auction.com is advertising an auction on 8/15. The auction is for a commericial property…advertised on loopnet. Address is 629 1st St. Brentwood, Ca. 94513…also shown on FR.
“Auction 8/15: Non-Perf Note Sec’d w/Retai Prop”
Hi Miketh, Yes, you get a trustees deed just like any other trustee sale. They have had some challenges as you can imagine with the sale dates and postponements since they do not have active auctions daily or even weekly. They are acting like any other cryer but they do have the challenge of coordination of times and locations.
Marty and Michelle
Marty - Only thing that shows on FR are 2 “pre-fcl” listings w. probable sales date of 9/10 These are by a regular trustee. This leads me to believe they are simply doing one of their retail auctions on this property.
Michelle - I still am not clear on your response. Is auction.com the Trustee or is action.com simply acting as crier for the trustee of record.
Hi Miketh, Sorry about the confusion. Auction.com is only acting as the crier for the sales but they are working with more than one of the trustees.
Auction.com is conducting trustee sales at their own locations. They are usually conducting the auctions for Recontrust trustee (Bank of America and old Countrywide). Recontrust is moving a lot of their foreclosures to Auction.com. These are held at new locations that Auction.com has selected, but they are only held once a week or every 2 weeks. So, when you look at Foreclosure Radar for your County and you see a new location that is not familiar, and the majority of the properties have Recontrust as trustee, then you are looking at the new trustee sales being held by Auction.com. All cash and the rules/laws are the same, but the auction itself is conducted very differently than we are used to on the courthouse steps
Thanks, GJ. My guess is, to attract “pigeons”, they advertise/announce a low opening bid - and then run the bidding up from there to the “real” benef. bid. That’s what they do on their retail auctions. Do they offer financing like on their retail auctions? How about “bidding online”? BTW, in Florida (judicial sale state) the Courts (at least several major counties) have set up online bidding!
HI Miketh, You are right as usual. At the trustee sale auctions there is no financing offered and no bidding online.