Tips on Buying a Home at a San Diego Trustee Sale

Buying a Home at a San Diego Trustee Sale

Buying a Home at a San Diego Trustee SaleIf you are entertaining the thought of buying a home at a San Diego Trustee Sale, there are a number of issues to keep in mind through out the process. Due to the struggling economy,  a large amount of homes are being auctioned off at the court house steps in Downtown San Diego. Although some buyers at the courthouse may not have any experience with buying properties at auction, it is possible to get a leg up on the competition while buying a home at a San Diego Trustee Sale with couple of basic techniques. Preparing is probably the most important factor for most real estate experts looking to capitalize on a San Diego Trustee Sale.

Tips on Buying a Home at a San Diego Trustee Sale

Get a feel for how the auctions work–  Spend a few days going to the auctions before your ready to bid so you can familiarize yourself with the process of buying a home at a San Diego Trustee Sale.  You’ll be able to see what the pros are doing and you’ll have more confidence when you decide to jump in.  Make sure you arrive on time and take note of the postponement process, opening bids, payment process etc.  Buddy up with a few people and ask questions when they are not bidding on a property, you can get a lot of great info by doing this.

Do your Homework– The Notice of Trustee Sales will be posted in a local newspaper every week for at least 3 weeks prior to the sale date.  Another option is to use online resources like realtytrac.com or foreclosureradar.com.  Although theses service require a monthly membership fee, it can be well worth it to start gathering information on homes that have received a notice of Trustee sale (NOT) but are a few months from auction.  Take the time to research the areas and home values surrounding your home of interest, you can search sold homes and active listings in the area by going to sdhomeseeker.com.  A local REALTOR can help you with comparable properties and ensure that you’re not over paying.

Buying a Home at a San Diego Trustee SaleVisit the property– One of the biggest risks involved with buying a home at a San Diego Trustee Sale is that you will not be able to view the interior.  Drive by and take a look at the exterior, usually you can get a feel for the condition of the interior based on the exterior.  Look at things like roof, paint, windows, landscaping, etc.  If the home is vacant, it can be beneficial to look in the windows.  In addition, it would be wise to take a contractor along who can provide insight on possible repair costs.

Have more than one home in mind– I have been to many San Diego Trustee Sales and auctioneer starts the process by calling out all the postponements, this can sometimes take an hour.  If you go with only one home in mind, there is a very good chance that it could be postponed and you’ll not be able to get this information prior to the sale date.

Bring the Green– If you are the winning bidder, you will need to pay the full amount right then and there.  You should bring cashiers checks in different denominations.

Get a title search– Buying a Home at a San Diego Trustee Sale is subject to liens and encumbrances.  Before you bid on a property, have a title search done to make sure there are not any other liens including second mortgages, Tax liens and mechanics liens.  Do not skip this step or you could be liable to pay any outstanding liens or encumbrances.

Set your limit and stick with it– Buying a home at a San Diego Trustee Sale can be exciting and you could find yourself getting caught up in the process.  It’s easy to get emotionally involved and over pay.  Sometimes there can be a few of the pros who are not really interested in the home but will try to bid you up in an effort to take you out of the competition.  Set your max price and don’t go a dollar higher.

Timing– It’s important to fine tune your timing. If multiple bidders are vying for a home, hold off until the bidding begins to settle down before placing your bid. The bidding war may cause others to exhaust their funds, leaving you with the winning bid.

Whether you’re searching for a home for you to reside in, or an investment property, buying a home at a San Diego Trustee Sale can be a great option. With some effort and know-how, you may be able to snap up a great home at an unbelievable price!

For assitance on buying a home at a San Diego Trustee Sale, or a current list of auction homes please contact Jared Wilson.

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Category : Blog &Foreclosures

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