Property Q&A in Chesapeake>Question Details

monte, Home Buyer in Chesapeake, VA

when is the auction for this property?

Asked by monte, Chesapeake, VA Thu Apr 26, 2012

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And there is no guarantee that the auction will even be held....sometimes the leinholder is there to bid what the bank feels works for them to sell. Sometimes auctions are scheduled and cancelled immediately before.....scary things, auctions.
0 votes Thank Flag Link Thu Apr 26, 2012
Per this posting it's saying May 2nd is the auction.
It's an on-line auction, here is the record…
Don't expect that the final price will be close to the teaser price of $59,000. It was a short sale listed at $300,000 (tax value is $263,700) so they couldn't make a deal with the mortgage note holder at $300,000, the bank's expectations are high.
Be careful about buyer's premium, too, which is a surcharge levied on top of your bid, should it win.
There are no buyer's premiums with MLS foreclosure properties and there are a lot of safeguards buying on the MLS, vs grabbing something at auction. If interested in foreclosure properties in Chesapeake, contact me.
Best, KK German, Wainwright Real Estate, 757-714-2335,
0 votes Thank Flag Link Thu Apr 26, 2012
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