Foreclosure in Manchester>Question Details

Ryan Feltner, Home Buyer in Rochester, NY

When and where are home auctions from the bank held in the Manchester area?

Asked by Ryan Feltner, Rochester, NY Tue Jan 15, 2008

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Hi Ryan,
My colleagues (below) have given you much to consider. If you want to go to auctions, they are exciting and can be fun. My suggestion: if you are sincere and want to buy at an auction, sign a buyer agency agreement with an agent you like and go together.

I have taken many buyers to auctions, and I have seen grown men freeze when asked if they want to bid, and lose a great house they could have bought at a huge discount--I have also seen nerdy types step up and seize the day by buying a great house. If you are there to buy, then great! This is the way to make money on a home.
I tell my clients, you make money when you buy (if you buy right). You can't make money when you sell, because you can't sell for more than the market value--someday you will see what I mean.

The auctions will almost always be on the front stoop of the homes in question and often you can't even get inside to see the condition. And, coupled with that, these homes may come with back taxes, sometime IRS liens and occasionally other mechanics liens. But if you want a deal, this is one way--but not for the faint of heart.

Dane Hahn
0 votes Thank Flag Link Tue Jan 15, 2008
Power of Sale Foreclosure Guidelines state that a notice of sale must be recorded in the county where the property is located and 1) mailed to the borrower at least twenty-five (25) days before the sale; and 2) publish once a week for three (3) weeks, with the first publication appearing
not less than (20) days before the sale, in a newspaper of general circulation in the county where the property is located. Based on this information, the newspaper is the source to identify foreclosure auctions in NH. The notice in the newspaper should contain the time,date and place of sale and a description of the property.
Another auction site is online "realtybid.com". Banks hold on line auctions at this site.Once the property has already been offered to the public
at an onsite auction as outlined above. I have seen some pretty awesome deals fly off line at that site. You must be brave to want to attempt to purchase property in this fashion.
Through my experience, I have learned that an investment in real estate is the same as with any investment, the higher the risk the greater the return.
Web Reference: http://SuzanneDamon.com
0 votes Thank Flag Link Tue Jan 15, 2008
Check the Manchester Union Leader., Nashua Telegraph etc.. All auctions will be advertised there with place and time. Usually the Bank purchases the home back, but every once in a while your bid is more than what the bank is owed. You can hook up with an agent that can let you know what is comming on the market. Hope this helps
0 votes Thank Flag Link Tue Jan 15, 2008
Ryan,

They are usually held at the property itself. A word of caution though, buying at an auction is probably the riskiest way to go about buying a property as frequently you can't get access to the inside of the property to inspect what issues it may have.

There are, however, other ways to go about pursuing bank owned properties that have a lot less risk but still get you a good deal. Let me know if I can help.

Andy Benjamin
RE/MAX Properties
603-674-5864 (cell - best way to reach)
603-886-9380 x2329
Web Reference: http://www.homeresearch.us
0 votes Thank Flag Link Tue Jan 15, 2008
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