Real Estate Agent · Snellville, GA · Member since 2016 · 12 posts · 7 votes
Hello everyone! I recently purchased a foreclosure at the Gwinnett County Auction. The homes are auctioned off by Auction.com on the first Tuesday of every month. I did a lot of research prior to moving forward with purchasing a home at the auction, but there was still some information that I was not aware of after I purchased the home. I posted a video detailing the process before and after purchasing the home. We purchased this foreclosure in December 2019. Here is the link for the video describing the process. Buying a Foreclosure at the Gwinnett County Courthouse Auction. Hopefully this video can help someone else that is interested in buying a house through the courthouse auction. The auction I attended was for Gwinnett County in Georgia, which includes Auburn, Lawrenceville, Berkeley Lake, Buford, Dacula, Duluth, Grayson, Lilburn, Loganville, Norcross, Peachtree Corners, Snellville, Sugar Hill, and Suwanee. I'm also a REALTOR in Atlanta. Let me know if you need any assistance.
The final bid price varied depending on the property. At the auctions I attended the winning bid amounts varied from $80K-500K. With multiple bidders bidding on the houses that were $400K+. If I had to estimate I would say the winning bids we're maybe about 10% less than the market value of the homes, but that's just an estimate. It really depends on the type of property, location, and condition of the house.
That 10% below market value is what I've commonly seen the last couple years. Not worthwhile.
Real Estate Agent · Snellville, GA · Member since 2016 · 12 posts · 7 votes
6y
The final bid price varied depending on the property. At the auctions I attended the winning bid amounts varied from $80K-500K. With multiple bidders bidding on the houses that were $400K+. If I had to estimate I would say the winning bids we're maybe about 10% less than the market value of the homes, but that's just an estimate. It really depends on the type of property, location, and condition of the house.
The final bid price varied depending on the property. At the auctions I attended the winning bid amounts varied from $80K-500K. With multiple bidders bidding on the houses that were $400K+. If I had to estimate I would say the winning bids we're maybe about 10% less than the market value of the homes, but that's just an estimate. It really depends on the type of property, location, and condition of the house.
That 10% below market value is what I've commonly seen the last couple years. Not worthwhile.
Real Estate Agent · Los Angeles, CA · Member since 2015 · 17 posts · 3 votes
6y
Hi Sharday! Great video. New subbie. I'm also a KW Realtor, but west coast. Do you mind inboxing me or posting your lender that you used for the subject property.
Real Estate Agent · Snellville, GA · Member since 2016 · 12 posts · 7 votes
2y
Here is the new link to the video. This was recorded in April 2020, but I reposted it today since my old account is no longer active. Let me know if you have any questions.
Most of the information in this video is still relevant today, but a big change is that you no longer have to go to the auction in person. Auction.com allows you to bid remotely, which is great because it allows you to bid on houses in multiple counties. In order to bid remotely you would need to wire the funds to Auction.com's Escrow Office, and they have to be received by them prior to you being allowed to bid on homes.
@Sharday Moser Thanks for re-posting the video. One question I had was - In whose name is the cashiers check made out to since you might be bidding on different properties?
Real Estate Agent · Snellville, GA · Member since 2016 · 12 posts · 7 votes
2y
@Jack Sparrow It depends. If you are bidding on a house being auctioned off by Auction.com the cashier's checks will made payable to the bidder. The terms may vary by County, but if you go to the webpage for the houses you are interested in bidding on that are listed on Auction.com, at the bottom of the webpage in Section 4. "Prepare for Auction" the terms of the payment and how to pay should be listed there.