Monday, August 16, 2010

How do I find info on how to buy homes being auctioned off in Norwalk, CA at L.A. Courthouse?

Each foreclosure notice is recorded at the County Recorder. It has the contact information. The attorney handling the foreclosure will probably require a cashiers check for $10,000 in order for you to be allowed to bid. You have 24 hours to bring the rest of the cash to her office. No loans are allowed. YOu don't get a key to the house; you don't get an inspection; and there is no back-out period.


The problem in recent years is that the bank always enters a bid for the amount of the loan.... plus all the back payments.... plus attorney's fees.....plus late charges on the back payments. To buy it at the auction you must bid more than this amount. 7 days later the bank will put the house up for sale for $100,000 less than the amount you had to bid. That's why so few people ever bid at the auctions.How do I find info on how to buy homes being auctioned off in Norwalk, CA at L.A. Courthouse?
At the courthouse.


Or read the Public Notices in the classifieds of the LA Times.

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