All Forum Posts by: Simone Litsch

Quote from @Ronny Crawford:

@Clayton Silva thanks for the reply.  The home is listed for $335k, but if it goes up for foreclosure that bidding may stop well below that amount.  The 1st lien holder will most likely start the bidding at $200k+ to cover his basis and any attorney fees.  

Thoughts on if someone like myself should bid on the property to drive up the price?  Thoughts on possible small claims court? 

Thanks again!

Ronny

 You absolutely want to bid on the property. What you want to bid is up to you. If you want 100% of your money back then you bid $50k greater than the first lien. If you are happy at $25,000 then bid $25k greater.

After that, the third position lender may also bid so if they bid then you will get paid off by them. 

The property worth about 800,000

The first lien is 600,000 this total payoff

The second lien was 86,000 (this one I was the highest bidder) 

The deed just got recorded yesterday and I just found out that the first lien going for trustee sale this month Nov 27.

Im not investor I was just following California law SB 1079 as prospective owner occupant that I can bid after foreclosure which I did. 

I hope the first lender can will agree to refinance the loan and I will carry the loan and pay monthly. 

Hi,
I found a foreclosure property that I am interested in.  Bank is foreclosing on the 1st loan.  If I won the bid, does it mean I won't be responsible for 2nd loans?  How about if there is an abstract judgment on the owner?  Would I be liable for the judgment amount? I know federal, state and property tax will need to be paid by the bidder.

What is the process for the buying the foreclosure property?  So far, I have done the following:

1) Identify property

2) Research on the property for loans and liens in the county recorder's office

3) Visit the property

4) Secure Title Company for its service when needed

Let's say， I won the bid.  I gave the trustee the cashier's check.  What's the next step?  I am not likely to bid on this property but I do want to learn about the trade as much as I can.

Thank you.

Carol

Bidding on a bank forclosed property and was wanting any information on steps to take before closing on property.  The property is occupied, so I know I'm going to have to go through the eviction process (in Illinois).  Looking for any advice or information I can get from people that went through a occupied - auction - forclosure.  Thanks. 

Bidding on a bank forclosed property and was wanting any information on steps to take before closing on property.  The property is occupied, so I know I'm going to have to go through the eviction process (in Illinois).  Looking for any advice or information I can get from people that went through a occupied - auction - forclosure.  Thanks. 

@Simone Litsch, From what I was told by the sheriffs office is it would be treated like a normal eviction and take about 30 days. Maybe counties have different laws, but what I explained to the people living there was that an eviction on their record could cause them trouble to find a place to rent and the best option was to avoid that. Alost all management companies in the area will not rent if you have a eviction, so if they are going to need a place to rent they would be smart to just move about before the process goes through.  

@Lon Mapes, that's good news! I recently was the high bidder for a similar auction on Hubzu. It's day 10 following the auction ending and I am yet to be contacted so it's helpful to hear that it didn't drag out several weeks.