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Nicole Ivory Thomas

REALTOR®
702-335-7082
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Trustee Sale Auction

Trustee sales is a public auction where properties in default are sold to the highest bidder. In Las Vegas (and the entire Clark County) the auction is held daily at the steps of Nevada Legal News in Downtown Las Vegas. The amount of properties sold daily varies from a few to a few dozens. The type of the properties include both resedential and commercial with the price range starting from a few thousands to multi-million dollar properties.

The number of properties cried out at the auction daily ranges from a few hundred to over a thousand. Most of the properties are being announced as postponed from the sale to the future date which means no bidding starts on a such property. Only a few dozen properties out of a thousand will be announced for sale and the bidding will start.

If a property is announced for sale the starting bid set by the trustee company could equal the total debt amount which is much higher than the fair market value of that property. No one will bid on such property and it will go back to the beneficiary, i.e. the bank who owns the first mortgage. On some properties the starting bid is set below the fair market value and such property is typically getting bought by one of the auction attendees who makes the highest bid.

All sales at the trustee auction are final and the bid winner must pay for the property immediately. The only form of payment accepted is cashier checks. At the beginning of the auction all bidders are prequalified to bid up to the amount of available cashier checks on hand.

Once the property is purchased the auction people send the paperwork to the trustee company and the latter issues the deed of trust in purchaser's name. It takes up to 14 business days to receive the deed of trust from the trustee company in a mail. The deed of trust then must be taken to the Clark County recorders office and the property gets recorded in the new buyer's name the same day and the buyer becomes the official owner of the property.

Flip That House

Buying and flipping properties at the trustee sales auction could be very lucrative business. One can buy a property at 15%-30% under the market value. This would be a property in a normal condition that would only require some cosmetic renovation to be sold quickly at the fair market value.
There are several aspects to a successful flip:

  • Knowing what you are bidding for, i.e. only the first mortgage gives the right to the ownership of the property. Buying anything but the first mortgage is a mistake one cannot make
  • Property must have clear title
  • No litigation against the builder is preferred
  • Knowing precisely the Las Vegas valley neighborhoods, and the exact comparable values of the property you are planning to bid for
  • Checking the condition and the occupancy of the property

Those are the minimum conditions one has to check before putting the property on one's auction bidding list.

Before a property can be bought at the Trustee auction we perform the exhaustive research:

 

  • Every day we perform the research of hundreds of properties scheduled for sale for the next day.
  • The postponed properties are filtered out and the list is shortened to a few dozen most prominent ones
  • Each property undergoes the title search, all liens are identified
  • The short list of properties is checked by the designated drivers less than 24 hours before the auction. The driver notes the occupancy and fill out the form about the condition of each property
  • The actual bidding at the auction to win the property

 

Once the property is bought it is then up to the investor whether to hold it (and rent for instance) or flip it.

Out of State Investors

You do not have to be physically present in Nevada to either buy or sell your flip properties. Most importantly you will have the control throughout the entire flip process.

  • With the Power of Attorney authorization and the cashier checks written to your name the property can be bought and registered only under your name.
  • You will receive the deed of trust in your mail.
  • Our rehab team will fix your property on the agreed budget.
  • For selling the property the documents will be mailed to you for signing and notarization.
  • The title company will deposit the funds from selling the property directly to your account.

Nicole Ivory Thomas
Realty One Group

5550 Painted Mirage Suite 140
Las Vegas, NV 89149
Phone: 702-335-7082
Email: ucanownvegas@gmail.com

Testimonials

Short selling our home was the most humiliating thought for us. We were referred to Nicole by our neighbor. She held our hand through the entire process and she made us realize it was the best choice for us. We were less stressed and were able to start fresh and that was a relief. She was truly empathetic and sympathetic Charles and Wendy
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