What's new
By:
Filters

Help me find forclosure auction

bgaidan said:
Weird. That's all public info here and readily available online.
Click to expand...
I was going to say the same thing.
Here, every county has an appraisal district. All but the tiniest counties have it online. It’s searchable by name or address.
It list property size, improvements, property owner, previous owners. taxed value, tax history ,and i think it may list the mortgage holder..

Is this how it is nationwide?

With your real estate background i assume you’ve checked though.

When I’m looking for people, it’s my go to. Right after social media.
 
BillyBronco said:
It was that way before Covid for the most part. Bank almost always bids amount owed plus FC costs. This is what I did for work from 2007-2013 all on the bank side. So we did lots or foreclosures. Many houses were underwater. They owed $400k but house worth $250k. Bank bids $400k and obviously nobody else would bid. Bank buys house back and then sells it for ~90% of market value. Banks have figured to minimize their loss this way by not just selling it to the highest bidder because then they would likely be selling for a good bit less than market value.

Fast forward to today many houses aren’t underwater but maybe they are roughly even money. So in your example the bank is owed $230k so it opens at $230k and even though the house is worth $250k nobody bids because houses are sold as is so the $20k or 8% off retail market isn’t worth the risk with the unknown issues inside. If the house is getting foreclosed on the owner didn’t keep up with it and possibly purposely damaged it on the way out.

Every so often the bank screws up and doesn’t bid amount owed and it goes to straight auction or if the owner dies and the dependents don’t do anything bank forecloses and maybe there is some money to be made by an investor with amount owed vs actual value. So a deal is made and the auction winner is now the owner.

Different states have different rules for foreclosure but this is generally how it works.

Does this answer your question?
Click to expand...
Why wouldn't the bank big 90%-100% market value? Some % of the time they'll get outbid and save a bunch of paper pushing labor.
 
arse_sidewards said:
Why wouldn't the bank big 90%-100% market value? Some % of the time they'll get outbid and save a bunch of paper pushing labor.
Click to expand...
Because they often don’t run an appraisal until after the FC sale so the bank doesn’t really know the value until after the sale. I get your point. Someone somewhere decided that is the way it is. Often the “bank” is just servicing the mortgage they often don’t actually hold the debt. So the “bank”/mortgage servicer is bound to the agreement of how to service that particular mortgage when the investor sets the rules.
 
BillyBronco said:
It was that way before Covid for the most part. Bank almost always bids amount owed plus FC costs. This is what I did for work from 2007-2013 all on the bank side. So we did lots or foreclosures. Many houses were underwater. They owed $400k but house worth $250k. Bank bids $400k and obviously nobody else would bid. Bank buys house back and then sells it for ~90% of market value. Banks have figured to minimize their loss this way by not just selling it to the highest bidder because then they would likely be selling for a good bit less than market value.

Fast forward to today many houses aren’t underwater but maybe they are roughly even money. So in your example the bank is owed $230k so it opens at $230k and even though the house is worth $250k nobody bids because houses are sold as is so the $20k or 8% off retail market isn’t worth the risk with the unknown issues inside. If the house is getting foreclosed on the owner didn’t keep up with it and possibly purposely damaged it on the way out.

Every so often the bank screws up and doesn’t bid amount owed and it goes to straight auction or if the owner dies and the dependents don’t do anything bank forecloses and maybe there is some money to be made by an investor with amount owed vs actual value. So a deal is made and the auction winner is now the owner.

Different states have different rules for foreclosure but this is generally how it works.

Does this answer your question?
Click to expand...
Yes sir. I appreciate the answer!
 
RunningProblem said:
Any update on the auction or who the new property owner is?
Click to expand...

It sold for $591k to the bank. They had a standing bid and no one else bid... or was even there for the property.
Huge kick in the nuts as I had offered 900k 6 months ago.

Im tempted to call the bank and see if they are interested in selling directly to me... moving to that house, and selling mine. I could cover the cost 100% that way plus the work the house needs but it would be a huge project im not sure I want..... but it is pretty much my dream property.


Option #2 is the house next door that should be comming up for auction soon. Less was owed on it so I am assuming the bank may bid less. If I could get it for 500k there is 300-500 to make with very little effort.... but it would be strictly for the buisness deal as im not interested in living there.


Option #3 is do nothing, kick back, and enjoy the situation I have.
 
Hmmm the bidding happened just like I said it would. :flipoff2:

Reach out to the bank. They will be selling it. They may not be ready to sell it just yet as they have to get appraisals on it and run it through their REO process. Worst case when it does get listed be ready to put an offer on it. Maybe you can get it for less than the $900k you offered on it.

Option #2 if there is 300-500k to be made on the neighbors property assume some investors will be there ready to bid. Set your max bid on it and stick to it.
 
2big bronco said:
It sold for $591k to the bank. They had a standing bid and no one else bid... or was even there for the property.
Huge kick in the nuts as I had offered 900k 6 months ago.

Im tempted to call the bank and see if they are interested in selling directly to me... moving to that house, and selling mine. I could cover the cost 100% that way plus the work the house needs but it would be a huge project im not sure I want..... but it is pretty much my dream property.


Option #2 is the house next door that should be comming up for auction soon. Less was owed on it so I am assuming the bank may bid less. If I could get it for 500k there is 300-500 to make with very little effort.... but it would be strictly for the buisness deal as im not interested in living there.


Option #3 is do nothing, kick back, and enjoy the situation I have.
Click to expand...
Call the bank and make the offer so you can be rejected and enjoy the situation you have.
 
You must log in or register to reply here.
Top Back Refresh