Foreclosure in Reno>Question Details

Rfox1014, Home Buyer in Reno, NV

What does it mean when a home is in auction?

Asked by Rfox1014, Reno, NV Thu Jun 14, 2012

A home on Connemaras ct in Reno NV is up for auction and the price is $4,031. Is this correct? If so how do I get in on auction properties?

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To begin with you need to hire a Realtor. This is not as easy as you may think.
Also, the bank is NOT going to sell it for 4000.00 or so. This may be back dues owed to an HOA, for example.
The bank will usually have 3 BPO's done. Which are basically comps by 3 different agents and then the bank will usually average out the price. Then the bank will have to go through the steps to hire an agent and put it on the market. This could/may take a few months.
If you have an exact address I can research this house for you.
Without all of the pertinent information, it is hard to help you go forward with this, or any others.
Holly Tuhey
Trans-Action Realty 500
6121 Lakeside DR. #100
Reno, NV 89511
0 votes Thank Flag Link Thu Jun 14, 2012
Usually it means that it was listed as and REO ... Bank Owned Home ... and did not sell so they are shipping it off to auction. There are a couple of national companies that do that. The bidding can be done online or in person. There is usually a premium paid by the buyer. It seems to be more of a lost leader than a good deal in most cases. You really need to know what you are buying and I'd advise using an agent. They have provisions for paying an agent in most auctions. An agent can advise you with local knowledge and be a big help!

Lisa Wetzel
RE/MAX Realty Affiliates
1320 Hwy 395
Gardnerville, NV 89410

0 votes Thank Flag Link Thu Jun 14, 2012
If you seriously think that the house will really sell for $4,000.....

There are two kinds of AUCTIONS on houses;
The Trustee Sale, which is the last step to forclosure, and,
Independent Auctions; which are used by some to sell houses that they have not been able to sell any other way.

Does the phrase "Caviat Emptor" conjur any ideas for you?
0 votes Thank Flag Link Thu Jun 14, 2012
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