Posted by mslexus on January 24, 2007 at 08:22:23:
Anyone have any advise regarding Bank Owned real estate auctions? I went to take a look at some home where bidding started at 1K and one looked like a potential crack house and the others were fairly nice…anybody have luck with these…just seems unreal to buy home for about $4-5K. But it’s happening.
Presumably you are talking about the Williams auctions or something similar. It seems unreal to buy a home for about $4-5K because it is unreal (unless it is a mobile or falling down). The Seller (usually a Bank) has final approval on the sales price. I have bought one property this way, it was deal because it was a major fixer. Previously they auctioned the same property, but the winning bid was too low, so the Bank rejected that Bid and reauctioned it to me a few months later for $5,000 more. There were about 15 people at the auction prepared to bid on 3 different houses. Hardly a secret.