California lenders can foreclose when a home owner fails to keep up on the mortgage payments to the point of default. Foreclosures are common in Oakland and other large cities in Northern California. Lenders must post local foreclosure notices. Buyers then use the listings to find foreclosed homes in Oakland. They can then show up and purchase Oakland foreclosures by placing the highest bid at public auctions.
Find Oakland foreclosures through Alameda County foreclosure notices. It’s not so easy in California to find local foreclosure listings because state law does not mandate newspaper advertisements of foreclosures in the county of the foreclosed property. However, lenders must post in a public place as well as give notice at the county recording office. Thus, you should start your search by visiting the Alameda County Clerk-Recorder’s Office (Alameda County is the home of Oakland, CA). That office has regular contact with Oakland lenders and should be able to tell you how to get Oakland foreclosure listings. Other possible sources of foreclosure listings for Oakland and Alameda County are the sheriff, tax assessor and online listing services. Ask the sheriff about judicial foreclosure sales, the tax assessor about tax sales and visit sites like Foreclosure.com for a free trial of their foreclosure listing service.
Refer to each Oakland foreclosure notice to get the time, date and place of area auctions. In California, the time and location of foreclosure auctions is not set rigidly by statute. Therefore, you may have to visit different places to participate in Oakland foreclosure auctions. Nonetheless, many foreclosures will take place at the Alameda County Courthouse or another public building.
Visit Oakland-area properties that you may want to buy at the auctions. Buying foreclosures involves risk.You really need to do some homework and have a game plan when buying foreclosed homes in Oakland. The basic idea is to figure a fair market value on each property. From there, you can try to get a good bargain on a house by setting a maximum bid below the foreclosure’s fair market value.
Prepare money for the bidding wars at the Oakland foreclosure auctions. In the state of California, what you need to do is look at the listings to get detailed information on how to buy a particular property. However, state law does provide that a buyer can pay with cash, certified check or money order. Just make sure you have either cash or bank-certified funds so you can pay for any Oakland foreclosed properties that you purchase.
Go to the auctions and bid on the foreclosed properties. When you win an auction, then you need to follow the trustee’s instructions for paying for the foreclosure. However it is important to get this information before the day of the auction because you may have to actually pay the entire bid on auction day when buying a foreclosure in Oakland or Alameda County.
Get a property deed from the trustee after paying for a foreclosure. For Oakland foreclosure properties, you should file this deed with the Alameda County Clerk-Recorder’s Office to protect your ownership of Oakland foreclosed properties that you buy at auctions.
Foreclosure.com Page on California Foreclosures