Buying a house at Auction - Advice Needed
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Thread created 12-26-2012 by nik929
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If there is an option to still purchase and/or talk to the owner, it must mean it's still a short-sale, right?
In which case, I would make it awkward as hell and try to get something going cause...
Buying a house at Auction - Advice Needed
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Thread created 12-26-2012 by nik929
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Let's say he goes to self inspect the property and a door or window happens to be unlocked. Would it be illegal for OP to enter the property and check it out for damages before the auction?
Buying a house at Auction - Advice Needed
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Thread created 12-26-2012 by nik929
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Wow, you're able to do all this now?! :eek: My parents would have laughed in my face...in fact, they still do. :lol:
Anyways, you're certainly right on. Foreclosures can go any which way. I...
Buying a house at Auction - Advice Needed
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Thread created 12-26-2012 by nik929
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Something else to consider are the many ways people are able to postpone auctions when their property is in foreclosure. My cousin's property has been in the foreclosure process most of 2012 and the...
Buying a house at Auction - Advice Needed
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Thread created 12-26-2012 by nik929
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Also keep in mind the "renovation and repair" expenses can be way higher for a foreclosure than a regular purchase.
Most homeowners maintain their homes to a minimum level. But in foreclosure,...
Buying a house at Auction - Advice Needed
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Thread created 12-26-2012 by nik929
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My test scores are the reason I was deferred at a few schools rather than outright rejection: 35 ACT w/ 10 Writing. 2340 SAT w/ 800 for Math II, 760 for Molec. Biology, 800 for US History, and 790 on...
Buying a house at Auction - Advice Needed
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Thread created 12-26-2012 by nik929
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3.2 weighted? :eek: Although, having seen how you work on these forums, you seem like a serious case of street smart > book smart. Better get off SD and whoop some SAT/ACT @ss to hedge yourself....
Buying a house at Auction - Advice Needed
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Thread created 12-26-2012 by nik929
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Well I think ti might depend on the state. If you state is at-will, sellers can pull anything off an auction as long as the auction for the item has not started. The auction I was at had 3 homes that...
Buying a house at Auction - Advice Needed
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Thread created 12-26-2012 by nik929
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@amoghthergamer - Did you buy at the courthouse step or through an auction company selling REOs?
If courthouse steps, there is no way you can get access to the house before the auction unless it is...
Buying a house at Auction - Advice Needed
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Thread created 12-26-2012 by nik929
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Many banks have their own sites....
http://reo.wellsfargo.com/
plug in your zip and you are good to go... Use zillow.com to get a fair estimation of the house.
Buying a house at Auction - Advice Needed
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Thread created 12-26-2012 by nik929
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Ha neither. Just terrible at acronyms.
And you're right. There are other buildings in the neighborhood so if we don't get lucky with this one we'll just move on. It's tough to keep your head...
Buying a house at Auction - Advice Needed
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Thread created 12-26-2012 by nik929
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BK is bankruptcy. I don't know if that makes you naive for not knowing or wealthy for not ever having financial problems.
There is no such thing as a "dream house". It's just a building. Make...
Buying a house at Auction - Advice Needed
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Thread created 12-26-2012 by nik929
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Fellow Slickdealers,
I'm turning to the community I know to be the most savvy on any topic generally related to money/investing for advice in a life decision -
We (wife and I) want to live in...
Buying a house at Auction - Advice Needed
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Thread created 12-26-2012 by nik929
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As far as "self-inspections" go, in my area it is only trespassing on the property if a sign is posted or the owner takes "sufficient steps" to secure entrance, ie a latching gate. If a gate happens...
Buying a house at Auction - Advice Needed
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Thread created 12-26-2012 by nik929
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Exactly! I think this is seriously the best way to go when you're talking about a "dream home".
All cash-offers and without the hassle of auction proceedings. The bank would at the very least...
Buying a house at Auction - Advice Needed
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Thread created 12-26-2012 by nik929
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:lol: Ah, unweighted GPA woes...
You can still get scholarships, assuming you had AP classes and solid SAT scores. I managed to get full-rides and other partials directly from colleges with a...
Buying a house at Auction - Advice Needed
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Thread created 12-26-2012 by nik929
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I had a search done prior to bidding. Yeah I could see it getting awkward... That's why I prefer to bid when a company auctions the house so it's a faceless corporation instead of an actual person....
Buying a house at Auction - Advice Needed
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Thread created 12-26-2012 by nik929
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So I went and did my homework today... There was a tax lien, but it's been cancelled. Nothing else bizarre came up. I did learn some more about the never ending foreclosure process. I'm going this...
Buying a house at Auction - Advice Needed
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Thread created 12-26-2012 by nik929
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GI is general index search. It is a name search to if there is any liens like federal lien, state tax lien, judgements, or bk attached to their name.
You can find if they have federal lien if you...
