They are auctioning off some houses at foreclosure at the courthouse.
A couple are in my neighborhood and seem like good fixer uppers. Any
advice on whether to participate and bid on one of these?

On Sun, 20 Apr 2008 12:19:49 -0500, Duff2 wrote:

They are auctioning off some houses at foreclosure at the courthouse. A
couple are in my neighborhood and seem like good fixer uppers. Any
advice on whether to participate and bid on one of these?


Learn of any special deed/title restrictions benefiting the current
owners. In some areas I believe a person can recover their property lost
to a tax sale for a period of up to two years. Knowing in advance might
save you from sinking too much cash into something not 100% yours yet.

"Duff2" wrote in message
...
They are auctioning off some houses at foreclosure at the courthouse.
A couple are in my neighborhood and seem like good fixer uppers. Any
advice on whether to participate and bid on one of these?


Try to bid only on units that are unoccupied. It can cost a lot of time and
legal expense to get the occupants out.

Duff2 wrote:
They are auctioning off some houses at foreclosure at the courthouse.
A couple are in my neighborhood and seem like good fixer uppers. Any
advice on whether to participate and bid on one of these?

Yeah...be dam'ed wary. There can be all kinds of other (besides tax)
unsatisfied liens, unproved title issues, even possible environmental or
other things you can get into.

While sometimes it's as simple as a single homeowner in default, usually
by the time it gets to a tax sale there are a myriad of problems that
have built up over a long period of time and may be extremely convoluted.

I'd strongly suggest consulting local attorney and some real estate
folks in the area who have some experience for some help protecting
yourself rather than just jumping in on your own.

--

On Apr 20, 12:19*pm, Duff2 wrote:
They are auctioning off some houses at foreclosure at the courthouse.
A couple are in my neighborhood and seem like good fixer uppers. *Any
advice on whether to participate and bid on one of these?

Have you rehabbed a house, often a junk is better torn down. Getting a
junk to code can mean redoing everything. Talk to an inspector or
someone in your area that does it. I would want to see what I am
buying and know local codes.

In article ,
Duff2 wrote:

They are auctioning off some houses at foreclosure at the courthouse.
A couple are in my neighborhood and seem like good fixer uppers. Any
advice on whether to participate and bid on one of these?





May not ever be a great idea unless you're damn sure you know what
you're buying, which includes not only property condition, but also
liens and encumbrances that are *your* responsibility to uncover.

In the current market, depending on where you are, this may be even less
of a good idea. The foreclosing lender is going to try to get his money
back on the courthouse steps. If no one buys, the property becomes "REO"
-- Real Estate Owned (by the lender.) Then he will put it on the MLS and
sell it for whatever he can get, which may be far, far below what is
owed.

replying to Duff2, caroline wrote:
Hi,
Here are few things to keep in mind while buying a foreclosed property:-

1. Get an approval from a lender who has verified your income and assets.
2. Do some research on foreclosed properties and recent trends with a property
value in that area.
3. Do investigation by self and make your offer on agreeable outcomes
4. Determine potential repairs and their costs
5. Remember that you have the high ground in arrangements with respect to the
bank paying closing expenses and making repairs.
Thanks!!

--
for full context, visit https://www.homeownershub.com/mainte...ty-301718-.htm

On Monday, April 3, 2017 at 7:44:12 AM UTC-4, caroline wrote:
replying to Duff2, caroline wrote:
Hi,
Here are few things to keep in mind while buying a foreclosed property:-

1. Get an approval from a lender who has verified your income and assets.
2. Do some research on foreclosed properties and recent trends with a property
value in that area.
3. Do investigation by self and make your offer on agreeable outcomes
4. Determine potential repairs and their costs
5. Remember that you have the high ground in arrangements with respect to the
bank paying closing expenses and making repairs.
Thanks!!

--
for full context, visit https://www.homeownershub.com/mainte...ty-301718-.htm

Besides the fact that the thread is 9 years old, the poster also said
that the properties they are considering are being auctioned at the
court house. That is the final act of the foreclosure process and
you don't have the option of negotiating with the bank about closing
costs, repairs, or anything else. Also, being qualified for a mortgage
is pretty much useless, you need cash at the auction, you typically have
to pay off the rest of the full auction price within days thereafter too.

On Mon, 3 Apr 2017 07:46:04 -0700 (PDT), trader_4
wrote:

On Monday, April 3, 2017 at 7:44:12 AM UTC-4, caroline wrote:
replying to Duff2, caroline wrote:
Hi,
Here are few things to keep in mind while buying a foreclosed property:-

1. Get an approval from a lender who has verified your income and assets.
2. Do some research on foreclosed properties and recent trends with a property
value in that area.
3. Do investigation by self and make your offer on agreeable outcomes
4. Determine potential repairs and their costs
5. Remember that you have the high ground in arrangements with respect to the
bank paying closing expenses and making repairs.
Thanks!!

--
for full context, visit https://www.homeownershub.com/mainte...ty-301718-.htm

Besides the fact that the thread is 9 years old, the poster also said
that the properties they are considering are being auctioned at the
court house. That is the final act of the foreclosure process and
you don't have the option of negotiating with the bank about closing
costs, repairs, or anything else. Also, being qualified for a mortgage
is pretty much useless, you need cash at the auction, you typically have
to pay off the rest of the full auction price within days thereafter too.

Exactly right.
Also be sure what your state laws are about other encumbrances. In
Florida most of these will be wiped out in the auction but be sure.
Tax liens will still survive the auction and there may also be code
enforcement liens that survive. Usually mechanic liens and other bad
paper are wiped out in the auction and the people with surviving paper
will have to pick over the proceeds.

Bear in mind, the bank may open the bid with what they are owed and
you might not see that bid until you match it. This is like Ebay. High
bid is hidden until it is matched.