I have "wishful" thinking...BUT does anyone know how or what you would do to find out the "opening" bid or
the right way to bid on a house that has no opening bid? Am I making sense? There is a house that is going
to be auctioned in May...there is no starting bid...just wondering how to figure it out.
1|1|a couple of thoughts on this?????|aloha2u|alohamillion@yahoo.com|14:01:46|03/17/2012|
can you check online through the county assessor's site? we have them in our state and you can look up info online using the home's address. So, for example, you could look up how much the person paid for the home, how much the standard 20% down would have been on that price, how long they have paid on the loan and by guestimating the interst rate you could figure appx. how much they have paid on the loan. Now, ours also shows permits taken out for improvements so if you checked that out, you might be able to see if they maybe did a big reno, then maybe they had to refinance their loan. Hope that helps you out. =) 2|1|OK Shelly here is what usually happens|tollman62|thebossatnight@yahoo.com|21:14:46|03/17/2012|
The auctioneer will throw out a number he would like to start at if someone takes the bait then he will start going up in say $500 bids then towards the end people will shorten up and bid things up say 50 a pop until the hammer falls. You need to be aware of the add on's like unpaid taxes and the auction surcharge usually you have to put up 10--25 percent right on the spot (many ways to do that) you need to settle within 30 days afterwards most times by a pre approved loan. If this is a bank auction the bank will most likley start the bid at $1 over what is owed to them. hope this helps. I have purchased property at auction before they can be quite interesting.
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you always hear noises in the dark when you work at night 3|2|Yes --- the buyer is often stuck with the auctioneer's fees...|Sara_s_Mom|IClipCoupons@gmail.com|21:28:02|03/17/2012|
Things to consider, too....
If this is a tax sale or sheriff's sale (as in the case of foreclosure, for instance) you may pick up the property, but the title might need fixing. Banks like a clear title to a property if you plan to finance. However, if you are a cash buyer, it usually isn't a problem until you go to sell. Quiet Title actions can be costly. If you are considering buying a property in these instances, you definitely want to try to check the title before you bid.
As to foreclosures, something people don't realize is that banks almost always bid on it. They then list it for sale with a real estate company. This is especially true of local banks. Not saying you can't win it... just saying so you'd be aware :)
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