Where can I get the most up-to-date information about California foreclosure sales?
To learn more about foreclosure sales, go to the website of the relevant County or Foreclosure Sale Agent, or contact the County or Foreclosure Sale Agent directly. Verify all foreclosure sale details with the proper County or Foreclosure Sale Agent. The following Foreclosure Sale FAQs were not created in collaboration with the County or the Foreclosure Sale Agent. These FAQs are offered solely for educational and informational purposes and are not intended to replace expert advice, whether legal, real estate, or otherwise. It is possible that the information presented will change. Prospective bidders should seek expert guidance and read the County or Foreclosure Sale Agent’s Terms of Sale carefully before submitting a bid to fully understand the foreclosure process and foreclosure sales.
What is the procedure for a California foreclosure sale?
A public auction is held for a foreclosure sale, and is open to all bidders. At the case, the property is either sold to a third-party buyer or reverts to the beneficiary (Mortgagee, Bank, or Lender) as a Real Estate Owned (REO) Foreclosure. Please request a copy of the bidding rules and thoroughly review the selling process by contacting the appropriate County or Foreclosure Sale Agent.
When and where do foreclosure auctions take place?
Foreclosure sales take place at different times and locations depending on the county. For detailed information, please visit the webpage of the applicable County or Foreclosure Sale Agent or contact the County or Foreclosure Sale Agent directly.
What do I carry to the foreclosure auction?
At the time of sale, most counties require funds to be paid in cash, bank money order, or cashier’s check. It’s possible that personal checks, business checks, letters of credit, and credit cards won’t be approved. For detailed information, go to the webpage of the respective County or Foreclosure Sale Agent or contact the County or Foreclosure Sale Agent directly.
What if a Property is canceled or rescheduled?
A property’s sale could be canceled or postponed for a variety of reasons prior to the start of bidding at the auction. There is no assurance that a specific Property will be put up for sale. For detailed information, please visit the webpage of the applicable County or Foreclosure Sale Agent or contact the County or Foreclosure Sale Agent directly.
Can the property be free of all liens and encumbrances?
No, most of the time. The properties will be sold “as is,” with all flaws and limitations. Both potential bidders are encouraged to do their own due diligence and research into all aspects of the Properties they are interested in purchasing. Prior to the sale, it is recommended that you obtain independent counsel to complete your due diligence and gain a thorough understanding of the foreclosure process and foreclosure sales in general. It pays to do your homework! It is your responsibility to do a title search and get legal guidance if necessary. For specific Property and title information, please visit the appropriate County or Foreclosure Sale Agent website or contact the County or Foreclosure Sale Agent directly.
Is it possible for me to inspect the property?
No, since these properties may be occupied, prospective bidders may not trespass on the property, annoy the owners, or contact the borrowers for property details. Additionally, you may complicate the foreclosure process, possibly postponing the sale of the property.
Is there a foreclosure redemption period in California?
No, not at this time. A redemption period may be enforced, which may vary depending on the circumstances. The creditor may be entitled to redeem the property during the repayment period. For precise specifics on any prospective redemption time imposed in California, please visit your real estate lawyers or the County or Foreclosure Sale Agent.
How will my status as an Owner-Occupant be confirmed?
The winning bidder at the foreclosure sale must sign an affidavit declaring that they intend to take residence in the property within 60 days of the sale and will occupy the property for at least a year to qualify as a potential Owner-Occupant.
How long do I have to wait to finish my purchase as a potential Owner-Occupant?
All you have to do is furnish the necessary finances and sign an affidavit stating that you intend to move into the property within 60 days of the transaction and that you will stay for at least a year. After then, the purchase will be finalized.
How long must I wait to finish my purchase if I am not a prospective Owner-Occupant?
Eligible Bidders or Eligible Tenants will have a 15-day window to submit an intent to bid. If a bid is accepted, you will have to wait 45 days from the date of the auction for the sale to be completed.
The sale will be final and the property will be sold to the Eligible Bidder or Eligible Tenant if the payments are received by the Eligible Bidder or Eligible Tenant within 45 days of the sale. “If the Post-Sale Bidder is unable to complete the sale for any reason within 45 days of the sale, your purchase will be finalized.”, “If the Post-Sale Bidder is unable to complete the sale for any reason within 45 days of the sale, your purchase will be finalized.”