Is it feasible for an individual to buy a foreclosure auction.

[rich_a]

Hello where exactly is the auction located in sacramento. How can we see the list of the homes that will be auctioned off before the sale date? Is there a phone number to the trustee sale representave.

Thanks for your help

Originally Posted by DMenscha

Price of the property that will sell within the average number of days on the market.

My investors take that number, subtract 7% for commissions and closing costs, any repairs that need to be made, a percentage profit expected and come up with a maximum they will bid on the property.

So if the property on the open market is worth 100K
Selling expenses ................................................. 7K
Repairs .................................................. ............ 3K
Profit .................................................. ..............40K
Maximum bid............................................... ......50K

This would be different for someone who just wants to buy the property and keep it for a rental or personal use. I've never seen an individual bid on the courthouse steps, but my investors do end up bidding against other investor groups from time to time.

[DMenscha]

Originally Posted by rich_a

Hello where exactly is the auction located in sacramento. How can we see the list of the homes that will be auctioned off before the sale date? Is there a phone number to the trustee sale representave.

Thanks for your help

I would assume it's somewhere on the courthouse steps, but the notice of trustee's sale will provide the location of the auction. That can be found in the legal notice section of (most likely, the Sacramento Bee or any other newspaper that has been awarded the ability to publish legal notices. You won't be able to go inside to see the homes, you will have to satisfy yourself from the outside. The legal notice will always have the phone number of the trustee, but they rarely are of any help to you.

Once the property is sold, the bank will likely list it with a real estate company. Remember, unless you have an in with the actual bank holding the sale, you probably have no chance of buying the property at a bargain price.

[hydro]

Do you have cash?