Foreclosure Property
What is the process in buying a foreclosure, or distressed property in California?
Also can you help me understand what a tax lien property is and it’s buying process and foreclosure’s buying process, which is better?
High level version of the cycle.
1. People become behind in their bills.
2. At some point the lender decides that it is time to file a formal notice of default. They publicly declare that they are going to take action to seize the house (starting foreclosure).
3. Up until some point before the auction the borrower has the option of catching up and stopping the foreclosure action.
4. An auction is held and anyone can bid. The borrower/owner looses the property to the winning bidder. That bidder might be the lender as they enter the first bid.
5. If the lender is not outbid and ‘wins’ they get the property. They will then proceed to list it with an agent or otherwise work to get it sold off.
You can buy from the borrower in default before the auction. You might even try a short sale where the lender agrees to take less than they are owed.
You can bid at the auction. You need to have ready to hand over the winning amount right then and there if you win. No time to line up a loan secured by the property.
You can buy from the bank after the auction if the bank ends up with the property.
For trust deed sales in CA there is no right of redemption after an auction.
As to your other question about tax liens. You are bidding on a lien held by the county. It is not the same as bidding on the property. You buy the lien and get to collect from the county when the person pays the taxes owed. You earn a rate of return. If they do not pay then you an trigger the next step to force payment.
It is rare for a tax lien to convert into title to the property if the property has a house on it and there are no defects that makes the property worthless. Someone will step forward (the owner or the lender) to pay off the tax lien first.
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