hi iam wondering if anyone has any experience in trustee sales. i have founder investors that wants me to buy and flip with cash. Is this a good and simple way to purchase homes and still make a profit.
Hi,
yes, trustee sales are a great way to purchase properties…what state are you in?..sometimes, depending on the state, they can be called sheriff’s sales, tax deed sales, tax foreclosure sales, tax scavenger sales, etc…
you can normally buy them with cash or certified funds…all mortgages are wiped out after the sale except for NM…
Good Luck
thanks for the reply, i’m in california. i’m just starting buy and selling. Does every forclosed property go into a trustee sale or does it become a REO???
Good to meet you…
I am in California too… Welcome to REIClub… We in California do call them Trustee Sales… However you really need to know what youre doing and leave all emotions at home… You might want to learn to buy shorts instead…
Good luck
Michael
sorry about that…I read your question too quickly when I was skimming through and I miss read, or it somehow registered in my brain incorrectly…I answered thinking you were asking about sheriff’s sales or county tax sales
Witha trustee sale…when the bank is not paid, then the trustee gives the homeowner (trustor) 100 days to pay…at the end of this period they then give a final period of 21 days…after this the trustee will have a sale…they do all of the work in regards tot he sale…the trustee at this point has the power of sale.
Sorry about that…Good Luck…you may want to take the advice of Michael, and start with short sales, or purchasing properties at the county tax sales (the bidding in CA starts at 5 years of unpaid taxes)…if you are in Sandiego, or LA, or other highly beautiful and populated areas…please understand that the CAlifornians seem to bid the property way up unlike most states…I guess they must think everybody wants to live in CA…(CALIF, the older abbreviation really stood for Cone And Live In Florida…hahahaha)…never overbid on a property that you do not have an exit strategy for…
Good Luck
thanks everyone for your advise :smile. Michael, do u mean working with a realtor and back offers on short sale. Do u also do pre-foreclosure :banghead