Newbie with a post-foreclosure auction question.

Foreclosures, Short Sales, Tax Foreclosures
1

First of all prety new to RE investing. I’ve been watching a foreclosure that I found in the newspaper a few days ago that was scheduled to go to auction yesterday (8/23).

Last year the house was selling for $244k and there’s a identical house, 3 houses away on the same street for sale at $275k.

The brick house sits on a cove in a lake and has great location to shopping, school, etc. Similar lots are going for around $65k w/out any improvements.

Anyway, the opening bid for the auction was around $145k and the house is in good shape. I didn’t see any visible damages to the house. It could use updated interior paint, wood flooring, etc.

I wasn’t able to attend the auction yesterday because I was out of town.

[b]My question is:

Is there a way to find out if the property sold and for how much? Also, if the property didn’t sell, what are my options to aquire or wholesale the property?[/b]

Also, I have an investor that basically told me to find omething. He’ll put up money, and I’ll do the labor and foot work for 50/50 split. Good deal?

I’ve spent 6 years in residential construction and I’m very good with building/repair so I know I could do anything necessary to improve the house.

Thanks for the help!

Gaston

2

The house did sell. just a matter of who bought it.

If noone bid on it, the bank bought it back.

If someone bid on it, more than what was owed, then they now own it.

Its all public record. You can go to the courthouse and find out who the current owner is. You can usually research this online through the countys website but they usually take several months to update so a trip to the courthouse will be the fastest method.

i would wait a week before going.

If the bank bought it, it will go through their process and you usually cant get access to buying it until its listed with a local agent.

3

First of all, do you know if the forclosure was a 1st or 2nd mortgage? If it was a second mortgage that foreclosed you may need to reconsider the deal. Either way you’ll need to go down to the court house and check title.

Good luck.

Short Sale Mike