Foreclosure in Lynn>Question Details

Emmitt, Home Buyer in Lynn, MA

i am interested in the multi family foreclosure@31 webster street lynn ma

Asked by Emmitt, Lynn, MA Sat Aug 15, 2009

i have done some homework on this property it is bank owned,and set to auction sept1,2009. according to bay state auction co. when do the tennants move out? if i were to buy it shouldn't it be empty? the listed attorney
for the lender is korde & assoc. on behalf on bank of new york. should i just show up at the auction? and try
my luck? i am new at this but a multi@ 229,000.00 with an extra lot with 3 garages seems too good to be true.

0 votes Share Flag Foreclosure in Lynn

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Hello Emmitt- I have some experience in this kind of thing, and own a couple 3 families. If you'd like to talk a little, please contact me directly.
What kind of financing do you have in place? Do you have the $10K or so that they will need at the day of the auction? Then you usually have only 30 days for the rest. That is tough in today's mortgage world.

Thanks, and good luck,

Ken L.
0 votes Thank Flag Link Tue Aug 18, 2009
Who said the tenantswill move out? When you buy at auction you assume all of the liablities of the property unless you work out a different scenario with your bid. If something seems too good to be true, it usually is! When you are an investor and you have the experience/support behind you to deal with auctioned property issues, you take the risks to make the gains. As a newbie, be very cautious.
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0 votes Thank Flag Link Sat Aug 15, 2009
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