I have been getting some inquiries regarding the process of buying homes at auction. There are several trustee sales that occur daily at 10, 12 and 2 o’clock. Here are some of the major trustees in the Phoenix Metro Area:
- Cal Western Reconveyance
- Quality Loan Service Corp
- ReconTrust Company
- Tiffany & Bosco, P.A.
- Trustee Corps
Some of these trustee’s have the auction list on thier websites, however the formatting is terrible and it is challenging to determine which properties have been postponed. I have a service that pulls the data from all the trustees into a legiable excel spreadsheet. For example, here is the Phoenix Foreclosure Auction List for today:
This makes it easy to segment the homes into the desired area and also gives me the ability to sort by the open bid per square foot. After I identify which homes to potentially bid on, I check for any previous activity on the MLS to determine the builder, floorplan, old pictures and if the home backs to a major road or commercial development.
After that research, I then run the comps to see what I can sell the home for. If it seems like a good deal, I will check the tax records for back taxes and call a title company to run a quick title search to make sure there is clean title (also that it’s not a second). After that screening, I will go preview the home to estimate the fix-up costs of the project and make sure the previous homeowner is not still living in the property. After previewing the home, I will go back to the office and run the numbers again so I can determine what my maximum bid would be for the property.
Sounds like a lot of work before 9:30 in the morning… right? It is not unusual for the property to get postponed at the last minute and often the home I’m interested in will go over my maximum bid. So, today’s just another day trying to find a good deal….