I have not posted in a while but I have been working on the real estate front. One thing I have been doing is attending and researching foreclosure auctions or trustee sales. After a little learning it’s pretty straight forward. A bank has a trustees sale and they sell the property where is as is and to what position they are selling. They make no claims and they don’t tell you what position they are selling. So if a first mortgage forecloses and has a sale you get the home with and taxes and that’s it. If a 2nd 3rd or lowered lien foreclosures you get it to the point that lien is in. Most of the time it’s the first mortgage foreclosing and you get the property with any taxes owed. That can include any property taxes and any income tax so you have to do your home work and it’s a good idea to have a tile search and insurance on the home. That’s not easy and you will have to do your home work before hand.
Today were going to Utah County to buy a home that one of my clients has been trying to buy on a short sale for 5 months. The Bank J P Morgan Chase has decided to auction it rather than accept a $195,000 full price offer and a note from the previous owner for $18,000. Crazy! They will probably accept $175,000 at auction and have a foreclosure. There are 2 property the investor I am working with will be bidding on we’ll keep you posted. It’s nice to have the one property with our buyer all ready moved it so we can bid knowing they want it. If the bank puts a reasonable offering price on it of $180,000 or less we’ll buy it and sell it to our clients if not we’ll but the other home in Springville and sell them that one . It’s a $175,000 open bid and worth about $210,000.
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