If I haven’t scared you enough with my previous blog post warnings about buying property at auctions, let me try one more time! Don’t get me wrong, there are excellent deals to be had at auction if you know comprehensively what you are doing and where the traps are likely to be.   Here is a quick review of wallet draining auction pitfalls:   Buying a second mortgage foreclosure and thinking that the foreclosure was on the first mortgage when the property is upside down in equity. Your purchase price won’t clear the first mortgage, which will still have a Read more…

I hope you have taken to heart my cautions and warnings about the perils of being a do-it-yourself first-timer at real estate auctions. I want you to understand that it is because I care about your best interests, and I know that the hazardous potential for mistakes with auctions that will drain your investment wallet!   I follow up with these tenexcellent reasons for using a good bidding service when buying properties at auction:   1)    Many major cities have bidding services that stay in touch with all foreclosures and auctions and are knowledgeable about how to meet all requirements, Read more…

A trustee sale is the sale of a property, by a trustee or an agent of a trustee, who is appointedby the lender to carry out the auction for non payment by the homeowner under the terms of the note and deed of trust. This is the lenders only recourse in order to either get paid through a third party’s successful bid at the trustee sale, or when no one bids the lender getting title to the property so they can liquidate. In short, it is a foreclosure sale.   A trustee sale has a number of important characteristics:   Read more…