SD R, I totally agree, you have to do your due diligence before even consider buying an auctioned house since things will be moving very fast at that moment. I actually visited the house in Mira Mesa thats on that list, the house is vacant and unlocked. So I just decided to walk through it to get a feel of it. It’s definitely run down and potential mold issue. But the starting bid is low enough that if you add in the cost of restoration, it would still be a decent deal.
I’m planning to go and see the whole process. I bet if the reserve is not met, the house won’t be sold, but if the lender suck it up and sell it at that price, then it would definitely be a decent deal. Bottom line, do your home work and set your max bid before the bidding start so you won’t get caught up in a bidding war. I’m planning to bid the starting bid on the house in MM. If it doesn’t meet reserve or get outbid, no harm no foul and I get to see the whole process. I’m sure there will be more to come in the next several years.
