Does anybody do well at these? Im going to check a few out (just observe) to see what they are all about. Anything I should be looking for while im there? Besides the homes condition of course.
I have bought a few at auction. In my opinion, the most important things to understand are the disclosures; the title situation; and the rules pertaining to the auction. For foreclosures, is there a redemption period in your state? How much do you have to put down at the sale and when is the balance due? What happens if you don’t have the money on time? (In Ohio, you can be found in contempt of court if the money isn’t paid on time). What happens if the seller doesn’t close on time?
As with everything in real estate, you must KNOW what the rules are. Good sources for determining this are the auctioneer, other successful investors, your local courthouse or sheriff’s office (for foreclosure sales), a title agent, and your real estate lawyer.
Good Luck,
Mike
I found them to be a waste of time.
A quick check of the local ads can give you a good idea of your local scene. Check the mortgage date in the ad. The overwhelming majority in my area have mortgages dated 2004, 2005, 2006, and 2007. What this means is NO EQUITY!!! These people purchased homes at the VERY PEAK of the market.
Check the dates and look for older mortgages.
I’ll refer you to a great book I read about this exact topic. I’ve read all this guys books and highly recommend them to anyone.
going to check a few out, they seem to be every few weeks. I will put some figures together for myself and see what they actually go for. The problem around here is if the home isnt winterized most likely the pipes have frozen and broke. Not dealing with that!
Yes definitely watch a few times before you get involved. Find out who the main buyers in your area are. One problem is not being able to check out a house too thoroughly before you buy. At least with REO properties you have better access and usually less competition.
Find out if they are absolute or reserved type auctions.
Go observe first, and see if it is something that you want to do.
HI hUGh
I WOULD PERSONALLY LIKE TO READ HOW YOU ACTUALLY BOUGHT AT AUCTION ? … WE WANT TO GO OVER TO THE BID 4 ASSETS SITE AND US MARSHALS SERVICE TO BUY PROPERTIES ( FIXERS ) … BUT WHERE DO YOU FIND THE ROLODEX AND FINANCING BECAUSE THE CASH IS STRICT AND STRUCTURED IN LESS THAN 72 HOURS OF CLOSURE TO THE SALE … DO YOU HAVE ANY BUSINESS FINANCING PEOPLE THAT YOU HAVE IN YOUR EXPERIENCE TO SEND OUT TO THIS OFFICE … HOW DO I ACHIEVE YOUR EMAIL TO TALK ? AND HOW DO THEY DO IT FROM APPLICATION TO SHOWS PAID RECIEPTS AND DEEDS FROM THE AUCTION WITH ANY AND ALL ENCUMBRANCING CLEAR ? RIGHT?
THANKS FOR ANY CONTINUING SAGA !
Shayshay000 - Investor *
Americas’ Finest City*
woah Shay above my head. I am just learning about them myself. THe ones in my area require a deposit of between 5-10K at bidding end and the rest within 30 days. Some let you inspect, some dont .