We had a great week in the foreclosure and auction market within the Santa Clarita Valley Cities.
Here is a game we want you to know about – it’s auctions. Homes, condos and townhomes that are headed to auction.
However, the auction it’s headed to is not those which you would suspect which are held in Norwalk CA and within Pomona CA.
These are online real estate auction and should be approached carefully.
99.9% of auctions and properties sold at auctions are cash only transactions. They require a cashier’s or bank check to be presented to register for the auction.
We can introduce our clients to the auctions, even the online ones. Having said that, we have had some repercussions and bad feelings displayed by our clients when wanting to buy properties advertised as “auctions” within the online systems.
Most found out that the scam meisters were alive and well 🙁
Auctions online may equate to having to spend more money than for the “face value” of the home you are seeing advertised. There is typically a premium to even approach the bidding table. In some cases up to 3.5% of the offering price.
This money does not return to you as an online auction bidder for the Southern California real estate market.
It goes to the platform which is in place to have you bid online for Southern California auction properties.
The others – the real auctions, you have to be present for in person in the city of Pomona or Norwalk. At the courthouse. It’s like the “old fashioned” auctions that have been held in the past.
This is what I say to our clients interested in purchasing the auction properties. If you are an owner occupant – we are all about assisting you.
If you are an investor, our investor portfolio is completely full. – Sorry – I’ll keep updating this post and when we have an “investor” vacancy – I’ll advise here!
You have no idea as to how much work it is to recon a property that is headed to auction.
We have to have our title officer look at the liens. We have to then contact the HOA to find out if they have placed a lien or if the homeowner is behind with those fee’s. We then have the tax issue, did the homeowner neglect their tax payment for property taxes? These fees are going to have to be paid by the buyer of the home at auction – there are more fee’s we have to investigate too – see below!
Besides those things, we have to recon the property in person to see if there is anyone living inside.
It could be the property is tenant occupied and that they are in an active and enforceable lease. This may cost the new person wanting to bid on the property to pay extra fee’s to get them moved or relocated.
Maybe the property is owner occupied and they may want money to vacate the property. All of these items need to be addressed by someone who knows what they are doing.
Let me know when you are ready to move – I’m here and will be helpful in your real estate representation. BTW – We are with REMAX and happy to serve your real estate needs!