auctions

General Real Estate Investing
1

good morning,

has anyone ever bid for property on bid4assets.com and if so how do you feel about it? i’ve bid but havn’t won yet and looking for an expert on this subject.

thanks, wendy

2

I have bid on property from them. Usually you are bidding on the down payment (if I am remembering correctly).

Actually, I have bought several properties through them. I have had good experiences. I have only bought acreage from them in Calif, Nev, Colo and
Costa Rica.

No residential properties though!

daisy

3

:smiley:
Thanks,

I ended up having the winning bid on two lots, 1 10 acre and 1 1/2 acre. Kinda cool----I’ll wait a while until I figure out what to do with them!!lol

Wendy

4

Hi Daisyjmv:

Can you explain what you mean by bidding on the downpayment only? For instance, if the cost of the acreage is 100k and the downpayment is 20k, I’m assuming you have to have either cash or financing for the other 80k, correct?

Thanks
dlmcgilll

5

Yes, cash or financing lined up for the balance of the price of the property. Bidding on the deposit is great if you have a lot of cash that you can put up front. The auction is not establishing the sale price of the property…that is pre-set.

6

Thanks JHArizona. This sounds like something I will look into. Of course I will do my do diligence, so I will have more questions in the near future.

dlmcgill

7

Due Diligence is KEY to buying at auction. So pay particular attention to the Terms & Conditions of the Sale (often they are unique for each property). Get a copy of the prelim title report, epa reports, Seller Property Disclosure docs, etc. (most of this should be supplied by the auction company prior to the auction)…and personally inspect before the sale wheneve possible.

My 'day job" is selling real estate at auction…and i will be more than happy to answer (ofline) any questions you have before you start bidding on property. No sales pitch … I am on this forum as a personal investor, just like everyone else. In fact I have not purchased anything for myself yet so i guess that qualifies me as a rookie in that respect.

8

Thanks JHArizona. That helps me tremendously. I will definitely be in touch.

dlmcgill