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#3128065 - 01/17/13 09:51 AM Anyone bought a foreclosure house at auction?
doubledownranch
8 Point


Registered: 08/09/11
Posts: 1292
Loc: Old Hickory / Watertown

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I'm looking at a house that is foreclosed through Bank of America and will be auctioned at my courthouse.

Has anyone ever purchased a house this way? I really want this house. I know I can't do an inspection or walk thru so the price would have to be right. I mainly just want it for the property.

Any pros or cons? Thanks,
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#3128073 - 01/17/13 09:59 AM Re: Anyone bought a foreclosure house at auction? [Re: doubledownranch]
BlountArrow
10 Point


Registered: 07/13/12
Posts: 2835
Loc: SouthEast Tenn

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I've heard you have to make sure there aren't multiple liens on a given piece of property. I know of a guy that bought a house at auction and found out it had another $30,000 lien on it from a 2nd mortgage or something. Even then, the house was still a great deal. But, I'd do some homework.
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#3128140 - 01/17/13 10:48 AM Re: Anyone bought a foreclosure house at auction? [Re: BlountArrow]
8 POINTS OR BETTER
10 Point


Registered: 08/15/07
Posts: 4102
Loc: Hardin, Co.

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I think if it sales as a foreclosure at the court house, you dont have to worry about 2nd mortgages or other lein holders. They will just lose their money if the house does not bring enought to cover the mortgages. If there is any property taxes or HOA dues owed, then the buyer may have to pay them.
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" Some localities are willing to work for their sport, and have plenty. Others are willing merely to take what comes easy, and have little or none." - Aldo Leopold

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#3128173 - 01/17/13 11:07 AM Re: Anyone bought a foreclosure house at auction? [Re: 8 POINTS OR BETTER]
smstone22
16 Point


Registered: 01/11/04
Posts: 16954
Loc: Allardt, TN

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Homes or land very rarely sell that way, at least here. Usually the bank will open with the first bid at the loan amount still owed. If no one bids over that, then the bank wins the bid and still owns it. Its almost dumb to bid over the banks loan amount. Its best to just let the bank get it back then deal directly with the bank and let them take a loss. Once they get it back they should let you look the home over as well as you want to, do a title search,etc, etc. Then you just lowball and let them take a hit. Only way I would ever bid at the foreclosure sale is if I just HAD to have the place.
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#3128270 - 01/17/13 11:56 AM Re: Anyone bought a foreclosure house at auction? [Re: smstone22]
Brisco Darlin
10 Point


Registered: 04/24/12
Posts: 3466
Loc: East Tn.

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steven is right about that. i saw a home auction. bank took it at $120K. My customer bought it from the bank for $32,000.
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#3128286 - 01/17/13 12:05 PM Re: Anyone bought a foreclosure house at auction? [Re: doubledownranch]
Rob R.
12 Point


Registered: 04/25/11
Posts: 6191
Loc: Collierville TN.

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I bought a property on the courthouse steps back in the late 80's. Paid 40,000 for it, put 1,000 in it and sold it a few months later in the low 60,000's. I did a title search on it checking for IRS liens. There were none. Looked through the windows as best I could to see what it looked like inside. What little I could see looked ok. I talked to neighbors to see if they could shed some light on the situation with the property. It was a divorce and bankruptcy situation.

Check with the trustee to see how payment is expected if you do intend to bid on it.

Good luck to you.
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#3128298 - 01/17/13 12:10 PM Re: Anyone bought a foreclosure house at auction? [Re: Rob R.]
Hammer
8 Point


Registered: 05/24/06
Posts: 1469
Loc: M'boro

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Most Courthouse sales require payment within 24 hours, some require payment the minute the sale is over.


There should be paperwork posted on the house you are looking at, the attorney handling the sale will be listed. Call them, they will have more info.



Edited by Hammer (01/17/13 12:16 PM)

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#3128310 - 01/17/13 12:21 PM Re: Anyone bought a foreclosure house at auction? [Re: Hammer]
8 POINTS OR BETTER
10 Point


Registered: 08/15/07
Posts: 4102
Loc: Hardin, Co.

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I have bought two tracks of land at the court house steps. Farm Credit had one and BB&T had the other. Both were willing to take the loss at the auction. Both wanted payment with 24 hours. The plus side of doing it this way is no additional fees, just give them a cashiers check for the bid price, and they handed me the deed.
_________________________
" Some localities are willing to work for their sport, and have plenty. Others are willing merely to take what comes easy, and have little or none." - Aldo Leopold

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#3128364 - 01/17/13 12:59 PM Re: Anyone bought a foreclosure house at auction? [Re: 8 POINTS OR BETTER]
doubledownranch
8 Point


Registered: 08/09/11
Posts: 1292
Loc: Old Hickory / Watertown

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Thanks for the responses.

The bank just told me the maximum and minimum bid on the phone. I'm not sure how there is a "maximum" bid but the number they gave me seemed way way to low to be a max bid. I'm in the process of getting a title search. There is someone living in the house, lord knows how I'm going to get them out of there if I do end up buying this place.
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Team Run 'N Gunners


πKa

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#3128384 - 01/17/13 01:09 PM Re: Anyone bought a foreclosure house at auction? [Re: doubledownranch]
Hammer
8 Point


Registered: 05/24/06
Posts: 1469
Loc: M'boro

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Offer them Cash for Keys. Pay them to move. Offer them $500.00 to be out by an agreed upon date. You get more flies with honey!


Some of the time the person calling the auction will also bid for the bank. They will say this as they bid if that is the case. i.e. the bank bids XXXXX.

The sale will start at $20,000, the person calling will continue to bid along with everyone else until the maximum bid is reached. At that point they will quit bidding.

What the bank told you today may not be the case tomorrow.


Edited by Hammer (01/17/13 01:22 PM)

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