If you’re looking for a bargain, one can be found in the foreclosure market. However, it takes plenty of patience and solid market knowledge. Oh, did I mention that you also need cash and lots of it – no loans or I.O.U.’s accepted.
Yesterday I went down to 190 N. Market Street in San Jose to check on a property that was scheduled to be sold at a trustee’s sale. I came home with this video that shows how the process works. The video is longer than I hoped for and won’t challenge Avatar for best picture, but I think it accurately details the trustee sale process.
Note: the house that I was checking out was postponed to another day. It was one of many properties where the trustee sale was either cancelled or postponed until another date.
4 responses so far ↓
1 Curtis Van Carter // Jan 27, 2010 at 9:42 am
Dave
That was very informative. It would have been nice to confirm this was the only one which sold at bid, if true, and how many were scheduled for bid that day and withdrawn if you had that number.
2 Dave Blockhus, Los Altos CA Real Estate Specialist, Coldwell Banker // Jan 27, 2010 at 12:38 pm
Curtis,
I did not count the exact number of properties that were either canceled or postponed. However, the original video that I was going to post included the scenes of the properties being postponed. It added another 5 minutes to the video. So you can see why I didn’t include it….booorrrring! If I recollect, I would say that approximately 80 properties were postponed and another half dozen were canceled. Only two properties were sold in the couple of hours I was there. Note: This was just the properties scheduled to sell at 10:00 am. There was also another sale at 11:00. My guess is that the process went into the early afternoon.
Note: I asked one of the representatives for the beneficiary’s and he said that about 5% of the properties in any sale are sold.
3 Auction Action at a Trustee’s sale | Wine Country And Horses // Feb 3, 2010 at 6:34 pm
[...] blog buddy, Dave Blockhus, of Coldwell Banker in Los Altos, recently shot this video overview of a home sale on the courthouse steps in San Jose. It is about 4 minutes long and provides a [...]
4 Pam Buda // Feb 3, 2010 at 6:38 pm
Hi Dave,
I appreciated your video of the auction process. Takes some of the mystery out of it. We are seeing a lot of these homes come to market within 60-90 days of the trustee sale, staged and in some cases remodeled extensively. I wrote a post about your video and linked to another auction post I did in 2007. http://winecountryandhorses.com/blog/2010/02/03/auction-action…-trustees-sale
Thank you!
Pam
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