Posted by bob on August 28, 1999 at 21:38:38:
Bryan,
How experienced are you in this business ? You really need to do your homework in advance of the
auction to check liens, violations etc. because when
you put the 10% (or sometimes 20) down, it is non refundable and you generally need to close within
30 days. An eviction process may be needed to get the current residents out. I’ve followed a few here in
Dutchess County and have always made out better
afterwards with the bank, when there were no bidders.
You may want to consider Tax sale auctions as well,
Haroff Auction does a great job up there and in Dutchess County and has a Great “How to buy at auction” handout that they give out. I think the link is
www.haroff.com, it may be there on the home page.
Wish I had bought a few places up there when I was attending SUNY Albany in 1981, prices have really gone up. Good luck to you ,
Bob