You know the drill, the Realtor calls you about the perfect home which is in the neighborhood you have been looking for and it's priced a little low but you are a strong all cash buyer and you want it.
You can already smell the barbecue in the summer and you see the pool being used while you are enjoying cold lemonade from your own backyard lemons.
You write the all cash offer with a two week close and you even waive the home inspection and termite report. Then 3 days go by, then a week, then a month. Other offers arrive and some are for way more money, all asking for FHA financing. You keep thinking the bank will accept your offer, it's all cash. Then the dreaded news comes, another offer was accepted.
There is a better way. It's called Foreclosure, court house step auctions.
I don't suggest you jump right in, run to the court house steps, then buy the first 30% discounted home you see.
But look for a Realtor that knows the ropes of the court house steps, that person should know or have access to all the properties in default, and trustees sales that are getting ready to go to auction. Every state works a little different. California, my area of expertise, has no redemption period. You buy it and it yours that day. However, don't move in until you have the deed in your hands and the property is vacant.
Let me explain why these properties really do go for a discount, usually 30%.
Not all banks want to modify a loan for a customer. It's just not in the bank's best interest so they let the property go through the foreclosure process and the day it's going to be sold the bank has the right to offer the property for sale at less than the loan amount that's owed. The bank gives the property an opening bid from $100 to whatever they may want to receive as a minimum. It's an old fashion auction on the court house steps with just all cash buyers; highest bidder gets the home.
Some days there are more then 500 properties going to sale. You can be a little choosy but keep in mind that not all properties are discounted and not all are good deal, for many reasons. Make sure you work with an expert until you are one. This article is just to let you know there is a source for getting a steady amount of good deals without writing hundreds of offers.
Are you sick of writing offers on short sale properties only to be denied 110 days later?
Kevin Roberts California DRE Broker 00858916
Kevin Roberts has Flipped to investors over 300 properties from the court house steps during the last two years. By developing the triple check process all properties are Guaranteed to be sold with good title.
Kevin Roberts covers 4 to 6 trustee auctions daily in Contra Costa County and Alameda County, CA., all property is bought first then flipped to investors after the auction is over.
To get more information on buying a foreclosure property or a trustee sale for all cash visit http://www.TrusteeAuction.org or follow me on twitter.com/crpmllc
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