Auctions?

Question

How do you go about on finding house auctions? who do you go too?

Account Closed · Answer

Auctions.com? Lpsasap.com? I'm not familiar with the East Coast. I'm subscribed to foreclosureradar.com here on the West Coast.

Simon Campbell · Answer

What type of auctions are you looking for? Foreclosure auctions headed by a lender or tax auctions? Also, it is very important to know the ins and outs of buying property from an auction. Though on the surface it can look like a fabulous deal, if the price is too cheap it maybe the second mortgage that is being sold and buying that entitles you to owing on the first. Just make sure you know what you are getting into before going forward.

Mark Lenox · Answer

@Uwe S.

Many thanks!  I will check it out.

-Mark

Uwe S. · Answer

@Mark Lenox

try this http://www.ohiorealestateauctions.com/upcoming_auc... .

-Uwe

Ben Robertson · Answer

If you're in a lien theory state then the auction is held not by the lender or an auction house but by the public trustee. In these states the borrower retains title to the property when they purchase and the mortgage is simply a lien filed by the bank on the property. The public trustee holds all of these records.

When the borrower defaults the lender notifies the public trustee and the foreclosure process is started. When this happens the information becomes public on the Public Trustee's website.

Here in Colorado finding foreclosures is quite simple. Every property in some stage of the process is searchable. Investors simply monitor the properties as the auction date draws closer and then about 2 weeks before the auction date they begin their due diligence in earnest. 24 hours before the auction the Public Trustee creates a finalized list and publishes it on their site with what the opening big will be . This number is generally what the loan payoff amount is.

In my county you simply fill out a form with the Public Trustee with some basic personal information, and if you win the property at auction payment is due in full by the close of business that day or the winner will be the next highest bidder.

So before you pay for a subscription to a website make sure the information isn't available via that counties Public Trustee website.

Simon Campbell · Answer

Just make sure that you are well informed about what is exactly being sold at the auction. I am not talking about condition or property but rather the equity position. Many auctions are only for the equity position and do not transfer title via a warranty deed.  In these cases, all liens that were made prior this the one up for auction transfer with the property. If the foreclosure is on a second mortgage and you win the auction, you now are responsible for paying off the first mortgage to gain clear title to the property. If not, the first mortgage can foreclose and you loose both the property and your money paid.

Tom Keith · Answer

we purchased our second deal on Auction.com. It went a lot easier than the straight purchase deal we did on our first contract. I keep up with them.  Tom

Franklin Romine · Answer

No contracts in a auction.com trustee sale or any trustee sale. There reo auctions have alot of paperwork.  But that is just doing business.  I've done both and had success.

Engelo Rumora · Answer

Not a fan of auctions as someone always ends up overpaying. Ego gets in the way :)

The contracts are 20 pages long also.

Maybe someone can convert me?

I have heard of investors buying amazing deals via hubzu.com

Thanks

Auctions?

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