I like to think I’m the ultimate real estate wholesaler. I buy properties for cash and resell those properties minutes later for all cash with just a commission markup. I purchase these properties from trustee sales that happen every day at the local courthouse steps. My local auctions are held at two local courthouse locations at 10am, Noon, 12.30 pm and 1:30pm. I have made this opening statement sound like foreclosures are so easy that anyone can do it. This can’t be farther from the truth. My office has 10 members on the staff trained in the foreclosure business. We triple check everything we do. That is why our customers don’t flinch about a commission up charge when we flip a property to them there is a guarantee that title is clear and that is a big advantage in reselling for a profit.
What I like about trustee auctions is if you buy the home 20%, 30% or 40% or more below market, no seller or relative complains to the authorities or talks to an attorney that you took advantage of the seller.
Most investors are scared away from foreclosures from the fear of the unknown, obvious unknowns, are no disclosures, not seeing the inside very well, if at all, who are the occupants and will they leave without destroying the home. Then there are the larger unknowns: is the deed of trust you’re buying a first, seconded or third, are there any back property taxes that are owed and are there any IRS liens attached to the property. Then does the county have any liens attached to the property.
Most importantly, what is the property really worth today and what is it going to be worth when all the above problems have been solved?

I have some awfully good stories; I would love to share with you. If anyone is interested from reading this forum just reply back, I’m really not sure if anyone other then me likes trustee sales and home foreclosures.

My name is Kevin Roberts, a licensed California real estate broker, 00858916

Hi Kev

yeah, let's hear the stories.

I don't see why investors would shy away from trustee sales if they've done some homework. Any home I have ever been interested, I had a friendly closing agent have their people do a title search for me (at a discount of course because then they'd get my business).

It would seem to me those in business simply don't want to have any more expenses or trouble whereas they're paying someone else (in the end) any way. Risks are risks for a higher payout. Many sound as though they want it on a silver platter and spoon fed to them.

Trustee sales are performed at the court house steps
It's an as is sale, no inspection, no reports, no title
nothing, as is, what is and where is.

At least once per week a newbie walks up and buys a second deed of trust thinking it's a first deed of trust. Most think they did there home work it was just in accurate information they received. You have to check the chain of title and match a recon for every previous loan no exceptions any thing less and you could lose every dime of your new investment.

The other day I was checking out a property in Richmond, California not a bad opening bid decent house it looked vacant if so it could have maybe had 50k in equity or 40k of profit. After exploring several different methods to get into the property one finally worked, upon entering I found a rather large pot farm, the home had no floors and just really bright lights, needless to say I'm not a farmer and I was sure glad I seen the inside for who ever did buy it had no idea what was on the inside.
I mostly buy trustee sales in Alameda and Contra Costa I like Antioch for its cash on cash returns and Concord to Danville for the amount of profit we can make flipping. Oakland has great rental cash flow and Berkeley makes great flips. You can reach me at
WWW.WalnutCreekRealEstateInsider.com

If you have any specific questions about trustee sales just ask a question, if I don’t know the answer my foreclosure team will certainly have the answer.

Kevin,

are you saying you only look for properties that dont have a mortgage attached? just liens and back taxes?

Kevin,

How much of a role does location play in making a decision to purchase?