02/09/2021
I've received LOOOTSSSS of questions about this news. So let's break down some really simple screening questions to help you understand if this is the right opportunity for you.
1. When a property is headed to auction, it means there's some kind of default or non-payment against a property. These homes/parcels in particular have been in tax default for five or more years.
2. Owners have a last-ditch chance to avoid going to auction if they make their payments by a specified timeframe. For these properties, they have until March 11 at 5PM.
3. USUALLY, auctions have a minimum bid in order to participate in the bidding process. Traditionally, buyers would come to in-person auctions with a cashier's check. The minimums can range anywhere from $0-$50,000+. This auction is virtual and open to the market worldwide. In this particular case, the minimum is $1,000 + a $35 processing fee.
4. Sales are FINAL and AS-IS. So make sure to do diligent research on the property beforehand. Also, these properties on auction are NOT all single-family homes. This includes timeshares, commercial, residential, and vacant lands.
5. USUALLY auction properties are cash only and payment must be made by the specified guidelines of the auctioneer. This could sometimes be by the end of the SAME day, within 5 days, or that week.
6. Lastly, just becuase a house is up for auction does not mean it is vacant. If the Owner or a Tenant is in possession of the property, the Buyer will have to be responsible for the eviction process.
If after all of this you're thinking about making a bid, I'd love to hear about your experience!
CASSITY TEAM X COMPASS
DRE #02037387
Nearly 695 San Diego County properties will be offered for sale during the county's online property tax auction.
