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Bidder's Checklist:
A. A spread sheet will be emailed the day before the next trustee sale (auction) Detailing the time and place of each property going to auction the following day. For the best results view and go over spread sheet created the day before the auction.
1. Trustee sales are held at attorneys offices and the court house steps
2. Mon thru Fri.
3. From 9:30 am to 4pm
4. A 10,000 dollar deposit is required for each property purchased with title company or brokers trust account.
5. make sure Bidder agreement is signed
B. Properties highlighted in green have opening bids that are less than or equal to 70% of estimated value.
1. The mortgages on these properties are in first lien position. We still double check with the Title Company to verify if any other liens will cloud title.
a. IRS liens
b. Delinquent property taxes
c. city liens (over grown vegetation, board up, un permitted additions, etc)
2. these liens survive foreclosure and will be added to the cost of the purchase
3. take a closer look at each property prior to bidding to ensure property meets buying criteria
C. Properties highlighted in yellow are jr (second mortgages) liens that are going to auction.
1. In some cases, a combination of the jr lien and senior may equal 70% of estimated value, but not likely. Our advice is to stay away from these properties
D. Properties highlighted in pink are commercial, land, and multi-family(duplex thru apartment buildings)
E. Properties highlighted in purple are built in 2000 or newer and $ 50 a foot or less
F. Choose properties to research and submit a bid on azauctionbidder.com
a. Thoroughly research properties prior to submitting bid amount
b. Submit max bid amount on website
c. Try to submit bids at least 2 hrs prior to trustee sale
G. Property will be driven and title will be checked
1. Photograph property exterior and interior (if able to access property)
2. Makes notes on :
a. Location
b. Condition of property (roof,windows,graffiti)
c. Landscaping
d. Condition of pool
e. Presence of a/c unit
f. If property is vacant or occupied
g. Condition of neighborhood
h. Condition of electrical box
i. Condition of additions
3. Photos and title report will be delivered to buyer prior to auction(via email)
H. Communication during the Trustee Sale
1. AZAB will contact bidder during the bidding process to avoid being out bid by 100 dollars
2. AZAB will contact bidder if bidder is out bid, but winning bidder cannot perform.
I. Postponed sales
1. AZAB will track all postponed sales for client
J. Winning the bid
1. Bidder will deposit 10,000 with trustee at sale location
2. Bidder will be given a receipt explaining :
a. Winning bid amount
b. Who to make cashier check out to for the remaining balance
c. When, where, and what time payment is to be made on property just purchased
d. Payment is due by 5pm the next business day at trustees office
e. In the form of a cashier’s check
3. Payment to us investment realty is due the following day by 5pm
4. The 10k deposit with the title company is to be released to PTE by 5pm the following day.
K. Taking possession of the property
1. First obtain title insurance thru qualified title company (we recommend Magnus Title or Security Title).
2. If property is occupied contact former owner and offer cash for keys(300 to 500 dollars)
a. If former owner is unwilling to cooperate, start the eviction process.
3. Once property is vacant change locks and leave keys in a lock box(for contractors and agents)
4. Inspect property
5. Deed to property should arrive within 7 to 10 business days
a. Record deed once received
6. Turn on utilities
a. Use receipt from trustee sale as proof of ownership with municipalities prior to receiving the deed.
7. Secure homeowners insurance same day as sale
1. We recommend a 3 month vacant home policy until property is rehabbed and sold or rented.
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