I attended the REDC auction for Los Angeles to see firsthand how many of these bank owned, foreclosure properties are being dispersed of. I grew up as a son of an auctioneer – I started at the age of ten holding things up for the crowd to bid on and in later years, managing the auction itself. But I’ve never bought a house at auction! And it is super simple!
Here’s how it works:Â You get the list of available houses, condos and income property at auction.com.
You attend one of the open houses the weekends before the auction. You can even bring along your real estate agent who can give you data as to the value of the home and assist in representing your interests.
Next, you bring a cashiers check for 5 grand and a checkbook. You wait in the crowd that looks like this:
You wait until the unit comes up to the auction block and bid up to your limit. Once you are the successful bidder, you head over to a table full of lenders to choose from. Pick your loan product, finish some paperwork, give them a check for the balance of the deposit, and in 30 or 45 days, you own a new home!
It really is that simple and I’m going to the next one to look for investment opportunities. If you are interested in going, please let me know and we can carpool. As always, WestsideDB is working hard so you don’t have to.
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DB, I love getting your notices. It always makes me think of you & DL. Hope all is going well for you & Taylor & the Kids. PS DL has 2 babies now Clare 18 mos & Nolan 4 mos.