proof that i do not intend to stay and will move out. Long story short I refused to pay their outragous fees to stay until my move out date and now am being harrassed with these people banging on my door, trying to force their way in, recieving nasty text messages full of threats late at night etc...this is happening the day of the auction from these "realty representatives" of the people who purchased my trustee sale. We have told them that we will be moved out within three days as stated on their paperwork but still more threats are made. what are my rights and how do i verify who purchased my trustee sale and who is actually handling it?

Patrick Hake Says:

You can contact your local county recorders office to get confirmation of whether or not there was an actual trustee's sale. They should also be able to tell you who the owner of record is.

The presumed new owners cannot just throw you out, they have to evict you.

If they enter the house without your permission or harass you again without following your states eviction guidlines, call the police.

Typically, in thses situations the new owner of a property bought at auction will try to be acccomidating and possibly even offer financial help to get you moved out. This is referred to as "cash for keys".

Unless they want to sign a new lease with you that meets your accepted terms, there is no reason you should give them any money.

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