What to do morning of Sale? When to check and drive properties? When is the system updated


#1

Hi,

I wanted to know when the Foreclosure Radar system is updated, and when the best time to print the list before auction. I need to drive to properties, and want to avoid driving to properties that won’t be up for auciton. When is the latest time i can print out a list and drive to see the properties?

Assuming Thursday morning is the sale…

When do I?

  • Print list
  • Drive to properties
  • Do comps?

Is it 2 days before at night? After 8AM?

I hope this makes sense


#2

Hi Rav,
I wish there was an easy answer. In fact, I think that all auction investors wish there was a formula or an easy answer to this question.
Oftentimes the updated information will depend on the volume of business the trustee is handling. In CA there is no legal requirement for the Trustee to post the postponements, cancellations and opening bids in advance of the sale. This means that there can be last minute changes right up until the time of the sale.
I suppose the best answer is to update auction information early and often. It appears to me that every auction investor has their own method of operation. If you are an early riser you can run the report first thing in the morning but be prepared to shift and adjust your schedule as updates are released.
ForeclosureRadar provides some great tools to keep you updated while you are in the field. The iPhone app allows you to see all properties scheduled for sale that day and you can easily refresh the search from the field to see the postponements. cancellations and opening bids as they are posted to the site. You can also use the opening bid alert and have all opening bids automatically emailed or sent via a text message as soon as the information is posted to ForeclosureRadar.
Keep in mind that ForeclosureRadar also provides the phone number and TS# for the Trustee so that you can manually check for last minute changes on the properties you are prepared to bid on.
Although it would make sense to research title, visually inspect and pull comps on all properties you are interested in purchasing the reality is that you can spend an enormous amount of time doing this and then have the sale postponed, cancelled or the opening bid be prohibitively high. At the end of the day you need to find the balance between preparation and the last minute fire drill to react to a potentially good deal. It also depends on your tolerance for risk.