Foreclosure in 32003>Question Details

Vicki Kelly, Both Buyer and Seller in Orange Park, FL

Help. I am attending my first forclosure auction next month. What can I expect?

Asked by Vicki Kelly, Orange Park, FL Thu Feb 25, 2010

I wondered if the auction would be a better "deal " than to try to deal with the owner outright. He has priced the lot out of market range, because he still owes a great deal on it and wants to recoup his money. I want to buy the property, but am not really interested in paying more money, just to help him recoup his losses. Is an auction the better way to go? Can I expect a lower purchase price at auction? Or do the prices, typically, run comperable to the value of the loan? Please advise.

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4
Hi,

You are letting all the details cloud the deal. The old forrest vs. the tree.

If you want to make an offer before the auction, go do it. If it don't work, heh, the auction is coming.

If the property goes to auction, attend and bid what you think it is worth. This is capitalism at its best. Value is what is in the eye of the beholder.

SIncerely,
Blaine Rabe
REMAX Specialists
904-874-0814

Personally, I buy all my properties off the MLS. I like the support of a legal contract vs the it is what it is of an auction.
0 votes Thank Flag Link Thu Feb 25, 2010
Oh Dear…

You asked, and I share with you what I expect! I expect you to have an experienced real estate consultant with you.

They will auction anywhere between 15 and 30 properties per hour and things will move rapidly. It will be your (the bidder) responsibility to thoroughly review all property disclosures, auction terms, conditions and purchase contract, etc., etc. Also, it will be expected from you to promptly sign purchase contract and discuss financing. Often the sellers have the option to remove their properties from the auction at any time.

Go to my website http://www.housesapartmentsandcondos.com and read "Auction Q & A"

I wish you the best.
0 votes Thank Flag Link Thu Feb 25, 2010
You need to make sure of all the terms up front. Ususally they want only cash. Also they do not guarantee clear title. You may also have to evict parties living in the property. The property if not successfully auctioned then goes to the bank. I believe they are looking for the amount of the loan most times. There are absolute auctions. Just be sure to check your facts you may want to consider doing a limited lein search to also make sure taxes are current. I hope you have a Realtor assisting you.
0 votes Thank Flag Link Thu Feb 25, 2010
Yes, you can do much better on price (BE VERY CAREFUL) at auction. You have risks that you don't (or should not have) with a nromal sale.

Wish you luck, but Please be very careful and know you are taking RISKs. DO your homework!!!!!
then do some more.


John
0 votes Thank Flag Link Thu Feb 25, 2010
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