Posted by Innocent Bystander on May 29, 2003 at 14:17:03:
Christine,
When you bid at an auction in Michigan, you have to give them the whole amount of the bid within an hour or two after winning. Do you have $55k in cash?
If you have 55k in cash, we need to get together,and I can show you much better ways of buying houses.
Generally speaking, foreclosure auctions are not for newbies.
AUCTION HELP needed in MICHIGAN - Posted by Christine616
Posted by Christine616 on May 29, 2003 at 10:52:56:
I am a newbie who doesnt know much about foreclosure/auctions. There is a good looking home (havent seen inside yet) in my area that is going to the sheriff sale soon. It looks like a good deal with good income potential. But I DONT KNOW WHAT I’M DOING!
I spoke with a person at the bank who told me things… such as… they have to have the title clear before going to auction. She said that there are no other leans on the property. Whatever I bid on the property is the only cost for me, and the property would be mine. I am in Michigan and there is a 6 month redemption period. She said if the owner buys the property back, I recieve my money back plus 7.25 intrest.
She also said that she has been to a few auctions herself and everytime no one showed up.
This property could sell for 100K-110K (assuming the inside isnt distroyed) To my knowledge there is a single mom w/kids living there. Min bid price ($1 over bank bal.) is $54,361. She told me it was appraised at 75K.
I am afraid of other leans, costs… the redemption pierod… etc. Can anyone tell me anything about what could go wrong during the redemption pieriod? Are there closing costs that I have to pay, would I lose that money (or any other money)if she bought the property back? Who/Where do I need to call to find out for SURE that I would not be responsible for any other costs?
Any thoughts woould really be appreciated! Thank you.
Christine616
Re: AUCTION HELP needed in MICHIGAN - Posted by Blane (MI)
Posted by Blane (MI) on May 29, 2003 at 21:26:07:
Christine,
Feel free to email me privately with more details. Is that appraisal as is, or after repairs? And how do you know it could sell for 100-110, have you done comps? Do you know how much repairs might be (and always add a fudge factor). Drop me a line.
Blane