We bought a single-family home in Stockton, CA from an auction. We didn’t receive the trustee deed for 15 days because the trustee was waiting for the eligible bidders, as required by California law. After 15 days, he informed us that two people had shown interest in buying the property we won at the auction. The trustee collected the money at the auction site. Now, he has told us that we have to wait another 30 days for these potential buyers. If they do not buy the property, then it will be sold to us. Is there any way we can buy the property without getting stuck in this situation?
Please let me know if we have to wait for every property, or only for some properties.
Hello rakeshrai1,
Yes, if you are an investor, and do not plan to live in the home, SB1079 will apply to every residential property you purchase at trustee sale. It is a terrible law, that IMHO is an illegal taking since they don’t give you interest. They essentially seize your money for 45 days for the “public use” of allowing certain eligible bidders to outbid you. It’s terrible, but also the sad reality we have here in CA right now.
Best,
Sean
Hello Mr. Sean,
Thank you very much for answering my question. This is my first home purchase since COVID. I am a big fan of yours and have been in this business since 2009 because of you. Everything I have learned and the money I have made is all thanks to you and PropertyRadar.
Rakesh Rai
Hi Rakesh,
Thanks so much for the kind words, and it’s great to hear about your success. I hope this deal all works out ok, please feel free to reach back out with any additional questions.
Best,
Sean
Hi Sean,
Thank you for your warm message. I appreciate your support and encouragement.
I will definitely reach out if I have any further questions as we progress with this deal. Looking forward to staying in touch.
Best regards,
Rakesh