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