Member since Feb 2007
buying a home at a trustee auction (Posted on 4/2/13 at 12:00 pm)
Have any of you ever done this?
Around the summer last year when home prices were real low here in the PHX metro area, my neighbor tells me he is buying a new house. He just had a second baby and I guess they wanted more space. I asked him what he thought he was going to do with his current house and he did not say a whole lot.
Pretty quickly I realized he was going to buy a new house and then let the first one get foreclosed on. He bought in 2005 when home prices were through the roof so I am sure he was underwater.
Anyway, yesterday I finally saw the notice that the house is going to be auctioned off in May. They were pretty cool, nice people (except for bailing out on their mortgage and all ) and kept the place up very well.
I am wondering if I could get a real steal and just wanted to know if anybody has had any experience with this sort of thing.
I know that paying for a title search is a definite must.
Anybody had any experience with this stuff?
This post was edited on 4/2 at 12:02 pm
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Member since Jan 2013
re: buying a home at a trustee auction (Posted on 4/2/13 at 11:35 pm to hondurantiger)
Pull the deed of trust. It should list the amount that was financed. If purchased in 2005, owners probably didn't pay down principal too much. Banks will typically bid in for the amount owed.
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