San Diego Housing Market News and Analysis
Went to the courthouse steps
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Submitted by jeeman on July 7, 2009 - 7:21pm
Well, I went down to 220 W. Broadway today to see how the RE auctions work. The first guy only had 3 properties, and two of them were postponed. The third one was a $1.4M starting bid on a property in Vista. Crickets were chirping, and his "going once, going twice, back to the beneficiary" took about 4 seconds to say.
Then a 2nd guy came along 15 minutes later. He had all the other properties. He front-loaded all the properties of the beneficiaries who had representatives standing there on the courthouse steps. Most of those were open for bidding, but again, crickets. One property was bid on by the guy next to me, and he went a penny higher than the opening bid. The auctioneer said he had to bid for the "bennies" and bid opening bid + $1000. The other bidder backed down, and the property went back to the beneficiary.
Then he went through a long list (about 30 or 40) of delayed auctions. One property in Chula Vista seemed hot and 3 people bid it up from $330k to $410k.
All in all, interesting to me. I had some questions for anyone able to answer them:
1) How can you get a loan to purchase a property if you don't have the cash to buy it at the auction?
2) Anybody know what the different categories of delayed auctions means? From memory, it was "mutual agreement", "bankruptcy", "trustee discretion", and a couple others.
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