Hi All, just a shout out. Just won my first auction bid. Used Auction.com and won. Great thing was is that my management company used to manage this home so I was pretty familiar with it. After using the Rental Property Calculator I know this will make a great investment to add to the portfolio. @Brandon Turner 90 day challenge met! Thanks for the push. I've been coasting the last few months even though I've made several offers but no closings. Today's a new day!
Thanks BiggerPockets community!
Congrats @Shawn Johnson ! Was your process for purchasing through auction any different that a usual purchase? I'm just starting to dig into the auction process and would love to hear about your experience.
@Shawn Johnson Auction sites can be a good way to get deals. Congrats on landing a property before the end of the year. Make sure you have an attorney or title company that does a very thorough title search before you close. My clients here in Connecticut have run into title issues prior to closing on some of these properties. In the end the issues were sorted out and the deals closed, but just something to give you a heads up on.
Was the property you won unoccupied or occupied? If the former, congratulations, if the latter ...
@Elizabeth Connelly Thanks! The process is pretty much the same once the auction is won. What was interesting was that with about 4 minutes left in the auction I got a call from the auction company because the bid had not reached the reserve. He stated that if you'd like to proceed we think the bank will take your bid amount even though it hadn't reached reserve. I agreed and proceeded.
@Shawn Johnson - congrats are in order then; good luck!
@Shawn Johnson congrats. I've been looking a bit at auction.com listings in my area but at least for the online auctions some of prices they go for don't really seem to be deals. They make it a little hard to see what the final bids are but when I created an account and saved the listings it seemed to let me view them.
I'll keep on monitoring them.
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