All Forum Posts by: Account Closed

Have you ever used searchq.com and nextace.com to get the Title Search Report or Ownership and Encumbrance Report.  It charges $29.99 for each report.  How was your experience with their report?  

I want to get info for trustee auction in california, which one is better, compare this nextace.com to the site like propertyradar.com, in terms of searching for title and encumbrance for a particular property? 

I've searched over the forum, there are some info about trustee sale but most in high level.  I gave above detail info, hope some pro would jump in to give hands on guidance by using above basic title info as an example.  Appreciate any inpput you may provide.

-John

I am a buy and hold type of investor. Bought a few good SFH in bay area in 2009-2012 period which gave me tremendous returns. Have cash pile up, cannot find good deals of retail SFH in past 3-4 years however, I have been standing on sideline since. Never been to an action or trustee sale. Auction.com keeps sending me some leads. These are basic title search: See these info. From list below, does it mean there are three liens: two mortgage, one credit line unpaid. As long as I find out the auction were from 1st lien's trustee, then I could go ahead to participate bid?

Assessed Value: $369,851 Percent Improvement: 81.09% Land Value: $69,930 Tax Amount: $4,119.46 Improvement Value: $299,921 Tax Account ID: Homeowner Exemption: H Tax Rate Area: 1-002 Tax Status: Current Tax Year: 2016   

Foreclosure Record Recording Date: 01/30/2017 Document #: 2016-264310BK-PG -  Min. Bid Amount $204,233 Legal description: 

Foreclosure Record Recording Date: 08/16/2016 Document #: 2016-164068 BK-PG - Document Type: Notice Of Default Case Number: 045889-CA Beneficiary Name: Trustor Names Trustee Name: xxxx CORP Mailing Address: 045889-CA Loan Doc #: 2003-544298 Loan Date: 11/04/2003 Loan Amount $256,600 Contact 

Mortgage Assignment Recording Date: 05/20/2016 Document #: 2016-095852 BK-PG - Loan Amount $256,600 Document Type: Assign ent Of Original Lender Origination Doc #: Borrowers Name Origination Recording Date: 11/04/2003 Effective Date 05/19/2016 Assignor Name: Assignee Name 

Mortgage Record Recording Date: 01/05/2005 Document #: 2005-004922BK-PG - Loan Amount $150,000 Loan Type: Credit Line TD Due Date: 12/23/2024 Type of Financing: Interest Rate: Lender Name: CITY BANK Lender Type: Bank Borrowers Name Vesting: Joint Tenants 

Mortgage Record Recording Date: 11/04/2003 Document #: Loan Amount $256,600 Loan Type: Conventional TD Due Date: 11/01/2033 Type of Financing: AR Interest Rate: 5.87% Lender Name Lender Type: Lending Institution Borrowers Name Vesting: Joint Tenants Fixed Step: Rate Starts As FIXED. Adjustable Rate Index: One Year T-Bill (1 Yr C T) Change Index: 2.75% Rate Change Frequency: Annually First Change Date: 11/01/2010 Int Rate not <: 2.75% Int Rate not >: 10.87% Maximum Interest Rate: 10.87% Interest Only Period: Prepayment Penalty Rider: No Prepayment Penalty Term: 

Mortgage Record Recording Date: 07/31/2001 Document #: 2001-222392BK-PG - Loan Amount $211,500 Loan Type: Unknown Loan Type TD Due Date: 08/01/2031 Type of Financing: Interest Rate: Lender Name Lender Type: Lending Institution Borrowers Name Vesting: Joint Tenants 

Prior Transfer Recording Date: 11/07/1989 Document #: 15463471 BK-PG - Price: $220,000 Document Type: First TD: N/A Type of Sale: Mortgage Doc #: Interest Rate: Lender Name: Buyer Name: Buyer Vesting: Seller Name: Legal description Abbreviated Description.

-John

I tend to charge to blow market rate.  In San Jose 4/3 1500sf, $3600 

Never have bought anything from auction before. But I am trying to use my cash in a better way to find a good deal this time. Found a SFH on auction.com. Understood all auction buy need to be in cash. But the question here is how much risk do I have to buy a property on Auction? And what is process of closing the deal. Let me have an example here for a property A listed on auction.com which I am interested in. It say the estimated open bid is around $400k. I know the similar house in the neighborhood is around $600K - $700k. Let's assume if I could win the auction of this SFH at around $500k. But what risk do I have? I don't get chance to look inside of the house. Neither do I have any inspection report. Auction.com lists a few important docs:

Trustee Sale Terms and Conditions

Sample Trustee Deed Upon Sale

Sample Certificate of Sale/Receipt

IRS Form 8300

Foreclosure Property Information

Title Insurance Policy Information

I think the 1st four docs are those I need to fill up, sign up when auction is done.  Last two were where real meat is, especially the "Foreclosure Property Information".  I browsed over this doc.  In its "security Instruments" section, it gives list of mortgage, lien from 2003, 2005, 2006 and latest to 2015.  For the mortgage in 2015, it seems lien to Capital One Home Loan.  But I don't know if there is other lien.   In its "Judgment & Lien Instruments" section, the amounts seems only $3000 to favor of Capitall One Bank.  

For that amount $3000 and put this SFH to the auction, is it real? If it is, what can I pursue, what is the process involved in the auction buy? How can I make sure if there is other lien or any other outstanding cost associated to the property?

J.

Thanks all, for the response.  Well I have just downloaded CA Salesperson Exam/License Application forms, check list etc.  In the required documents, it shows "official transcript or course completion certificates for Real Estate Principles, Real Estate Practice, and/or one other required course"  This is kind of interesting... can I just read these two books myself to go to the exam test directly?  I wouldn't have any course completion or certification though. 

thanks Jo-Ann.  Checked out real estate trainers, seems a pretty good crash course.  I may make a plunge.

I am an amateur of real estate investor in N. Ca Bay Area. I have been investing a few SFH in Bay Area between 09-12 which gave me great return. However, I have never had my own real estate agent license. I think now I need to get my own license although I am still having my day time job as an engineer in silicone valley. Just wondering is there is a quick way to get the license? Googled a bit before sending this message and learned that I could do the study myself. or , I think I would like to have an old fashion way to attend a school and network with the people who has similar interests. Which way is quick to get the license? If go with school, which one you recommend (I prefer to close to Fremont or south bay).

@Raimondo and @Johnson Thank you all for the advice.  It seems too much risk.  So I back off the deal.  Looking for another opportunity now

John

Hi, Johnson, Thanks for the advice.  "Yes it's possible for you to put it back as a SFH"   If I could put it back to be as SFH, does it mean rental control no longer exist anymore as SFH doesn't have rental control in SF?   What's the legal procedure I could do that?  I try to make the house as a rental w/o rental control.  I don't need to make them as two 1/1 units - I just need to rent it out as a whole.

-John