Court house steps

I have been re investing for 6 years and have never done the court house steps, thinking I should for flip deals, live in Contra Costa County in Calfornia. Any help would be great !!!

Edited: 06/26/2010 at 10:35AM

Kristian Peter

Real Estate Consultant · San Diego, California

127 posts
519 Influence
3 Awards

Icon_minipost Nov 23 '09, 05:50 AM

We've been investing at Trustee Sales for the past 8 years. If you have any questions, we would be glad to help.

Kristian

Edited: 06/26/2010 at 10:37AM

Darren Morrow

Accountant · Tustin, California

27 posts
358 Influence
2 Awards

Icon_minipost Nov 23 '09, 06:03 AM

Originally posted by Kristian Peter

We've been investing at Trustee Sales for the past 8 years. If you have any questions, we would be glad to help.

Kristian

I have a couple questions for you Kristian, I have been to the court house steps and watched a couple of them happen but I have some key questions about the processess.

First when the company aucitoning the houses comes up they ask for people to qualify. What do they do to qualify and what do they need to show? is it an amount of money, i've also heard they need power of attorney, is that true?

Second, When the bidding is over they sign some papers and I couldn't for the life of me get anyone to tell me what they were.

Third, How do you discover what properties will be auctioned that day by each company? I have heard a couple different things on this one.

Fourth, after the property has been bought what is the time frame to transfer of title and payment.

I have a lot more questions but I think those are the big ones. Any help by anyone on this subject would be greatly appreciated.

Thanks

Edited: 06/26/2010 at 10:37AM

Marc H.

Real Estate Investor · Herndon, Virginia

2 posts
30 Influence
1 Award

Icon_minipost Nov 28 '09, 08:41 AM

I do not have any experience in actually going to a sale on the courthouse steps as I have not been to one yet.

As far as finding out what properties are going to be sold when....I looked in my local paper for trustee sales and then read all of the upcoming sales. For a few of them, the actual auction company name was listed. I went to a couple of their websites and they sometimes had a schedule and sometimes they didn't.

I have only found three major ones for my area and would like to know if there is an easier way to find more. Is there a site that lists different real estate auction services?

I hope the limited amount of info I have helps you in your local search.

Edited: 06/26/2010 at 10:40AM

Jon Holdman

Real Estate Investor · Denver, Colorado

11859 posts
75547 Influence
15 Awards

Icon_minipost Nov 28 '09, 10:50 PM

Darren, the process is different for each state. Here in Colorado, these properties are sold by the "public trustee". That's a county official. The sale is on Wednesday morning for each county except Denver. Denver's is Thursday morning. All counties except Denver post a list of properties to be sold at Wednesday's auction on Monday afternoon. Denver posts on Tuesday.

Payment must be in cash (cashier's check, actually, is better). Some counties stop the auction once a bid is accepted and you have to produce the money right then. Others have you go to the back of the room and pony up the bucks by 2:00 PM. You get a certificate of purchase in exchange for your money.

You get a public trustees deed 17 business days later, assuming none of the junior liens redeem. The PT deed can be in anyone's name, so if you have a buyer, the deed can be placed directly in their name.

Of course, all this applies only to CO.

Edited: 06/26/2010 at 10:40AM

Jon Holdman, Flying Phoenix LLC

Greg E

· Sacramento, CA

108 posts
50 Influence

Icon_minipost Dec 07 '09, 02:10 AM

Originally posted by Darren Morrow

First when the company aucitoning the houses comes up they ask for people to qualify. What do they do to qualify and what do they need to show? is it an amount of money, i've also heard they need power of attorney, is that true?

You need cashier's checks totalling at least the amount of the opening bid. They should be payable to you, you'll endorse them over if you are the successful bidder. No POW needed.

Second, When the bidding is over they sign some papers and I couldn't for the life of me get anyone to tell me what they were.

Paperwork includes a receipt to you for the amount of the checks + information they need to prepare the trustee's deed.

Third, How do you discover what properties will be auctioned that day by each company? I have heard a couple different things on this one.

Most of the trustee companies maintain a web site with scheduled sales.

Fourth, after the property has been bought what is the time frame to transfer of title and payment.

You pay immediately upon completion of the scheduled sales. Trustee's deed within 2 weeks.

Edited: 06/26/2010 at 10:45AM