Question, there was a house across the street from my mother that went into foreclosure, it went to auction on February 2nd, the next day a sign was in the yard for sale by a real estate company. I was interested in buying it to fix and sell, started calling the realtor the same day the for sale sign went up, NEVER got a return phone call, ever. I did speak with one person at the real estate office, in the three weeks that I called everyday, they said that it was a foreclosure, and they were waiting for “a price from the bank”? The next thing I know someone is cleaning it up to fix it up? It had been sold…
Where did I go wrong here? Should I have done research and called the bank myself? I am confused as to where I lost this???
Also know as a “pocket listing”. The realtor has buyers who he/she lets know about the best deals before the rest of the public knows about them. It doesn’t leave an opportunity for anyone else even if you live nearby. Unfortunately, the only way to get this past this is to build those relationships with REO realtors.
I have even heard of a broker marking the property as pending, calls the bank and tells them he is getting no action on the listing and that he has a buyer that is offering “X” amount. That’s got to be illegal?
Here’s another foreclosure question
There’s a property being auctioned off tomorrow. The min bid looks super low. After doing some research, I find out it’s a 2nd. The 1st is for $330k and the 2nd is for $130k. Why would someone want to bid on the 2nd position?
Hope you don’t mind the piggy backing on your post.
Someone might not know what they’re doing and bid on the second and take the first by default. OOPS! However, if only the wise are at the auction you’ll see the bids stay smart and keep the first in mind.