BiggerPockets

foreclosure step by step-part 3

Saturday, September 19

What a letdown on the foreclosure sale. I spent $700, and flew all day for a waste of time. It was a good learning experience.

Upon arrival at the courthouse, I was asked to register. Name , address and SHOW the cashiers checks! Then I was asked what my top price was I was willing to pay! I was allowed to write down my # and only show trustee. I felt uncomfortable doing this.

I was also asked which property I was bidding on. They started with the property that had the most people registered, the one I wanted.

Then the next wierd thing. The minimum price was bid on behalf onf lender. Then the trustee said, "Rich" opening bid. I bid it up. Then "Brandon" was asked for a bid. She went person by person through the 7 bidders. It took forever because on many rounds, the bidder would have his name called and say "pass", then come back in on following rounds. It took nearly 15 minutes on one property, that would be done in TX in about 60 seconds.

 I went out at my previous target price of $120,600. The bidding continued to $143,500. It was bid on behalf of the holder of the 2nd. They were prepared to go to $150,000 she said later. A nice house for the price, but not a super steal imo.

Have a great weekend. Rich

Comments

1. 

   Jon Klaus Reply
   over 2 years ago

   Thanks for taking us through it with you, Rich. Sorry it did not work out. Hopefully you had good converstaion or reading on the flights.

2. 

   Ted Harris Reply
   over 2 years ago

   Yes, thanks Rich for sharing your experience ... you took one for the BP team!

3. 

   Nick J. Reply
   over 2 years ago

   that's a bum deal!

   I'm assuming you weren't aware of the process in WA? I wonder why they do it so different?

   I'm sure it's the same way in TX as it is in AZ where it's pretty fast paced and if you're not on your toes you lose out.

4. 

   Will Barnard Reply
   over 2 years ago

   Thanks for the post on your efforts Rich, it is a shame it did not work out better, but of course you new the risks going in as an experienced investor.

5. 

   Alex Gates Reply
   over 2 years ago

   Thanks for the post. It's a good lesson that we all can learn from...

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