Buying a house at Auction - Advice Needed
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Thread created 12-26-2012 by nik929
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One thing I would recommend is to look into the foreclosure laws in your state, particularly in regards to rights of redemption. If the area is as nice as you say, and as tough to get into, it just...
Buying a house at Auction - Advice Needed
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Thread created 12-26-2012 by nik929
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I took a look at the website you provided. It showed me that the owner has 10 days to redeem the home after the foreclosure sale has completed. Good to know!
Buying a house at Auction - Advice Needed
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Thread created 12-26-2012 by nik929
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Wow, you're able to do all this now?! :eek: My parents would have laughed in my face...in fact, they still do. :lol:
Anyways, you're certainly right on. Foreclosures can go any which way. I...
Buying a house at Auction - Advice Needed
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Thread created 12-26-2012 by nik929
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Home maintanence is a pain, which is why I have a local handyman. He is a retired jack of all trades kind of guy. He even did my water cooling for my computer. :D anyways, I have to sell since I...
Buying a house at Auction - Advice Needed
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Thread created 12-26-2012 by nik929
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:doh: I can see the dilemma college admissions must be facing when they see your apps. Raises a big, "What the fark happened?!" Test scores in the top ~0.1% in US, but weighted GPA at best Top 50% of...
Buying a house at Auction - Advice Needed
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Thread created 12-26-2012 by nik929
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Usually your county sheriff will have that info, since they are usually the ones auctioning off the properties. My county has a website, but they also have info at the courthouse where the auctions...
Buying a house at Auction - Advice Needed
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Thread created 12-26-2012 by nik929
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Auctions are not almost always delayed. Does it happen, yes, but it really depends on the area you are in. In my area roughly 30% get delayed/pulled.
Like tennis said, you are responsible for...
Buying a house at Auction - Advice Needed
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Thread created 12-26-2012 by nik929
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Hey - So I've been following this property for awhile, it was delayed once back in November. Now it's back on the auction block. And you're right, I'm required to have 20% available the day of and...
Buying a house at Auction - Advice Needed
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Thread created 12-26-2012 by nik929
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Yes, but he would only get into trouble if got caught :)
Buying a house at Auction - Advice Needed
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Thread created 12-26-2012 by nik929
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Your friend better be damn accurate with his lien and GI search.
Here is a few things to look for.
Is the owner / tenant still living there? If so, be prepare to offer cash 4 keys or go...
Buying a house at Auction - Advice Needed
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Thread created 12-26-2012 by nik929
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I looked at many before buying a non forclosure/short sale property. One I really wanted but lost the offer by 1k on had all the appliances gone, hot water tank gone, and even ac gone. It was still a...
Buying a house at Auction - Advice Needed
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Thread created 12-26-2012 by nik929
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I was in a similar boat as yours. I found a 4200 sq. feet home in a really nice neighborhood on auction it last sold before the bubble for 590k although it was one of the bigger homes in the...
Buying a house at Auction - Advice Needed
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Thread created 12-26-2012 by nik929
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Wow, you're able to do all this now?! :eek: My parents would have laughed in my face...in fact, they still do. :lol:
Anyways, you're certainly right on. Foreclosures can go any which way. I...
Buying a house at Auction - Advice Needed
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Thread created 12-26-2012 by nik929
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It was a company that sells Wells Fargo reos. The same company also does bank of the west reos as well. Yeah I know the rules to bidding but sometimes I get too eager.... :woot:
Buying a house at Auction - Advice Needed
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Thread created 12-26-2012 by nik929
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The 3.2 is Weighted.... If I get $60 for each property, which I think is highly feasible, that is almost 8 years of rent at once.... Granted my actual net profit is only $30k and 25k on each property.
Buying a house at Auction - Advice Needed
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Thread created 12-26-2012 by nik929
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Ah, so it all comes down to what that states rules are. Good to know, thanks!
And :facepalm: for botching your language classes, haha.
Buying a house at Auction - Advice Needed
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Thread created 12-26-2012 by nik929
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Ah okay. Wow, multiple properties while still kickin it in high school. That's more than most would want to deal with. I prefer not dealing with tenants and/or home maintenance issues till my 30s if...
Buying a house at Auction - Advice Needed
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Thread created 12-26-2012 by nik929
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one of the houses on the same block of my old neighborhood went through the foreclosure process. and was put on an auction.
The guy who actually bought it ended up contacting the auctioners...
Buying a house at Auction - Advice Needed
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Thread created 12-26-2012 by nik929
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Thanks for the advice. It looks like there aren't any liens. Only the current mortgage outstanding. What's "GI" ? And "Bk"?. I'm planning to go to my local town office this coming week to check for...
Buying a house at Auction - Advice Needed
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Thread created 12-26-2012 by nik929
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I always check the county recorder's office and the court docket. Both should be online unless your city is really slow at the intranets and stuff.
Buying a house at Auction - Advice Needed
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Thread created 12-26-2012 by nik929
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a question. whjere do you guys get foreclosure information? here in NY its only available with a paid subscription. cant find any information for free.
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