When a property is sold at the public auction.  Many people make the mistake of thinking they can finance the purchase of trust deeds.  The reality is that sale of trust deeds are all cash.  The investor or buyer needs to have cash or cashier’s check in order to purchase any property.  And the funds must be paid in full at the time of sale.  This mistake is usually made by novice buyers who haven’t been to any foreclosure auctions before.  Once auction is complete, the winning bid will then sign over the cashier’s checks to the auctioneer and the auctioneer will give a handwritten receipt for the sale.  For those who haven’t bought any trustee properties before, it can be a bit unnerving to hand over hundreds of thousands of dollars only to get a handwritten piece of paper.

Another important factor when purchasing a trust deed is to make sure you are buying the property you bidding on. This might sound silly at first.  But if you listen to the auctioneer, they don’t warranty that the address they are announcing is guaranteed. The address is purported to be; this means that the address the auctioneer is announcing may or may not be absolutely correct.  It is up to buyer to check the county records office and make certain the legal description of the property matches the trust deed being sold.  Even APN numbers are not a sure way to guaranteeing correctness.  Only the legal description is valid.

Making sure the position of the trust deed is also extremely important.  If you purchase the wrong one. It can be a very expensive mistake.  For example, if during the course of purchasing a property at the trustee sale.  You purchase a property relying on information that told you it was a first lien, but later you find out that there was another lien that was recorded earlier than the lien you just bought.  There is not reconveyance on the lien earlier lien.  You had not checked title correctly.  Now you are stuck paying off the first lien if you want to take possession of the property. Otherwise, you will lose all the money you sent buying your currently lien. This is a very expensive mistake.

During the auction, most auctioneers will read off the postponements and cancellations first.  Next the auctioneer will proceed to sell off any active trust deeds where the trustee has given them an opening bid.  All properties sold at the auction do not have any guarantees or warranties.  Basically, the property is sold as is, with any property taxes, mechanics liens, and any superior lien to the subject deed going to sale.  The lender also will not be responsible for any issues related to the property such as rehab, crack foundations, leaks, etc. They will not evict or remove any current occupant in the property for you. All of this is the responsibility of the buyers.  The auctioneer will then read off any disclosures, property address, trustee sales number related to the property.  The opening bid will be announced for the property and buyers who wish to bid on the property will then need to be qualified by the auctioneer before beginning.

For those who are thinking about buying any property at the trustee sale.  It is strongly advised that you be very carefully and know what you are doing. The is the potential to make a lot of money, but the risk can sometimes out weight the benefits. And any mistake you make will be a costly one.

Price: $339,000
Status: Active
Ownership: Condominium
Bedrooms: 2
Bathrooms: 2.5
Est. SqFt: 1,470
Community: Tierrasanta
Neighborhood: Villa Monterey
Cross Streets: Antigua

Parking Garage: Detached
Parking Garage Spaces: 2
Total Parking Spaces: 2

H.O. Fees: $169.00/Month
Paid: Monthly
HO Fees Include: Common Area Maintenance, Exterior Bldg Maintenance
Total Monthly fees: $169.00

Short Sale property, subject to lender approval. Buyer to verify all information prior to close.

The average price for a home in the southern California region fell 1.8% to roughly $280,000 according to Data Quick.

Some believe the market has turned soft because of the economy and the end of the federal tax incentives. Even with investors buying properties to rent out, flip or hold onto, the sales keep going down. And with a low sales figure will investors eventually be stuck with more un-sold properties?

Buyers are taking their time and might be missing an opportunity to purchase an affordable home with low interest rates. It is currently a great time to buy if you are looking for a family home.

Realtor.com claims San Diego has been steadily rising for more than a year. They noted that the average age of inventory for San Diego Listings is about half the national average. In addition San Diego was the 15th most searched market in the nation in February and March.

Now is a great time to buy if you are looking for a home to live in. Eventually interest rates will rise and buying a home will become much more difficult.

Source

It isn’t just big companies buying up properties. Many Real Estate investors are buying properties to make a profit on later. And it isn’t just home foreclosures and bank auctions, many are buying Condos and other rental properties.

Real Estate agents in San Diego have had an increasing amount of work, and this is a great sign for our real estate market. We all hope the economy continues to become stronger.

George Sorial, assistant general counsel for the Trump Organization, told The Chronicle this week that the allegations contained in the suit are “completely ridiculous,” adding that Trump University stands “100 percent behind any course we offered.”

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Price: $340,000
Status: Sold
Ownership: Fee Simple
Bedrooms: 3
Bathrooms: 2.5
Community: SAN MARCOS
Waterfront: Camino Hermos
Remarks: 4,000-7,499 SF Lot
Attached Parking Garage
2 Spaces in Garage
Est. SqFt: 1,909
Fees: $114.00/Month
Common Area Maintenance, Gated Community

Very nice gate community in Bellaza, San Marcos. House is highly upgraded and shows really well.

Price: $868,000
Status: Sold
Ownership: Fee Simple
Bedrooms: 5
Bathrooms: 3
Community: CARMEL VALLEY
Est. SqFt: 2,475
H.O. Fees: $314.00/Month
Fees Include: Common Area Maintenance, Exterior (Landscaping), Limited Insurance, Gated Community
CFD/Mello Roos: $1,244.00/Year

Traditional sale. Model perfect home in the exclusive gated community of Palacio Del Mar. The interior has been beautifully remodeled with hand-scraped hardwood flooring throughout the first level, a new kitchen with Bosch appliances and upgraded granite, new master bathroom with natural stone shower and floor, ceiling fans, crown molding, berber carpet in the bedrooms, and neutral designer paint. Truly a unique find in this fantastic Carmel Valley community!

Price: $486,000
Status: Sold
Ownership: Fee Simple
Bedrooms: 4
Bathrooms: 2.5
Community: MIRA MESA
Remarks: N/A
Est. SqFt: 1,810

Short Sale. Requires lender approval. Property sold as is. Buyer to verify all information prior to close of escrow.