Posted by Cletus on June 23, 2005 at 13:45:07:
The last guy to raise his hand buys the house. If there are 100 people there, that means 99 of them walked away a winner, only room for one loser in that group. Doesn’t get much simpler than that…doesn’t qualify as investing either.
:oO
Buying houses at the Auction - Posted by Chad McCandless
Posted by Chad McCandless on June 23, 2005 at 12:09:22:
Does anyone know out there of a good course for buying houses at the auction (at a reasonable price)? I’m not interested in preforeclosure, or doing anything with the homeowner. I just want to learn the steps to buying a house at the auction.
Re: Buying houses at the Auction - Posted by ray
Posted by ray on June 25, 2005 at 11:09:45:
Chad,
I don’t know of any course or book. I suggest you check out some houses which are going to be auctioned (research them just like you were going to buy each one). Go to the auction. Do not bid, just watch. You’ll learn how it happens, how much discount there is, etc. Then find a couple you’re interested in owning and do the same thing, but be prepared to bid. It works quite well, but you have to look closely at each house beforehand.
Good luck,
Ray
Re: Buying houses at the Auction - Posted by Stew(NE)
Posted by Stew(NE) on June 23, 2005 at 14:05:36:
Look up Thomas Lucier in a search engine.
Which state are you located…? - Posted by JT-IN
Posted by JT-IN on June 23, 2005 at 13:58:29:
The process of buying at the auction greatly differs as to whether you are in a Judicial or Non-Judicial state… So tell us where you plan to purchase property, and this may shed some light on the process you might face in doing so…
JT-IN
Re: Buying houses at the Auction - Posted by arlanj
Posted by arlanj on June 23, 2005 at 13:26:31:
At an auction you basically wink, nod, move your hand and a bid is placed. Pretty simple. If you are the high bidder you buy it.
Auctions are designed to get people to pay the maximum possible for an item. Make sure you know what the property is worth to you and only bid up to that point. The last auction I went to, I went over my “wanted price” by $4,000.00.
Re: Buying houses at the Auction - Posted by Mike (Seattle WA)
Posted by Mike (Seattle WA) on June 23, 2005 at 13:00:44:
Search the forums on this and be prepared for disappointment. Too many people at auctions paying FMV or higher at the moment. Maybe different where you live, but…
Re: Which state are you located…? - Posted by Chad
Posted by Chad on June 23, 2005 at 14:01:01:
I’m in Utah.
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Re: Buying houses at the Auction - Posted by Chad
Posted by Chad on June 23, 2005 at 13:33:11:
Thanks for your response. It sounds like you’ve done this before. What I’m looking for is information on everything that you need to know and do before the auction (find houses going to auction, title search, etc. etc.), so I don’t end up paying more than I should, and so I know for sure that I’m not bidding on a second. How did you learn the whole process?