Ventura County foreclosure auction
What are these people in the picture to the left doing?
A. Waiting to use the pay telephone. (Can you see the group of phones on the wall?)
B. Watching beige paint dry.
C. Checking their Lotto numbers.
D. Attending a trustee sale at ‘the courthouse steps.’
If you answered “D” you were right! (Guess the name of the post gave away the answer) Good thing we gave you a hint – this picture is not what people picture when they think of a trustee’s sale.
We have sold enough bank-owned homes so we thought it was time that we actually went to see a so-called auction. When we arrived at the Ventura County Government center, we had no idea where to find the location of the proceedings. Initially we went to one of the many buildings and asked several people for directions to the sale. They looked at us with a puzzled look. Greg and I both wondered if we were at the right place or the wrong date.
We kept investigating and finally came upon this small group of people gathered outside, in a corner, next to the pay phones and bicycle racks. We had arrived. It was obvious that there were ‘regulars’ and so many of the people knew each other. It appeared that attending trustee sales what they did on a regular, if not daily, basis. (See their fold-up chairs?) These folks knew the program and were ready with their cashier’s checks in hand.
This day only one property actually sold to an individual. Why did only one property sell to an individual? Probably because of the obvious reason – the dollar amount that was owed on the property was more than the property was currently worth. The remaining properties “went back to the bank.” We will see those properties soon listed in our Multiple Listing Service.
Are you interested in buying a bank-owned property? Call us (805-340-5811) or email us at info@805Local.com. We can update you on a regular basis on all Ventura County bank-owned properties.