Sold Auction.Com Deal #2, Bought #3 During The Closing
People like to rip on auction.com, most of the time with good reason. Here is a success story to even things out a bit. I went under contract on an REO back in mid-December. 3/1.5, 1,398 sq/ft, decent ITP area in Atlanta. Won the auction at $102,000, plus auction.com's 5% auction fee, for purchase price of $108,711. Getting it closed was a major pain. It was sold "subject to" confirmation of the bid by the bank, which took more than a month. Finally got a closing date and I signed all the sale docs, but then bank refused to sign the HUD for undisclosed reasons (apparently some approval hadn't been given). We actually closed about a week after that, on January 26th.
All-in rehab expenses of $38,414, which included adding a shower to the master bathroom, full kitchen remodel, renovating both bathrooms, new point, refinishing hardwoods, insurance, appliances, etc. Had a contract on it for full asking price of $199,900 about halfway through the rehab.
After 6% commission (ugh, should have done a flat fee listing), prorated taxes, and home warranty, net-net profit was $40,500. Hold time was 2 1/2 months, closing to closing.
Another auction.com auction that I had my eye on was ending during the closing. I had my phone out under the table bidding during breaks between signing the closing docs. Ended up winning it for $152,500. Closing May 13. Hoping to go 2-for-2...