California Foreclosure Post-Auction Process (SB1079)
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- Опубліковано 15 лип 2024
- In this video, we'll explain California's unique post-auction process for residential property foreclosures. This process was enacted in 2021, after the state passed a new law called SB 1079. Rocky Butani interviewed Randy Newman from Total Lender Solutions to learn about this. We produced a separate video to cover the main part of the foreclosure process: • California Foreclosure...
Visit TLS' profile on our website to learn about their foreclosure services in California and 4 other states: pllk.io/tls
Private Lender Link, Inc. is licensed by the California Department of Real Estate (CA DRE Lic. 02057741). Rocky Butani is the company's designated officer: CA DRE Broker Lic. 01893537
![[Webinar] AB-1837: Overhauling SB-1079 Foreclosures in 2023 to Address Fraudulent “Eligible Bidders”](http://i.ytimg.com/vi/Rqc6xoHr5Y4/mqdefault.jpg)
Great interview Rocky, and Randy was very informative. Thanks much for this video.
Great Stuff! Thank you
Glad you liked it!
Too many investors pushing on regular families
What is the website mentioned were you can find all the info from the auction?
You have to visit the website for each company (trustee) that is processing the foreclosure. TLS' website is totallendersolutions.com/. From the main menu, click Resources > Sales Information.
Florida please !!
Can a buyer who is already in contract with a subject property and it gets foreclosed during the escrow process, can this buyer, who intends to occupy the property, use his current conventional financing to buy the property or would he have to obtain a private loan to purchase the property and then refinance into a regular loan? Do Private lenders even lend on a primary residence or just investment properties?
A few private lenders can lend on primary residences in California, but not in this scenario.
I wonder if information on how many bidders can be obtained from trustees.
I don't think there is a limit on the number of bids received
So we just foreclose on a gentleman that owed us money,and went through the 45 day process... the trustee collected the fund's from qualified buyer. How long does the trustee have after the 45 days to give us our fund's?
We don't know of any set rules on when the funds need to be disbursed to you. Is the trustee not providing this information?
So you cant counter bid?
Correct
Where can I find the website?
totallendersolutions.com/
So i can default, then buy my house back at a reduced price at auction?
No. Auctions require buyers to pay the entire purchase amount with a cashiers check. No lender will finance an auction purchase.
Darn, I guess I'll keep my job & pay my mortgage
@@PrivateLenderLink So, the eligible bidders (tenant/prospective owner occupant) are expected to buy the property with cash? Can they use hard money or other options and later refinance with a traditional lender?
@@grcdeepak1 We don't know of any hard money lenders that can finance an auction purchase for an owner-occupied home.
@@PrivateLenderLink Thanks for your reply. SB 1079 does'nt really help the average renter or home buyer !
There are flaws in this bill; where the lousy tenant buyer teamed up with nonprofit and acquired the property, nonprofit owns the land the house sits on, the tenant owns the house but, neither party have funds to upkeep the property (even with the 5-year property tax exemption), the property is run down quickly and greatly devalued the property and quality of life of the established neighborhood.
Yes, there are definitely flaws with SB1079. Not sure how the situation you described gets resolved. However, the bill was amended in January. AB-1837 was passed mainly to address fraudulent eligible bidders.