typical broker fees to act as your agents in auction purchases in CA.


#1

what are some typical broker fees in CA to buy specified property on your behalf at auction? what services should be expected with the above fee? real time updates on postponements and cancellations, title/ lien / tax check, bid/purchase at steps per your direction on your behalf?

thx


#2

There are individuals and companies that are providing bid services at trustee sale but the level of service and the fees are going to vary based on your needs. There are very few agents/brokers that will represent you as an agent at trustee sale. The liability would be extremely high. That is not to say that agents and brokers do not work in conjunction with investors to give market info and valuation data as well as inspection and title research info. If you want to list your areas of interest there may be an agent/broker or bid service that would respond to your request. You may also want to start a new post expressly for reaching out to someone in your area that would provide this service.


#3

What kind of liability we are talking about?


#4

Since there is no title insurance or guarantee of lien position and no inspection period or guarantee of the condition of the property you would be representing a client in a transaction that is very risky and they could stand a chance to lose a lot of money. Not to mention, there can be title mistakes or recording mistakes. It is also highly unlikely that your E&O insurance would cover you against any claims. There are agents that are providing bidding services or valuation information and working in conjunction with the investor but not necessarily as their full service agent since the risks are so great. Even the seasoned auction investor makes mistakes that are very costly. It is a high risk/high reward proposition.