Legal Question in Real Estate Law in California

Re: Trustee Sale

Boy, I sure wouldn't offer $700k on a property of uncertain cleanliness and legal description!

I can imagine several different scenarios for the dual trust deeds and other confusing details. The problem is, some are relatively innocent and some of them spell real trouble for an uninformed bidder. You mustn't bid big bucks on sales like this without really having a thorough understanding of the title being offered, the description of the property, liens that will have priority over what you may acquire, miscellaneous clouds on title, and other problems.

For 1/2 of 1% of what you are maybe risking, you can get a legal opinion on the foreclosure in general, a title report, and professional advice on what you will actually own if you are the "winning" (???) bidder and what skeletons are in the closet.

I just can't picture anyone bidding megabucks on distressed property while in a "dazed and confused" condition. Have some pros read the public records, the sale notices, and get one or more title reports or ask for assurances of insurable title in what you may "win" at the sale.

This MIGHT be a great bargain for you, but with the dollar amounts involved, proceeding without professional investigation and advice is way too risky.