Anyone ever buy a foreclosed home at an auction?

Chiefmanwillcatch · 03-15-2008, 06:03 PM

What are the dangers?

Expensive repairs? Not exactly a seller's market. Long wait time for a buyer?

Ebolapox · 03-15-2008, 06:04 PM

I dunno, but there's this asian dude who has all these fine-ass chicks on his yacht, who repeatedly tells me that he can tell me how to get my OWN yacht filled with fine assed bitches!

but, I'm not sure. he's not as convincing as the two midget dudes who are the 'real-estate pimp daddies'

wutamess · 03-15-2008, 06:27 PM

paging DaveLane...

**Bugeater** · 03-15-2008, 06:30 PM

Do a title search to make sure there are no outstanding liens on the property other than the mortgage, and make sure the property taxes are current. IIRC you can't get title insurance on a foreclosed property so it's risky.

Chiefmanwillcatch · 03-15-2008, 06:35 PM

Quote:

Originally Posted by H5N1

I dunno, but there's this asian dude who has all these fine-ass chicks on his yacht, who repeatedly tells me that he can tell me how to get my OWN yacht filled with fine assed bitches!

but, I'm not sure. he's not as convincing as the two midget dudes who are the 'real-estate pimp daddies'

He was on Tv last night playing poker in one of those tournaments. He lost. John Vu or something.

Chiefmanwillcatch · 03-15-2008, 06:35 PM

Quote:

Originally Posted by GoBo

Do a title search to make sure there are no outstanding liens on the property other than the mortgage, and make sure the property taxes are current. IIRC you can't get title insurance on a foreclosed property so it's risky.

Have you bought one?

**Bugeater** · 03-15-2008, 09:05 PM

Quote:

Originally Posted by Chiefmanwillgetyou

Have you bought one?

Not personally, but I've done a lot of work for a guy who has bought many of them. They're usually not in very good shape, one guy took all the kitchen cabinets, disassembled the deck and took the lumber, clogged all of the toilets, and even clogged up the furnace flue to try to pump carbon monoxide into the house before he left. You need to be careful about what you're getting into, it's not something I'd recommend to amateurs.

Mr. Laz · 03-15-2008, 09:16 PM

normally you want to make sure any house you buy has been inspected for mold,termite etc.

don't think that they would be

SBK · 03-15-2008, 10:52 PM

The biggest risks are with the title. You can do a search but if liens are there and not yet listed, or not listed at all you can get smoked.

Buying at auction is very, very risky. It's something you should do if you are very experienced and paying cash. If you're not both I'd do it the way I did. I've bought many properties, but I always bought after the bank owned it so I could get it cheaper and with a clean title.

**BigMeatballDave** · 03-16-2008, 07:19 AM

Quote:

Originally Posted by GoBo

Not personally, but I've done a lot of work for a guy who has bought many of them. They're usually not in very good shape, one guy took all the kitchen cabinets, disassembled the deck and took the lumber, clogged all of the toilets, and even clogged up the furnace flue to try to pump carbon monoxide into the house before he left. You need to be careful about what you're getting into, it's not something I'd recommend to amateurs.

How mature. Why do people do shit like this?

Hog's Gone Fishin · 03-16-2008, 08:49 AM

The main thing to watch out for is to make sure the house "exists". I bought a house at a public auction for $137.00 . When I went to the address there was no house, just a lot. Boy did I learn my lesson!

rad · 03-16-2008, 09:31 AM

Quote:

Originally Posted by Hog Farmer

The main thing to watch out for is to make sure the house "exists". I bought a house at a public auction for $137.00 . When I went to the address there was no house, just a lot. Boy did I learn my lesson!

Still, 137.00 for a lot isn't too bad.

Park a trailer on that sumbitch.

**Iowanian** · 03-16-2008, 10:30 AM

Watch out for the reasons above....definitely pay for a title search beforehand.

If you're patient, and wait to see if it won't sell for their price floor....wait and you'll get it cheaper.

We tried to buy a home last summer in limbo of being forclosed on for a goingoutofmarriage sale. My fair offer was laughed at.....and I'd have paid about 10k more with the counter I expected.

After it was a no-sale at the auction due to the debt against it.....another guy bought the house for $15k less than my first offer.

They'll(bank) might take a pretty savage beating once its on their books, to get rid of it, especially with all of the homes going back.

03-15-2008, 06:03 PM
Chiefmanwillcatch Banned Join Date: Nov 2007 Location: KC Casino cash: $10004900	Anyone ever buy a foreclosed home at an auction? What are the dangers? Expensive repairs? Not exactly a seller's market. Long wait time for a buyer?
Posts: 1,145

03-15-2008, 06:04 PM	#2
Ebolapox remember, remember Join Date: Jul 2002 Location: como Casino cash: $-1740097	I dunno, but there's this asian dude who has all these fine-ass chicks on his yacht, who repeatedly tells me that he can tell me how to get my OWN yacht filled with fine assed bitches! but, I'm not sure. he's not as convincing as the two midget dudes who are the 'real-estate pimp daddies'
Posts: 26,523

03-15-2008, 06:27 PM	#3
wutamess MVP Join Date: Aug 2000 Location: Lee's Summit Casino cash: $4711637	paging DaveLane...
Posts: 8,290

03-15-2008, 06:30 PM	#4
Bugeater The Maintenance Guy Join Date: Sep 2005 Location: Renovated Bugeater Estate Casino cash: $3992680	Do a title search to make sure there are no outstanding liens on the property other than the mortgage, and make sure the property taxes are current. IIRC you can't get title insurance on a foreclosed property so it's risky.
Posts: 70,546

03-15-2008, 09:16 PM	#8
Mr. Laz Don't Tease Me Join Date: Dec 2000 Location: KS Casino cash: $11047037	normally you want to make sure any house you buy has been inspected for mold,termite etc. don't think that they would be __________________
Posts: 95,626

03-15-2008, 10:52 PM	#9
SBK Curry is the pick??? Join Date: Mar 2004 Location: Georgia Casino cash: $10004900	The biggest risks are with the title. You can do a search but if liens are there and not yet listed, or not listed at all you can get smoked. Buying at auction is very, very risky. It's something you should do if you are very experienced and paying cash. If you're not both I'd do it the way I did. I've bought many properties, but I always bought after the bank owned it so I could get it cheaper and with a clean title.
Posts: 8,153

03-16-2008, 08:49 AM	#11
Hog's Gone Fishin Fish are scared of me Join Date: Nov 2001 Casino cash: $-1529523	The main thing to watch out for is to make sure the house "exists". I bought a house at a public auction for $137.00 . When I went to the address there was no house, just a lot. Boy did I learn my lesson!
Posts: 40,647

03-16-2008, 10:30 AM	#13
Iowanian Supporter Join Date: Aug 2000 Location: Utopia Casino cash: $1688454	Watch out for the reasons above....definitely pay for a title search beforehand. If you're patient, and wait to see if it won't sell for their price floor....wait and you'll get it cheaper. We tried to buy a home last summer in limbo of being forclosed on for a goingoutofmarriage sale. My fair offer was laughed at.....and I'd have paid about 10k more with the counter I expected. After it was a no-sale at the auction due to the debt against it.....another guy bought the house for $15k less than my first offer. They'll(bank) might take a pretty savage beating once its on their books, to get rid of it, especially with all of the homes going back.
Posts: 62,943