Online Auction Question

2 Replies

Hello bigger pockets community.  I am new to investing.  I have been reading all i can for a few months now attempting to arm myself with a little knowledge before i try to jump into an investing career, but i am sure that investing is what i want to do.

So my question is about the online auction process.  I have found a property that is on an auction site  with a start bid of about 250,000  i looked the property up via tax appraisal and the property tax appraisal is 425,000.  the home appears to be in pretty decent shape "good actually" ..at least from pictures, which i know certainly dont tell the full story, ...but again...it appears to not be so bad.  the property is now bank owned...foreclosure... and while i have not yet figured out a way to finance it.... i still plan to speak to a realtor about it tomorrow and try to get more information about property / comps in the area.   I have not gotten comps...but most of the other properties for sale in the area are listed between 400- 650k and up.  

all that being said... My question is this.  does anyone know if once a property is listed on the auction site...will they still take offers on the property if you do not do it via the auction site....  for example ... if I go in to the that bank owns the property and talk to them and submit an offer to them..... is the process that i will just have to wait until the auction is over .... or is it worth the time to go in and speak with bank if the property turns out to make sense and i am able to secure financing  

once again... thank you to bigger pockets, i am / have learned so much.  there is a wealth of information here.  and thank you to those that take time out of your lives and busy schedules to help others in the bp community... for a beginning investor like myself...it is really pretty great.   

In our experience, the auction sites tie up the property before they put it in their site. Good luck.

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