All Forum Posts by: Chase Gochnauer

Be sure and don't mention to them that you have another one three blocks away :)

Yes, there are a lot that are postponed/cancelled for one reason or another.

Our local recorders and treasurers websites are all electronic here so you can do a lot of your own research to make sure the lien is in first position and see if there are any special assessments or anything. It's not perfect but it's free. 

If you end up seeing one with a mortgage balance well under market value that's when I'd be leery it's a second mortgage.

Also, cash is typically required the day of sale. No 5% down getting a mortgage over the next 30 days.

Dom, I got lucky. I drove by the townhome on Sunday, and it was listed and occupied. I won the auction on Tuesday, called the Realtor, and the homeowner was already basically moved out. I gave him $300 for his abstract(Iowa thing) and had him sign a personal property release for the stuff left in the house(nothing of value really). So, I got lucky. Otherwise I'd have offered a cash for keys of a grand or so and if he didn't take it, evict.

We don't have any bank reps bidding here, the person holding the auction just has their amounts. Knowing amounts ahead of time would be a HUGE timesaver.

No that's not true. Some do, I'm sure it varies by locale and it definitely varies by mortgagor. I bought one that had a mortgage balance of $65,000 or so for $7,000. Now, this house was really only worth $15k, so there was a reason to start lower. But I also bought a townhome for $49k that had a mtg balance of $120k or so(market value $90k). It did need paint and carpet inside, but it was occupied so the bank wouldn't have known the condition.

So from my experience, basically have to research all of the properties you're interested in bidding on, and hope one goes for a price you're willing to pay.

I've seen a few start extremely low, in the hundreds of dollars. I've yet to find a rhyme or reason to why they start where they do. I've seen ones with $100k mtg balance start at $30k and $100k and everywhere in between. That's the challenge, you have to research a lot of properties in hopes one goes for a good amount.  

That's interesting you got that from the attorney, did you just ask or how did you get that list?

Three years I believe. It's very location specific though. Some towns have no requirement. The city probably has some information on their web page. 

We have rental inspections to get a rental certificate. Always a grand or two(or more) in BS repairs we have to do to meet code.

Sherwin Williams Kilim Beige or Behr Natural Almond.