Advice for Auction buying in Los Angeles

[Will F.]

I've been to the court house steps and witnessed Auction buying here in Los Angeles. 

So far it looks like you just show up with the cashiers check for the amount in full and make it out to the trustee.  Is it as simple as this? I already have the checks ready.  Any tips for this?

Anyone know why houses all the way in Bellflower are being auctioned an hour away in Pomona?

Also how do you look up liens? I suppose just have my realtor do this or work with a title company?

Do you generally get decent deals at foreclosure auctions? Of the properties I witnessed selling, they didn't sell for that great of a deal, but were slightly under what they would sell on the MLS. But I only saw a few sales. Also, a bunch of sales got postpond... anyone know what the deal is with that?

Thanks so much for any info, wold like to get some advice from some seasoned vet.

Best part about it is I met a fellow BIGGER POCKETS member there. Where you at bud?

[Bill Larsen]

Hey Will,

We're at the Pomona trustee sales every day and have been going to LA Trustee sales for the last 5+ years.  There are very few deals going to sale these days, today there was only 1 we were on and the opening bid came out too high.  We're scraping by with about 3-4 per month.  

What @Daniel Sanchez said about higher end properties is definitely true. We try to stay under $500k ARV. So we don't touch the higher end stuff. However, it does seem like when high end properties do go to sale, there are a few extra buyers that show up just for them.

As for the auctions going on at the same time, there are 9:00 9:30 10:00 10:30 and 11:00 sales all in that pomona courtyard.  They all have different criers.  Things used to be difficult when lots of deals were going to sale, but now with the volume it's pretty easy to keep an ear on all of them.  

We make our cashiers checks out to ourselves, and then include a power of attorney when we endorse them over to the trustee

As to why it's in Pomona, my guess is because every other court house has kicked them out! haha they used to mainly be in Norwalk but they gave trustee sales the boot a year or two ago

To look up liens, call your title company's customer service line

Postponed for a number of reasons, BK is probably the most popular.  Just means for whatever reason they're not taking it to sale that day.  probably 90% of the deals scheduled to go to sale are postponed or canceled

Hope this helps!

-Bill