All Forum Posts by: Robert Sutherland

Yeah, that's been my understanding, the bank will sell to get the $288K judgement amount recording on the tax record, but won't the bank get the rest as well?  In this case, the property retails for close to $500K, lets call judgement amount of $300K, and won't it be the investor that scoops up property at auction get the difference (minus cost to rehab, if any, and costs associated with sale?  That was my impression, prior to posting here....I don't know if CA's laws are the same as AZ's, looking it up now, it's wasn't my understanding the owner would get those.

Appreciate the feedback, the judgement amount recorded in February was $288K, and I'm sure the HOA fees of 335/month are probably in default as well. I don't view myself as being predatory, there is no listing contract, I was just under the impression that if the bank sell at auction they get nothing. Right now I don't have any traction at all, except for the owner to ask about what the prices of offers are, he's even saying that so of yet, he's received no notice from lender or anythgn to that nature....I'm still at the very beginning go this, but it was my understanding also that the auction typically takes place 30 days after the notice of trustee sale is recorded.

In my approach to this particular owner, as a broker, I've taken the stance that doing something, rather than having the bank take the home and getting nothing, is best. If the home goes to Auction, isn't it correct that the owner would get nothing?  If time permits, marketing the home as a regular listing and letting the market purchase (as compared to investors that are looking to profit off the home) would be best case, but if there is only a week or so (Notice of Trustee sale was recorded 2/18/25) to get something done, before going to auction, is better than having the bank just take the home back, correct?  I'm not an investor (but do aspire to be one), and essentially I've presented myself as being a person that prevents the woulda, coulda shoulda's this homeowner has if the bank actually takes the home back.

Good Day, long story short, I have a lead where they have a property in the San Gabriel Valley (So Cal/LA County), they have had multiple NOD's filed on the home, going back to 2023, and now they have a Notice of Trustee Sale that was recorded in Mid February (final Judgement amount around $300K). The Property retails closer to $500K, owner bought about 5 years ago for $330K, I've made contact with him several times (have his cell phone), I think head in the sand a bit. A notice of trustee sale was scheduled earlier in 2024, owner got it postponed somehow, not sure if what to do (or if anything can be done). I have an investor that will pay $330K for the place (owner's original purchase price), I'm look for some approaches....Any thoughts would be appreciated.