Looking for a Foreclosure Auction Movie? I get a lot of questions about buying foreclosure properties – it seems everyone is looking to get a big discount on Santa Cruz Real Estate! So yesterday I went down to the Santa Cruz County courthouse to watch a real live trustee sale / foreclosure auction. The property auctioned off was a little house in Boulder Creek…nobody ended up bidding on it, except for Countrywide Home Loans who was the holder on the second deed of trust. The opening bid started at $254,000 or so (the amount owed on the property) and Countrywide ended up buying it for $1 more than that.
I was there with my Olympus digital camera, which also has the ability to take video! So I took a little video of the auction, and a little Q&A (Question and Answer) session with the auctioneer. When you watch the video, you will learn a number of things about how to bid on a foreclosure auction – one of the key take-aways being that all buyers must pay in cash (or, preferably, a cashier’s check), and that the auctioneer himself bids on the property on behalf of the trustee, up to whatever maximum that the trustee has predefined.
The video was filmed in 2008, and has been uploaded to YouTube and is embedded here on this page, check out the video below: