Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Foreclosures
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 4 years ago,

User Stats

44
Posts
8
Votes
Dan A.
  • Investor
  • California
8
Votes |
44
Posts

Questions abt a foreclosure auction in California

Dan A.
  • Investor
  • California
Posted

I'm interested in learning more about the foreclosure auction process for a specific property in California and had a few questions (well I have many, but I'll start with a few). Appreciate any responses.

Here's some basic info on the property:

Auction is Jan 2021

I estimate the property is worth ~$500k post-renovations

It is currently occupied

According to ServiceLink who is running the auction, there are two mortgages on the property - a negative amortization and a revolving credit line

The property was last sold for ~$400k in the early 2000s 

Here are a few of my questions:

According to RealtyTrac, the property has an estimated opening bid of ~$425K. In the description, it says that this is usually based on the remaining loan balanced owed to the lender. Where is RealtyTrac getting this number from? Is it accurate? And if it is, should I basically assume that the remaining loan balance is the floor on the auction price, because anything below that and the bank will simply purchase at that price? Assuming in this scenario that the bank thinks it can sell for ~$500k. 

There appear to be two liens on the property. How can I find out definitively which lien we are bidding on at the auction?

How can I determine the $ amount of unpaid property taxes?

The property is currently occupied. Is there any way to know if the property is tenant or owner occupied? 

Loading replies...