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Pre or Post Auction - Posted by docniss
Posted by docniss on July 04, 2005 at 07:37:44:
So, I found a house that is going to auction soon. It is trashed on the inside and has some mold because it has been sitting empty. I still know it could be a great deal except that it is going to auction at over $128000 w/ over $3000 in back taxes. I have gone to many auctions in my county (never bought) then again not many people buy at the auction I have only been to 2 in the last 7 months that anything sold. I am confident that this house will not sell at auction either. Should I contact the bank (I have talked w/ the owners atty and he says they will not sell before acution because some of the $128,000 is for other liens) but what does he know, his interest is actually for the kids or do I wait until after the auction to contact the bank before they send it to the realtor? Or I also thought about calling the realtor( I have a pretty good idea who will get this listing) and tell him I want to make an offer on this house. I was thinking that if I contacted the bank before the realto got it I could obviously forget about the commission, but as I said the house is trashed and my offer would include the removal of all the trash left behind(some that I could also sell, multiple lawn tractors and large snow blowers etc). Thanks for response as I don’t have much experience here, I have bought my ohter investments via realtor and other investors so far.
Re: Pre or Post Auction - Posted by Natalie-VA
Posted by Natalie-VA on July 06, 2005 at 14:47:57:
The bank can’t do anything with you prior to the auction since they are not yet the owner.
If the owner’s attorney says that some of the 128k is for other liens, I think you need to find out exactly what is on title. Also, how much is it worth?
If you know these 2 things, you may be able to try and discount some of the liens since they may lose out if it doesn’t get bid up at auction.