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Forums » General Foreclosure & Pre-Foreclosure Forums » Finding auctions for foreclosed residential income properties?

Finding auctions for foreclosed residential income properties? Subscribe to Finding auctions for foreclosed residential income properties?

4 posts by 4 users

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Mark Hu

Real Estate Investor · Huntington Beach, California


Forum_avatar_avatar-darsunt

Aug 14 '11, 06:27 PM

Thanks to Michelle Lenahan, I know the times and places of foreclosure auctions in Orange County, CA. But I've only witnessed auctions for houses and condos. Also in the papers I'm only seeing notices for homes and condos.
I'm aware that residential income property auctions are very few compared to auctions for residential foreclosures. Do I have to just be more patient, or do they usually set specific times and places for auctions for foreclosed 3 and 4 unit properties?


Mark Brian

Real Estate Agent · Anderson, South Carolina


Forum_avatar_avatar-markbrian

Aug 16 '11, 07:08 AM

http://www.williamsauction.com/


Chris Martin

Real Estate Investor · Holly Springs, North Carolina


Forum_avatar_avatar-wakeproperties

Pro Basic

Aug 26 '11, 03:56 AM

Mark, you answered your own question. Regarding "I'm aware that residential income property auctions are very few compared to auctions for residential foreclosures. Do I have to just be more patient..." the short answer is yes. In my area, the multifamily foreclosures that hit the courthouse steps are about 1% of total FS volume. Same with commercial RE. Low volumes.


Dan Chappell

· Vallejo, California


Forum_avatar_avatar-flyinghuman

Aug 31 '11, 10:13 PM

To be clear, when I use the phrase "foreclosure auction" I mean the Trustee sale at the courthouse or city hall in CA.

Beware of the "foreclosure auctions" that private companies conduct. They are frequently several steps below the ethics of the worst used car salesmen. They are designed to trap naive and unseasoned real estate buyers. If you win a good bid they normally hold your cash for a month or two, then demand a higher price, otherwise refuse to give you title to the property. Of course if you overbid they will gladly take your money.

There are subscription sites such as "Foreclosure Radar" that will track foreclosure auctions for you and make finding the multifamily units easy. You will have to buy outside of your area though because there are few in Orange County. Make sure you know exactly what you are doing when you buy at the courthouse otherwise you may lose all your money in a matter of a few seconds.




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