Home › Forums › Closed Forums › Properties or Areas › How to find where an auction will be held for a REO house?
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February 15, 2009 at 10:48 PM #15068February 15, 2009 at 11:58 PM #347032urbanrealtorParticipant
Are you referring to the trustee sale or to a resale auction?
The repo auction where the bank’s trustee goes to the courthouse steps and “auctions” the property is public record and usually not terribly beneficial.
Generally, the minimum bid is more than the market value of the property.
Also, there is no inspection or escrow period.
If you spend $200k on a house that is less valuable than the $150k lot it is on (like houses that have had all the copper plumbing pulled out), then you are out of luck. You pay with a cashier’s check and have essentially no protections.If it is a resale auction (like one of those REDC auctions) it is just a carnival and here is my firsthand description.
http://piggington.com/what_do_you_think_the_winning_bid_will_be#comment-84853
Feel free to ask me any specific questions.urbanrealtor at gmail
February 15, 2009 at 11:58 PM #347353urbanrealtorParticipantAre you referring to the trustee sale or to a resale auction?
The repo auction where the bank’s trustee goes to the courthouse steps and “auctions” the property is public record and usually not terribly beneficial.
Generally, the minimum bid is more than the market value of the property.
Also, there is no inspection or escrow period.
If you spend $200k on a house that is less valuable than the $150k lot it is on (like houses that have had all the copper plumbing pulled out), then you are out of luck. You pay with a cashier’s check and have essentially no protections.If it is a resale auction (like one of those REDC auctions) it is just a carnival and here is my firsthand description.
http://piggington.com/what_do_you_think_the_winning_bid_will_be#comment-84853
Feel free to ask me any specific questions.urbanrealtor at gmail
February 15, 2009 at 11:58 PM #347467urbanrealtorParticipantAre you referring to the trustee sale or to a resale auction?
The repo auction where the bank’s trustee goes to the courthouse steps and “auctions” the property is public record and usually not terribly beneficial.
Generally, the minimum bid is more than the market value of the property.
Also, there is no inspection or escrow period.
If you spend $200k on a house that is less valuable than the $150k lot it is on (like houses that have had all the copper plumbing pulled out), then you are out of luck. You pay with a cashier’s check and have essentially no protections.If it is a resale auction (like one of those REDC auctions) it is just a carnival and here is my firsthand description.
http://piggington.com/what_do_you_think_the_winning_bid_will_be#comment-84853
Feel free to ask me any specific questions.urbanrealtor at gmail
February 15, 2009 at 11:58 PM #347501urbanrealtorParticipantAre you referring to the trustee sale or to a resale auction?
The repo auction where the bank’s trustee goes to the courthouse steps and “auctions” the property is public record and usually not terribly beneficial.
Generally, the minimum bid is more than the market value of the property.
Also, there is no inspection or escrow period.
If you spend $200k on a house that is less valuable than the $150k lot it is on (like houses that have had all the copper plumbing pulled out), then you are out of luck. You pay with a cashier’s check and have essentially no protections.If it is a resale auction (like one of those REDC auctions) it is just a carnival and here is my firsthand description.
http://piggington.com/what_do_you_think_the_winning_bid_will_be#comment-84853
Feel free to ask me any specific questions.urbanrealtor at gmail
February 15, 2009 at 11:58 PM #347599urbanrealtorParticipantAre you referring to the trustee sale or to a resale auction?
The repo auction where the bank’s trustee goes to the courthouse steps and “auctions” the property is public record and usually not terribly beneficial.
Generally, the minimum bid is more than the market value of the property.
Also, there is no inspection or escrow period.
If you spend $200k on a house that is less valuable than the $150k lot it is on (like houses that have had all the copper plumbing pulled out), then you are out of luck. You pay with a cashier’s check and have essentially no protections.If it is a resale auction (like one of those REDC auctions) it is just a carnival and here is my firsthand description.
http://piggington.com/what_do_you_think_the_winning_bid_will_be#comment-84853
Feel free to ask me any specific questions.urbanrealtor at gmail
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