Let ocean breezes keep you cool all summer
Ready to buy your first home in the San Diego area?
Now may be the best time to buy: Interest rates AND real-estate prices are low
In an auction, the buyer sets the price
Almost all the condos are fully furnished
Buy a fully warrantied new condo, not an "as is" home in foreclosure.
Are you an investor? Generate a positive cash flow in your first year of investing in a condo
Want to live near a community college? Live across the street from Southwestern College.
Save on gas! Live a ten-minute walk from the San Diego trolley
To acquire a new home at Bayview Tower, take these steps:
Download the auction brochure.
Pick the condo, furnishings, decor and starting bid that are right for you
Get ready for the condo auction on May 17, 2008.
Come to the condo auction at the San Diego Marriott Mission Valley at 12:00 noon on May 17, 2008.
Auction site: San Diego Marriott Mission Valley, May 17, 2008
san diego foreclosures
san diego bargains in real estate
san diego real estate
san diego coastal real estate
trustee sales
trust deeds
mortgage bargains
san diego real estate auction
national city auction
san diego county foreclosures
san diego trustee sales
Get ready for the auction
From your tour of Bayiew Tower, you should have a good idea of which condos you're interested in bidding on.
From your own assessment and a conversation with one of the preferred lenders who are on-site at Bayview Tower, you should have a good idea of the maximum bid you want to make and the maximum bid that would be prudent for you to make.
If you are relying on a mortgage to finance your purchase, prior to the auction, you should prequalify for financing with one of the preferred lenders or with another lender. The preferred lenders for the Bayview Towers condo auction can get you a mortgage for more than 90% of the purchase price of a condo.
Register in advance
Be sure to register in advance for the auction. Registration is free and easy.
To register on-line, click here.
To register by phone, call (800) 576-0033.
To register by mail, complete the registration form found in the auction brochure and mail your completed form to:
One Mauchly
Irvine,CA 92618.
Bring checks and ID
On the day of the auction, Saturday, May 17, 2008, bring with you:
 |
A $2,500 cashier's check made payable to yourself. (If you are purchasing more than one property, for each additional property, bring an additional cashier's check for $5,000 made payable to yourself.)
If yours is a winning bid, you will sign the cashier's check over to the title and escrow company. If you do not buy a condo at auction, you simply deposit the cashier's check or checks back into your bank account. |
|
A government-issued photo ID. (For example, a driver's license or passport.) |
|
A personal check to cover balance of 3% Earnest Money Deposit. To buy more than one property, bring personal checks to cover balances of 10% Earnest Money Deposits. |
To make sure you have all documentation you need on auction day, read the Terms and Conditions in the auction brochure.
On auction day, check in by 12:30 PM
It’s a good idea to show up at least thirty minutes before the bidding begins at 1:00 PM. At the check-in desk, you’ll be asked to show (but not surrender) your cashier’s check. You’ll be given your bidder’s packet.
Get set
At 1:00 PM, the auctioneer will explain the bidding procedure and then conduct a practice round or two. When he or she thinks you and the other bidders are sufficiently familiar with the auction process, the auctioneer will begin the auction.
Go!
Properties will be introduced by REDC number and lot number. For each property, the auctioneer will open the bidding at the published starting bid.
In his calls, the auctioneer will “lead” the bids; that is, he will ask for a bid at the next highest level. If you wish to bid, simply lift your hand or your bidder’s packet.The auctioneer (or his floormen) will then recognize your bid.
Winning the bid
Once you have been declared the winner, you will be escorted to a separate area where you will sign the required papers, endorse your cashier’s check and open escrow.
As a winning bidder, you will be required to pay 3% of the Total Purchase Price (or 10% on each additional property) as an "Earnest Money Deposit." The first $2,500 must be paid with your cashier’s check ($5,000 for additional properties). The balance can be paid by personal check or by cash.
Welcome to your new home!
Broker participation
REDC, the auctioneer, invites broker participation. A two percent (2%) commission, based on the Winning Bid Amount, will be paid by REDC to Registered Brokers who have duly registered with REDC as a “Registered Broker” prior to the Auction Day and whose client(s) successfully purchase the property and close Escrow. Please see the Terms and Conditions on the back cover or last page of the auction brochure.
To establish the final selling price, all properties sold at auction will have a 5% Buyer's Premium added to the winning bid amount.
Ready-for-auction checklist
| Bring $2,500 cashier's check made payable to yourself. If you do not buy a condo at auction, you simply deposit the check back into your bank account. (If you are purchasing more than one property, for each additional property, bring an additional cashier's check for $5,000 made payable to yourself.) | |
| Bring government-issued photo ID. (For example, a driver's license or passport.) | |
| Bring personal check to cover balance of 3% Earnest Money Deposit. To buy more than one property, bring personal checks to cover balances of 10% Earnest Money Deposits. | |
| Be sure you have inspected property or properties on which you intend to bid. | |
| Be sure you have read all disclosure documents and the Terms and Conditions in full. |
Southern California Coastal Condo Auction Saturday, May 17, 2008.
Open House Hours| Monday: | 12:00 noon | - 6:00 pm |
| Tues - Sun: | 10:00 am | - 6:00 pm |
Bayview Tower
801 National City Boulevard
Corner National City Boulevard and East 8th Street
Phone (619) 399-3885
Email bayviewrep@coastalcondoauction.com
Almost all units to be auctioned are fully furnished.
