Homes that dont successfully auction...

Foreclosures, Short Sales, Tax Foreclosures
1

Hi All,

there are several homes for which the auction time has come and gone, but the homes are still available. What (besides location) are some reasons that a home doesn’t sell at auction?

Anyone think the homes are still viable pursuits?

2

Hm. Ok then. How about… how do you go about buying the un-auctioned house?

3

Since noone has answered I figured I’d toss in my $0.02,

I’m in Buffalo, NY as we have an abundance of properties that are bank owned in the city. They go to auction, and next thing you know they’re either still sitting there or they get bought and go back up for auction. The reasons i’ve seen are the following:

1-The area is horrible
2-Price is too high
3-Property has immense damages

I’m sure there are more, but I would imagine that the banks can be contacted after the fact to purchase the property. The banks in my area have a tendency to place many many houses on the market after auction for retail (which is around 10k more then people will pay in the city). Good Luck

4

If you really want the property , you should build a mini shortsale package and contact the reo dept.

you can’t just make an offer you need to justify it.

show them, run them an reo sheet, show them days on market and a repair list.

then make your offer.

5

Thanks folks,

I hadn’t given much thought to the REO package, Queen, think I’ll have to add that to my library.

Thanks.