Attracting bidders to the trustee's sale - Posted by Kristine-CA

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Attracting bidders to the trustee’s sale - Posted by Kristine-CA

Posted by Kristine-CA on May 06, 2004 at 16:26:22:

I’m foreclosing on a non-performing note. I would prefer to have the property sold at the trustee’s sale, rather than take it back and deal the eviction and rehab. I will be dropping the minimum bid to below the amount due on the note. However, there is a property tax debt that is defaulted.

Would I attract more buyers if the property tax were paid off? I’ll be dropping the min. bid to accomodate the condition of the property and the tax debt. But I can’t help wondering if bidders are more reluctant to take buy properties subject to existing liens. Thanks for any thoughts or experiences. Sincerely, Kristine

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Re: Attracting bidders to the trustee’s sale - Posted by John

Posted by John on May 12, 2004 at 09:50:41:

I certainly would try to contact any local investment clubs. You might
find someone to take it over before the auction if they knew you were
willing to discount the amount owed.

This BTW can help the borrower depending on how the bad debt gets
recorded. Granted you might not be reporting to the credit bureau. Still
the public records would be different.

BTW - What and state are we talking about?

Get the Sharks to circle… - Posted by Michael Morrongiello

Posted by Michael Morrongiello on May 06, 2004 at 22:32:06:

Kristine:
We recently foreclosed on a defaulted Trust deed and Note we acquired in Pasco, WA. - just prior to the sale we ran ads in the local Tri city paper that was like “chum” designed to bring the “sharks out to feast” at the sale.

We had dozens of calls and while none actually bid at the sale we ended up selling the property to one of the callers after the auction took place and we reposessed the property.

To your success,
Michael Morrongiello

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Re: Get the Sharks to circle… - Posted by DavidGOR

Posted by DavidGOR on May 07, 2004 at 19:53:59:

Pasco is a tough area - with houses in the Tri-cities going for $60 per sqft and about 1% appreciation for the past 10 years.

What did your ad say?

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Use a simple ad… - Posted by Michael Morrongiello

Posted by Michael Morrongiello on May 07, 2004 at 20:49:14:

David:

We ran a simple ad that was designed to get folks to call…THEN we screened out the real “wheat from the chaff…”

Fixer Upper Opportunity
Below market
Located at; xxxxx
Call Michael today

Regards,
Michael Morrongiello

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