November 22, 2017

Frequently Asked Questions

Question: How can I find out more about the trustee sale process?
Answer: For basic questions, we are available to discuss by phone questions you may have – call us at 480.620.8874 or email jason@therehabagent.com.

Question: What is the cost to buy at an auction?
Answer: In order to bid at a Trustee Sale you must have $10,000 cashier’s check made out to the Trustee.  If you are the successful bidder, you turn over that check and then the remainder of the purchase price is due by 5:00pm the next business day.  i.e. – if you purchase a home for $100,000 on Tuesday – you owe $90,000 to the Trustee by 5:00pm on Wednesday.

Question: I would love to purchase property, but I am a professional and have to work?
Answer: Great. This is precisely what we are here for. We do all the work so you can continue to work.

Question: I’ve heard bidding at the auction can be a difficult and time consuming process and I really don’t have time – can you bid for me?
Answer: Absolutely.  We do charge a fee/flat commission.  We have discounts for bulk bidders/buyers as well.

Question: What if a property is occupied? Should I still bid?
Answer: Over 50% of the properties that go to sale are occupied.  Depending on your investment strategy, you may want that as you have a ready and willing renter. If you want to fix/flip the house, there are laws set in place to protect you as the new owner. We have access to attorney’s that will evict the tenant in 21 days or less for around $500. Typically, in some of our experiences we have found that most people will leave voluntarily when you ask or if you provide them a small amount of money for a moving truck, etc.

Question: How accurate is the information in your foreclosure list?
Answer: The information provided in our foreclosure list comes from 3rd party providers that we subscribe too.  We use it for our personal investments and the information in the list is accurate to the extent which it has been provided to us by these 3rd party companies. The information is deemed reliable, but not guaranteed.

Question: How many people show up at these auctions?
Answer: There can be as many as 100 bidders at the various auctions. Bidding is competitive. This is a lucrative enterprise and many people are there bidding for multiple professional investors. Additionally, new investors and spectators regularly show as well.

Question: Do I have time to get a loan?
Answer: Conventional financing will not work for this type of purchase. Cash is usually the best option when buying at a Trustee Sale.  All funds must be paid in full for the purchase by 5:00 PM the following business day after successful winning the bid.  Hard money or private lenders may be an option, depending on what the home sells for.

Question: Why do some homes have an opening bid and some do not?
Answer: Unfortunately, because of the high amount of foreclosures, trustees may not announce the opening bid until the auction. We provide as much information as possible from our 3rd party sources.

Question: When do you update your list?
Answer: Daily auction lists are uploaded by 5:00 PM the day before the auction.

Question: Can I buy real estate through my IRA?
Answer: Yes, you can buy real estate through your IRA. We recommend contacting your tax advisor for more information on how you can take advantage or real property through this investment vehicle.

Question: Am I guaranteed to get a property at the sale?
Answer: There are no guarantees. Your max bid which you are willing to pay for the property will dictate if you are the winning bidder.

Contact us today to discuss purchasing at the auctions.

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