For anyone interested in how trustee foreclosure sales actually work, we wanted to make everyone aware of a great video primer by Kristin LaVanway. In her four-part series, Kristin walks through all the aspects of how a property goes from ownership all the way to what happens after it’s sold and the papers signed.
One really interesting bit we enjoyed is in the second video of the series, when Kristin shows actual footage of what the trustee sales look like. It it often surprising for those not familiar with the process that the sales are fairly casual and happen in multiple places (including outside on the courthouse steps), with people running between locations to bid on the properties in which they’re interested.
This information is especially relevant to agents and homeowners as news comes out predicting high foreclosure rates in Arizona through the next few months. Jay Butler, the Arizona State University (ASU) realty studies director, predicts increased foreclosure rates after the New Year (http://www.eastvalleytribune.com/story/148235). RealtyTrac also reports that, at least in Arizona, that recent foreclosure rates are increasing rather than decreasing (http://www.bizjournals.com/phoenix/stories/2009/12/07/daily53.html).
Here are the links to the four videos in Kristin LaVanway's series:
http://hereinphoenix.com/2009/11/27/how-trustee-sales-work-part-1/
http://hereinphoenix.com/2009/11/30/how-trustee-sales-work-part-2/
http://hereinphoenix.com/2009/12/02/how-trustee-sales-work-part-3/
http://hereinphoenix.com/2009/12/05/what-happens-when-your-house-sells-at-a-trustee-sale/
- Brian
Comments(2)