Buying Properties At The Auction

August 26th, 2012 by Jarad

Buying Properties At Auction – Watch Out!

Buying Properties At AuctionQuestion:  We were buying properties at the auction. The loans that we are aware of are:
First $70,000. (this was a personal loan that we think got satisfied)
Second $350,000. Wachovia
Third $124,700. Wachovia
A Judgement too! We think it started out at $463,000. and ended at $137,000, We’re not sure about this number.

But we paid $137,000 at auction all cash, cashiers check, we’re idiots!!!
Can we get this rescinded????
HELP, I’m begging you with everything we are, we lost $137,000 cash, our life savings. We were ‘robbed’. We live in Los Angeles, and less than a week ago, we bought a Palm Desert house at a “home foreclosure auction” at the Riverside Court House. But we found out a few days later, we didn’t buy THE HOUSE, we bought the 2nd loan, or the 3rd loan? What… how can this happen? How is it even legal to sell debt at a courthouse!!!!

HELP US PLEASE… THIS IS OUR LIFE SAVINGS! We have been together 14 years, we don’t even know who to turn to for answers. We’re frankly still in shock.

We thought we were buying a house and we bought the loan??? or did we buy the 2nd loan, the third, the judgment? How can that even happen? WHAT! …at the courthouse? why is anything like that for sale even? it’s legal to sell house debt? that’s like selling air? we bought nothing? we don’t understand? we bought someones debt?

i’m sick, just sick we don’t even know if we can make it through’s like death around here in our apt here in LA it’s like our dog has drowned in a swimming pool or something, or worse i’m worried about us even making it after all these years (almost 14), all that scrimping & saving, all those older cars (we drive late-model cars to save money), not going out to eat, not going on extravagant vacations, & wearing yard sale clothes, we even wear yard sale shoes! & our hopes, dreams, then we somehow get caught up in this…?

$137,000 is a lot of money

PLEASE please let us know something! SOME KIND OF DETAILS! something… we’re just so sad

we have to HAVE to get this rescinded!! we MUST get this story out there too to protect other people, with the record number of home foreclosures in the news, people need to hear this story!!!

i am a LAUSD school teacher & todd is a part-time news editor at NBC nightly news. we’re not stupid people, we’re hard working, honest, good people. we are the most cautious, careful, deliberate people we know

We have no where to turn but to send emails to media, politicians, banks, real estate agents, real estate attorneys, ANYONE WHO WILL LISTEN

Our info and contacts:

Paul & Todd

Answer:  – WOW!!! YOU DON’T EVER BUY PROPERTIES AT THE AUCTION IF YOU HAVEN’T DONE YOUR DUE DILIGENCE FIRST. There are so many things that can happen and things you need to be aware of. This makes me sick just thinking about it. In most cases, the money is non-refundable. This is why it is so important to check title, find out what other liens are on the property, and make sure the 2nd or 3rd is not the one foreclosing. In some cases, homeowners keep making their 1st mortgage payments but stop making their 2nd and 3rd. If the 2nd decides to foreclose, that’s what you are bidding on.

I would definitely call some real estate attorneys locally and see what options you might have. The sooner you do it the better.

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2 Responses to “Buying Properties At The Auction”

  1. Jack Says:

    This is what happens, I get people like this all day long every day, buying seconds and thirds or HOA s. this is my Job buying houses at court steps has been for 13 years.
    I have seen millions of dollars spent buy inexperienced investors thinking they are getting a deal, another problem is when they finally get possession of the property they realize the huge problems with the property, Please if you are thinking about purchasing go to a pro.

  2. Jarad Says:

    Jack, I couldn’t agree more. Auctions are not the place for beginners.

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