Posted by Alvin Teebag Williams on December 20, 2006 at 22:34:12:
During those four decades did you stop to think that foreclosue auctions might be conducted completely differently in other States? And in those States, calling the day before the sale and getting the starting bid would be a good way to save a lot of time eliminating properites where the opening bids were too high?
foreclosure auction prices? - Posted by Chris
Posted by Chris on December 20, 2006 at 18:15:07:
I’m new to investing and went to the courthouse where I live to see how forwclosures are auctioned off. How can I find out what the bidding will start at for the property I am intersted in?
thanks chris
Re: foreclosure auction prices? - Posted by Calvin Neely
Posted by Calvin Neely on December 21, 2006 at 15:20:12:
Every state is different. Our local paper legal notices lists which attorney’s office is handling each property. Most of the attorney’s offices have websites with details of each auction. The paper also lists who the mortgage company is and the amount of the loan. All the auctions I have attended started out at the amount listed in the paper and went up from there. The bank is there to ensure they get at least what is owed to them. If no one bids, the property becomes an REO, real estate owned, and in a few months it is listed on the MLS. Hope this helps.
starting prices are… - Posted by David Krulac
Posted by David Krulac on December 20, 2006 at 19:35:12:
largely inrelavent.
The starting prices are costs, usually $1,500 to $3,000. Then the lender rep will bid up to a certain amount often times the amount of the first mortgage plus interest, plus late fees, plus attorney fees.
About 1/3 of the properties are stayed, about 1/3 are continued and about 1/3 are “sold”; but most of the “solds” are going back to the lender. Sometimes, but not often the lender will let a property go for less than is owed.
There you go, the 5 minute bootcamp in foreclosures, send me $5,000 as your seminar fee. (I’ve been buying foreclosed properties for 3 of the 4 decades that I have been buying real estate.)
Re: foreclosure auction prices? - Posted by GS
Posted by GS on December 20, 2006 at 18:46:24:
Google your county sherrif’s website