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Old 06-08-2012, 11:54 AM
 
108 posts, read 324,294 times
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I have been looking at a property that is about to go up for Public Auction at a Trustee Sale. The home was originally purchased for about 90,000 dollars in 2004 but the home is now only appraised at about 50,000.

The person who actually owns this home works at a realty company. The home is scheduled to go up for public auction at a trustee sale next week. The opening bid for the property will not be available until next week. The person who owns the property is still living in the property and does not look like they will be leaving anytime soon.

If this property clears the public auction (which I think it will) then it will go to a realtor. The realtor who actually lists the property will actually have the first chance to buy the property.

I have noticed that in this town that the realtors buy many properties for themself once they clear the public auction. So the general public does not really have a fair chance to even purchase the property.

I contacted the trustee and the beneficiary of the property in regards to the home. If the home does clear the public auction and reverts back to the beneficiary then is there anyway I could have the chance at purchasing the property ? The beneficiary of the property is JP Morgan Chase Bank. JP Morgan chase Bank does not sell homes to individuals without a realtor. There is a good chance that the main realtor here in town will purchase the property for himself and the property will never even go on the market.

Is there anything I can do to purchase this property ?

Or is the only option I have is to go try to purchase the home at the public auction ?
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Old 06-08-2012, 12:09 PM
 
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,958 posts, read 18,535,708 times
Reputation: 6356
Quote:
Originally Posted by Demps View Post
I have been looking at a property that is about to go up for Public Auction at a Trustee Sale. The home was originally purchased for about 90,000 dollars in 2004 but the home is now only appraised at about 50,000.

The person who actually owns this home works at a realty company. The home is scheduled to go up for public auction at a trustee sale next week. The opening bid for the property will not be available until next week. The person who owns the property is still living in the property and does not look like they will be leaving anytime soon.

That is going to be the banks problem and they wont put it on the market until it is vacant.

If this property clears the public auction (which I think it will) then it will go to a realtor. The realtor who actually lists the property will actually have the first chance to buy the property.

Yes a realtor will list the property. I have no idea where you get the idea that the agent has first crack at it. You should probably engage a real estate agent to watch for when it hits the market and make your offer when it does. The agent is obligated to present all offers.

I have noticed that in this town that the realtors buy many properties for themself once they clear the public auction. So the general public does not really have a fair chance to even purchase the property.

The public has the same chance at purchasing the property as an agent, it may be the agents are just better at figuring out what and when to buy.

I contacted the trustee and the beneficiary of the property in regards to the home. If the home does clear the public auction and reverts back to the beneficiary then is there anyway I could have the chance at purchasing the property ? The beneficiary of the property is JP Morgan Chase Bank. JP Morgan chase Bank does not sell homes to individuals without a realtor. There is a good chance that the main realtor here in town will purchase the property for himself and the property will never even go on the market.

No bank sells property without representation. Don't use the listing agent as your representative. See my comments above.

Is there anything I can do to purchase this property ?

Make an offer when it comes to market.

Or is the only option I have is to go try to purchase the home at the public auction ?

You can certainly bid on it at the courthouse steps. You'll probably have to pay them far more than it's worth if you do so. Very few properties sell at the trustee's sale because the value of the property is less than the bid the trustee makes on behalf of the beneficiary for the amount owed. You will also need to have cash in hand for the amount you want to bid in the form of a cashiers check.
My responses in blue.
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