I was wondering about buying on online auction. Does anyone have any experience and willing to share any words of wisdom?
I have tried to invest in auctions many times, but have ran into problems with either the title, or the auctions being delayed. They also require really high deposits and you have to make sure that you have all the title work done beforehand to make sure that there are no liens on the property!
Someone ultimately buys those properties. The key is being persistent, and having lots of patience.
I have bought through hubzu and through xome. They want to charge you all fees incurred in the sale, so realtor commission in your auction fee and large closing fees unless you chose title and then you pay both title and closing which is about a wash to their inflated closing fee. No advice except include these costs in your calculations. And the auction will bid on behalf of the bank/owner so you are not necessarily bidding against anyone. And one of my bids did not meet reserve but the bank accepted it, bny mellon I think.
I was prompted to ask because I was looking at a property near my in laws... As it turns out I will not pursue that particular property however I did get to connect with a couple of realtors and learn a bit more about that market. Also, more importantly....I took action.
Your input has greatly reduced my anxiety and validated my hunches thanks :-)