On the show Property Wars, they always say that the bidders cannot look
into the house. They show that the windows are covered.

Is this the way most (all?) bank auctions are handled or is this just a set
up for the show?

DerbyDad03 wrote:

On the show Property Wars, they always say that the bidders cannot
look into the house. They show that the windows are covered.

Is this the way most (all?) bank auctions are handled or is this
just a set up for the show?

The following is from he

http://www.biggerpockets.com/renewsb...ew-of-reality/

=====================
Johnny asks (on January 24, 2013):

Why are they not allowed to visually inspect the houses INSIDE before
they bid on the houses. Is that law? is that even real? Seems kinda nuts
to purchase something without being able to visually see inside…"

Marty Boardman (on January 25, 2013) replies:

Johnny, yes, it’s the law. The bidders don’t own the houses yet, nor
does the bank. Until the auction takes place and a trustee’s deed is
granted to the highest bidder the property belongs to the homeowner. To
enter the house without the owner’s permission is trespassing.

And yes, it’s nuts to purchase something w/o inspection. It’s a high
risk/high reward proposition for the auction bidder. That’s the game we
play.
======================

If you can't get the above URL, google has a cached version:

http://webcache.googleusercontent.co.../property-wars
-distorted-view-of-reality/%2BProperty+Wars+-+Are+windows+usually+covered+for+house+auction+sal es%3F+bidders+cannot+look&hl=en&gbv=2&prmd=ivns&st rip=1

Lots of interesting information on that page (and in the comments).

See also:

http://flippingphoenixhouses.com/auction-sales/

Me wrote:

On the show Property Wars, they always say that the bidders cannot
look into the house. They show that the windows are covered.

Johnny, yes, it’s the law. The bidders don’t own the houses yet, nor
does the bank. Until the auction takes place and a trustee’s deed is
granted to the highest bidder the property belongs to the homeowner.
To enter the house without the owner’s permission is trespassing.

This is similar to what happens on storage wars.

I've often wondered why, when a storage locker goes abandoned (unpaid),
that the storage company doesn't automatically get ownership of the
contents, to do what-ever they like with the contents, to open the
locker, rummage through the stuff, take what's valuable for themselves,
or put it up for sale themselves, throw away what-ever they want, clean
the locker out and make it available for the next customer to rent.

But for some reason it doesn't work that way for storage lockers, and
(apparently) also not for homes that have been forclosed on - but still
have people living in them?

On Feb 16, 2:02*pm, Me wrote:
Me wrote:
On the show Property Wars, they always say that the bidders cannot
look into the house. They show that the windows are covered.
Johnny, yes, it’s the law. The bidders don’t own the houses yet, nor
does the bank. Until the auction takes place and a trustee’s deed is
granted to the highest bidder the property belongs to the homeowner.
To enter the house without the owner’s permission is trespassing.

This is similar to what happens on storage wars.

I've often wondered why, when a storage locker goes abandoned (unpaid),
that the storage company doesn't automatically get ownership of the
contents, to do what-ever they like with the contents, to open the
locker, rummage through the stuff, take what's valuable for themselves,
or put it up for sale themselves, throw away what-ever they want, clean
the locker out and make it available for the next customer to rent.

But for some reason it doesn't work that way for storage lockers, and
(apparently) also not for homes that have been forclosed on - but still
have people living in them?

I would think the laws on foreclosures could also vary from
state to state. I don't see why, at least in some states, the
bank could not have a conditon of granting the mortgage in
the first place that says that in the event of a foreclosure
the bank is allowed to have reasonable access for
prospective bidders.

But then in the age we live in, where everybody who
gets foreclosed is a victim and the banks are villains, who
knows?

In the case of storage lockers, I was wondering the same
thing. There must be laws, again at least in the states where
the shows are shot, that say it has to be a public auction.
Otherwise, you would think the normal abandoned property
rules would apply. Like if a renter leaves stuff behind, a
landlord typically has to make a reasonable effort to contact
the renter, give them notice etc. Period varies, but AFAIK,
after about 30 days or so, landlord can do whatever with
the property.

On Sat, 16 Feb 2013 11:42:27 -0800 (PST), "
wrote:

In the case of storage lockers, I was wondering the same
thing. There must be laws, again at least in the states where
the shows are shot, that say it has to be a public auction.
Otherwise, you would think the normal abandoned property
rules would apply. Like if a renter leaves stuff behind, a
landlord typically has to make a reasonable effort to contact
the renter, give them notice etc. Period varies, but AFAIK,
after about 30 days or so, landlord can do whatever with
the property.

I was thinking abandonment laws would apply. I wonder if this is
spelled out in the storage locker contract? I know storage companies
place Legal Notices in the paper regularly with the renters name and
unit number being auctioned.
--
"You can not rehabilitate a person that has never been habilitated!"
-- Convict Guard 101

Me wrote:
DerbyDad03 wrote:

On the show Property Wars, they always say that the bidders cannot
look into the house. They show that the windows are covered.

Is this the way most (all?) bank auctions are handled or is this
just a set up for the show?

The following is from he

http://www.biggerpockets.com/renewsb...ew-of-reality/

=====================
Johnny asks (on January 24, 2013):

Why are they not allowed to visually inspect the houses INSIDE before
they bid on the houses. Is that law? is that even real? Seems kinda nuts
to purchase something without being able to visually see insideÂ…"

Marty Boardman (on January 25, 2013) replies:

Johnny, yes, itÂ’s the law. The bidders donÂ’t own the houses yet, nor
does the bank. Until the auction takes place and a trusteeÂ’s deed is
granted to the highest bidder the property belongs to the homeowner. To
enter the house without the ownerÂ’s permission is trespassing.

And yes, itÂ’s nuts to purchase something w/o inspection. ItÂ’s a high
risk/high reward proposition for the auction bidder. ThatÂ’s the game we
play.
======================

If you can't get the above URL, google has a cached version:

http://webcache.googleusercontent.co.../property-wars
-distorted-view-of-reality/%2BProperty+Wars+-+Are+windows+usually+covered+for+house+auction+sal es%3F+bidders+cannot+look&hl=en&gbv=2&prmd=ivns&st rip=1

Lots of interesting information on that page (and in the comments).

See also:

http://flippingphoenixhouses.com/auction-sales/

Thanks, but...

That addresses the fact that they can't (legally) go inside to inspect
them. However, on the show, the windows are always covered completely,
whether the house is a ramshackle shed or a Taj Mahal. Drapes drawn or
covered in sheets or newspaper. The only inspection available is the
exterior.

Now, I understand the logic somewhat. If they could peer into the windows
of an fancy, upgraded house the bids would be higher and the sellers would
end up with more money. However if they'd peered into a house that had been
stripped or was a wreck, they would bid very low, if at all. So you can't
allow peeking into a nice house and cover the windows on a shack because
everyone would know why the shack's windows were covered.

So my question still remains: In real life, do they cover the windows of
all empty houses that are up for auction or is that just for the show, or
just for the Phoenix market or does it vary by location or auction company
or...?

On Saturday, February 16, 2013 1:12:49 PM UTC-5, DerbyDad03 wrote:
On the show Property Wars, they always say that the bidders cannot look

into the house. They show that the windows are covered.



Is this the way most (all?) bank auctions are handled or is this just a set

up for the show?

I have purchased a few houses at auctions and I have always been allowed to go inside and look around even check out the attic and crawl space if any. usually it is an hour or two before the auction or if it is a mass auction certain times are set asaide for a quick inspection and then you bid a few days later. No look bidding is just dumb.