Foreclosure in Woodstock>Question Details

Dee, Home Buyer in Georgia

I am looking to bid on a property through the court house auction? The starting bid seems Very low for the

Asked by Dee, Georgia Sat Apr 26, 2008

homes in the neighborhood. What should I be looking for? It seems almost too good to be true.

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Answers

5
Dee,
The starting bid is usually based on what the lender is owed on the property. Do your homework and get some comparable information from local agents on similar homes prior to making a bid. You should also view the property, do professional inspections, and possibly get a title search, and discuss with attorney prior to making a bid as you may become an owner of a property with issues that were not known or disclosed to you before your bid. Like most auction situations after you buy sometimes you feel you did not get what you thought you were bidding on or in the condition you expected.

All the best,
Gary Geer
0 votes Thank Flag Link Mon Feb 25, 2013
You should inquire if there is any interior inspection date set up. A house with mold or asbestos can be a costly remediation. Othe advice is to possibly talk to some neighbors in the area.
0 votes Thank Flag Link Sun Dec 2, 2012
what is the difference between owning property and lien position after the first mortgage
0 votes Thank Flag Link Sun Dec 2, 2012
The bid will start low but will go up to an amount that the lender deems acceptable. The bid is determined by the investors , mortgage insurers and banks. The banks would like to get rid of the property as quick as they can but will not give it away.

If your going to bid make sure you understand what your bidding on. Check the title and make sure you are buying the property and not a lien position after the first mortgage. Also make sure you have certified funds, because you will need at least 10% of bid (typically). Get an expert in Georgia to tell you what is needed in your state and city.

Keith Manson
First Weber Group
Certified Distressed Property Expert
Metro Milwaukee

http://www.milwaukeebailout.com
0 votes Thank Flag Link Sun Apr 11, 2010
Dee,

You know the saying if it sounds too good to be true it usually is.

Have you been to see the house or are you buying an unseen property. I myself would be very skeptical buying off the court house stairs something I have not seen or been able to check out for myself unless you are an investor ready to flip it.

There are lots of foreclosed properties out there if you are looking for a deal that you could go look at it and have inspected before purchasing. At least you would know for sure what you were getting into.

Let me know if I can be of assistance to you.

Diane
0 votes Thank Flag Link Sun Apr 27, 2008
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