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Old 11-15-2009, 11:24 AM
 
37 posts, read 153,690 times
Reputation: 27

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Hey guys,

Does anyone know how one could buy homes from a "NOTICE OF TRUSTEE SALE"??

I saw this home on the market for $369,900 that was just purchased on 10/15/09 for $272,001. 6355 Bright Nimbus Av, Las Vegas, NV, 89139 - MLS #991619 - Single Family Home real estate - REALTOR.com® (http://www.realtor.com/realestateandhomes-detail/6355-Bright-Nimbus-Av_Las-Vegas_NV_89139_1114086381 - broken link)

I'm assuming it was purchased via "NOTICE OF TRUSTEE SALE" because of the data from the Recorders office. It also looks like the new owner has a loan on the house (Deed of Trust)

I was always under the impression that "Notice of Trustee Sale" was always for the total amount the previous owner's owed plus fees, which in most cases is way more than the market value and that most people who buy has to buy cash.

Any savvy investors / realtors out there?
Thanks.

 
Old 11-15-2009, 01:06 PM
 
Location: Here and there, you decide.
11,575 posts, read 22,673,604 times
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just looked it up... it was sold to a rental company llc... they probably bought a block of homes... you can go to the clark county assessor and look it up
 
Old 11-16-2009, 03:45 AM
 
100 posts, read 156,159 times
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Default Re:

Description of how the NTS works.

Trustee Sale: A public auction
 
Old 11-16-2009, 09:29 AM
 
845 posts, read 2,021,609 times
Reputation: 294
The lender is usually the winning bidder at a trustee's sale. Only if you want to pay what is owed, would you buy one there. Wait until the bank takes it back and cuts the price by 70% or so. There are probably about 50 or so of these per day in CC. I doubt any have had real bidding lately.
 
Old 11-16-2009, 09:48 AM
 
37 posts, read 153,690 times
Reputation: 27
Quote:
Originally Posted by adolpho View Post
The lender is usually the winning bidder at a trustee's sale. Only if you want to pay what is owed, would you buy one there. Wait until the bank takes it back and cuts the price by 70% or so. There are probably about 50 or so of these per day in CC. I doubt any have had real bidding lately.
Stupid Question: Why would the lender bid on it's own property?
 
Old 11-16-2009, 10:03 AM
 
845 posts, read 2,021,609 times
Reputation: 294
Someone has to bid.
 
Old 11-16-2009, 10:09 AM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 32,484,948 times
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Quote:
Originally Posted by MyYahoooo View Post
Stupid Question: Why would the lender bid on it's own property?

It bids what it is owed...which costs it nothing.

The deal you came across is likely some form of wholesale buy. That outfits has success at Trustee sales with certain sellers that would indicate some arrangement whereby the mortgage holder allows someone else to buy the property. I expect that if anyone else bid the mortgage holder would then bid the amount owed.
 
Old 05-04-2010, 07:47 PM
 
1 posts, read 8,342 times
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Default www.trusteesaleclearinghouse.com

HOW TO BUY HOMES AT THE TRUSTEE SALE?


All cash is required to buy homes at the trustee sale. Ballard Marketing Group, Inc. in cooperation with different investors referred to as Clearing House is able to provide Real estate Agents And their Clients a Broker service that will accomplish the acquisitions of properties from the trustee sale with a certain minimum down.

The steps are similar to buying a property from a builder whereby the agents bring their buyer to the model houses and order a home to be built for them. In our model, agents will be given the list of properties to be auctioned at the trustee sale as it becomes available, normally its 21 days in advance. The buyer will pick from the list and choose a property that he wants to buy. Once that property has been identified, Buyer's team will order the property to be bought at the auction

Just like any other transaction, buyer should have been pre - approved with clearing house's preferred lender. Clearing house will not buy the property at the auction if buyer has not been pre approved by its preferred lender. They can always get their loan from anybody else but if this does not close on time, Buyer will be subjected to the per day per diem penalties, just like how the builders or reo's do.

Clearing House will buy the property at the auction and clear the title and structurally prepare the property for financing. Buyer will then finish the transaction by completing the escrow with the clearing house.

All of the sale will come with One Year Premium Home Warranty. Clearing House /Seller will pay this charge.

The escrow shall be with the company that seller choose just like the builders or reo's do. They have experience in handling this type of transaction. The deposit shall be released to the seller upon completion of the appraisal.

Appraisal shall be paid by buyer. If the property does not appraise, the seller shall pay for a second appraisal, and if it still does not meet the value then the first 2% shall be shouldered by seller, the next 2% shall be by the buyer, then the next will be the listing, selling, and mortgage agents' commissions equally. This should mitigate the problem, after all its the agents who assigned the value.

Repairs on the house if needed shall be treated like upgrades in the builder's world. When you buy a home from the builder, they send your client to the design center. When you make an offer to purchase the property, there is a section the purchase agreement that seller will pay up to so much in repair. this amount is reserved for upgrades to make the proeprty financiable and upgraded for buyers choice.
 
Old 05-04-2010, 08:02 PM
 
380 posts, read 901,334 times
Reputation: 198
But to infer that you have an insider position at the sales is misleading. It would be a violation of the trust to lower the price without proper notice to all parties involved. It would also be ridiculous to pay what is owed (99.5 times out of a hundred), when they will hit the MLS at 25 cents on the Dollar.
 
Old 05-06-2010, 11:52 AM
 
146 posts, read 468,763 times
Reputation: 78
Just to note: A lender can only bid UP to the total outstanding in a trustees sale. This is to limit banks who would want to bid more, if in the event that they have a HUGE collateral advantage.

Many times, the lender is the highest bidder, especially in residential homes (like 99.9% of the time), and then, as stated, will slash the price to recognize the impairment on the home.

Like others have said, the best thing to do is to wait for it to go on the market as a short sale.
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