I am planning on buying a foreclosed home at an auction where I have to pay $5000 up front.

Asked by Yeniza, Fort Lauderdale, FL Fri Nov 14, 2008

Do you really leave with less than 50% of what the home is worth. For instance if the home is valued at $150,000 and the starting bid is $1000 do you think its possible for me to leave with the home at $60,000 or $70,000????

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Andrea Harri…, Agent, Fort Lauderdale, FL
Sun Dec 14, 2008
I just went to the auction in Broward County. Yes- I did see people get homes for $60,000 and $70,000. I also saw some great deals for half price. So did you get one.
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Derek Joyner, , Winston Salem, NC
Fri Nov 14, 2008
It depends. It is possiable. Usually someone from the bank will be there. Not always but usually. If the price is just to good to be true they will bid on it themselves. They will take the house and list it with a real estate agent if they cant get close to what is owed on the property. You should do your homework as well. You need to search and try to find out what is owed on it and do a walk thru to see what do you think it will cost to fix it back up. You dont want to buy it for 70,000 if it is going to cost 100,000 to fix it back up. Than you will have a $170,000 house worth $150,000. I use tax cards and deeds to get an idea on what is owed on the property. That will usually tell you what you can usually buy it for. Banks dont want the house back, but they do want there money back. They will usually not give it away if they are going to loose a lot of money.
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Angela Jensen, Agent, Coral Springs, FL
Fri Nov 14, 2008
Hello Yeniza - it is possible to get a home at 50% of the value, but I would caution you to make sure you have the home inspected. You cannot buy an auction property subject to inspection, so if it has "mold" you have bought that also. If you need assistance buying an auction property, please feel free to give me a call.
Good Luck!
Angela Jensen
Coldwell Banker
Cell: (954) 465-1388
email: jensenatj@aol.com
Web Reference:  http://www.AngelaJensen.com
0 votes
Elayne Tiller…, , Traverse City, MI
Fri Nov 14, 2008
Yes, it is possible, Yenzia, as long as the seller agrees to accept that amount or has told the auction company that they'll settle for the highest bid, and if you're the highest bid at $75,000 on a home appraised at $150,000, you just bought a house for 50% less. Elayne Tiller, Realtor, GRI, QSC, Real Estate One, Traverse City, MI 231-632-0035 or elaynetiller@realestateone.com
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