Spokane Foreclosure Auctions – Questions Answered

    I’ve gotten a lot of questions about this list so I wanted to take this opportunity to explain the list and how the process works.

    The list I send out every Friday is the Notice of Sale (click here if you want on the list)which is recorded at the court house and cannot be less than 90 days from the date of the sale.   A lot can happen between now and the sale (postponement, loan restructuring, etc.) so it’s important not to get TOO excited about a property until about two weeks prior, but you really have to do your homework to make sure you purchase wisely.  I can be of assistance on this – feel free to contact me and I’ll explain.

    You’ll also notice the column on the spreadsheet listing the Trustee.  The trustee is given authority by the mortgagor (the entity that gave the mortgage) and many times information on postponement and opening bid prices are on their websites.  The most common one is Northwest Trustees (http://www.northwesttrustee.com/) , the others can usually be found by simply googling their name.  This way you can keep up on the properties and find out when they are being postponed and more information on them.

    There is a whole gamut of research you must complete prior to making your cash bid on the steps of the courthouse.  Like anything – there’s always risks (the primary being that you don’t get to inspect the property prior to buying it, or even see it for that matter – unless it was listed on the MLS prior to the auction and you could secure a showing.) Nevertheless – if you get this far and want me to help you get the research you need, give me a shout or an email.

    When your research is done, you can check the day of the auction for the opening bid.  I suggest getting to the courthouse early to see if any other liens have been recorded on the property and one last check.  You need to bring Cashiers checks made out to the Trustee in which you are buying from.  Most people take one full check for the amount they are bidding (starting bid) and subsequent checks in $100,$500,$1000 adding up to their top number.  When you win the auction – you sign paperwork and pay the person crying the auction.

    For those interested in receiving my weekly Notice of Sale AKA "The Foreclosure List" please sign up here.


    Foreclosure.com

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