How to develop auction business?


#1

My name is Joe Park in San Diego, and I had been a subscriber of foreclosureradar.dom a while and also I am a broker. I have a group of investors who are willing to have auction business utilizing my knowledge, experience and firm for auction business.
I learned a lot from Sean and other invetor group last 2 years. I want to start this forum to enrich my knowledge through learning from other auction professionals out there who are willing to share their expertise as a member of foreclosureradar.
?
I think auction business starts from mastering several section in our fields.

  1. Where to find the auction information?
    ??? Maybe foreclosureradar is the best at the least in California. It is good for finding
    ??? and? updating quick.
    ?
  2. How to examine the property
    ? a. Evaluation? b. Chain of Title? c. Property tax? d. IRS Tax
    ??e. Other liens foregoing to my purchase ( HOA & mechani’s lien)
    ? f. bankrutcy
    ? g. occupancy check and utilizing local agent
    ?
  3. How and what to prepare before you go to the auction?
  4. What to know after you buy the property
    ??? a. 15 day recording
    ??? b. 120 day irs reimbursement
    ??? c. eviction
  5. Exit Paln
    ??? a. resell
    ??? b. resell with rehab
    ??? c. hold
    ?
    I want to ask and learn from all of foreclosureradar friends so that we may be the big catchers of this God given opportunity.
    ?
    My first question to all of you is
  6. How the HOA and mechanic’s lien order stays after I buy the first loan foreclosure at the auction?
    ?
    Thanks all
    ?
    Joe parkKareic Real Estate & InvestmentTel: 619-370-7199www.kareic.com

#2

Hi Joe - certainly our goal here to help folks develop their business. As for your first question, all junior lienholders are essentially wiped out with regards to their interest in the property. The two exceptions I know of include:
?

  1. The IRS has a 120 day right of redemption where they can buy the property back from you for what you paid.
    ?
  2. In certain instances mechanics liens may survive. As I understand the key determination is whether of not the work was required to protect the lenders interest in the property. New swimming pool - no. Foundation work to keep the house from falling off a cliff - likely yes.