Foreclosure auction

Asked by Britt Grotheet, Sat Feb 9, 2013

We have put an offer in on a short sale home.
Seller abandoned the home a year ago and is not communicating with the bank since our offer was made 4 months ago. Thus, we have heard nothing from the bank re:our offer. The house has now been re-opened as a foreclosure with an auction date set for 4 weeks from now.
I curious about what our process would be if we
were to show up at the court house for the auction. The previous foreclosure ad for this house stated the prospective buyer would need
$47,000 cash and would have 20 days to complete the rest of the sale. Need some advice on what the auction process is like. I live in Annapolis Md, Anne Arundel Md.
Thanks- Britt

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Answers

7
Miekeba Jones, Agent, Silver Spring, MD
Sun Feb 10, 2013
Hi Britt, have your Realtor research for you.
0 votes
Britt Grothe…, Home Buyer,
Sat Feb 9, 2013
Thanks Scott and Keith for your answers.
After doing almost nothing but research today on here, on the Internet and speaking with our agent and lender I realize the court house auction would not be the place for us.
Our hope is first that we get it as a short sale and second that if it goes to
Auction it becomes an
REO property and we can have a crack at it then. Best bet for us.
Thanks- Britt
0 votes
Britt Grothe…, Home Buyer,
Sat Feb 9, 2013
Thanks Scott and Keith for your answers.
After doing almost nothing but research today on here, on the Internet and speaking with our agent and lender I realize the court house auction would not be the place for us.
Our hope is first that we get it as a short sale and second that if it goes to
Auction it becomes an
REO property and we can have a crack at it then. Best bet for us.
Thanks- Britt
0 votes
Scott Godzyk, Agent, Manchester, NH
Sat Feb 9, 2013
If you are buying at auction, you need do alot of research. You would be responsible for back taxes, liens or additional mortgages. In addition it is as is, there can ne no contingincies at an auction. Using a buyer broker who is well experienced with auctions will certainly help
0 votes
KEITH PARKER, Agent, UPPER MARLBORO, MD
Sat Feb 9, 2013
Hey Britt. I will try to kep this short. You really want to be careful with buying at an auction if this will be a purchase with a loan and as your primary residence. 1) you got to give up a big deposit so you must be fully approved to buy this house. Make sure your lender has verified all your personals and given you the green light. You need to make sure that the appraiser will be able to get in the house. Usually that is an issue. 2) you will incur all unpaid interest and fees associated with the property unless stated otherwise at the beginning of the auction. It usually takes 45-60 days for the court to ratify the sale before you have to settle on the property. I have bought several properties before at auctions as an investor. It's one thing to pay cash with the money in the bank. It's another thing to try to finance it at the auction. I cannot even write all the info that you need to know. Call me if you need to. 301-440-1489. Hope this helps.
0 votes
Catherine Pu…, , Silver Spring, MD
Sat Feb 9, 2013
Hello Britt,

I recommend contactingCharles Parrish of Investors United. He is very familiar with the auction process as that is his business. His phone number is 443 253-3886. charles@investorsunited.com

Catherine Purcell
Senior Mortgage Loan Officer
Gairway IndependentMortgageCorporation
cell 202 573-6035
catherinep@fairwaymc.com
0 votes
The Roskelly…, Agent, Gambrills, MD
Sat Feb 9, 2013
Hi Britt,

They will advertise the property in the paper. The auctions are "as-is" and purchasers who did not see the home previously will not be able to access it prior to the auction (usually). One of the big auctioneers in the area is http://www.ajbillig.com so you might check their site for the info. There are lots of ins and outs to this type of purchase. Set a price based on a very detailed market analysis and don't go over it. Watch for terms like "subject to" that would make you liable for other loans or liens in addition to your purchase price.

If you have the cash you can get some great deals at the county courthouse steps!
0 votes
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