PURCHASE A HOME AT AUCTION
In 2021, California passed a law (SB1079) allowing homeowners priority to purchase a home at a foreclosure auction over an investor. Instead of investors purchasing residential properties, fixing them up, and selling them to homeowners at market price, homeowners can now purchase properties straight from the auction process at 30% to 50% below market.
WHAT IS SB 1079?
In 2021, California passed a law (SB1079) allowing homeowners priority to purchase a home at a foreclosure auction. With SB 1079 passing, we can now help homeowners get a significant discount on their homes. SB 1079 amends the foreclosure sale process to permit homeowners to purchase the property in foreclosure both at and after the foreclosure sale auction, subject to certain requirements. Homeowners now have two options if they want to purchase a Property at auction:
Option 1 - Homeowners can purchase the Property at auction and the sale is final. The homeowner now owns the Property!
Option 2 - Homeowners can participate in a post foreclosure sale process. This is a 45 day period where only certain bidders can make a valid bid on the property. No investors are allowed. This allows homeowners time to secure financing and do their due diligence on the Property. Learn more by giving us a call. We are happy to discuss the process with you!
HOW IT WORKS
Locate a foreclosed property that you are interested in. We have access to all foreclosed properties in CA and we assist you with locating properties that you are interested in based on location, size, and other factors.
We submit documentation to the trustee on your behalf informing that you will be making an offer on the property.
We assist you with the financing and submit the funds and offer on the property.
If you are the highest bidder on the Property, you now own the property! We will get the deed recorded for you!
If applicable, we will assist with evicting the previous owner of the property.
Since the passing of this law in 2021, we have already helped dozens purchase their new home.
HOW WE CAN HELP
When buying a foreclosed property, it is important that you have an agent who specializes in foreclosure. At Seven Star Properties, we have over 30 years of experience in purchasing foreclosed properties. The services we provide include:
Access to all foreclosed properties in CA
Ensuring there are no outstanding liens
Securing financing to purchase your home
Recording the deed to the property
Assistance with evicting the owner, if applicable
And so much More!!
RECENT RESULTS FOR OUR CLIENTS
Market Value: $950,000
Garden Grove, CA
Market Value: $1,550,000
Bel Air, CA
Market Value: $900,000
CONTACT MAMDOUH ELALAMI TO LEARN MORE ABOUT HOW YOU CAN PURCHASE A PROEPRTY AT AUCTION