All Forum Posts by: Joe Henderson

No, I am sure it was a foreclosure auction. 

I have some more information I'll share in case it helps. I spoke with an agent at auction.com and was told the property did not sell since it did not meet the reserve. A call to the REO manager at the bank seemed to imply they would be happy to sell the property as soon as their contractual agreement with the auction site was over. She said they always tried twice at the foreclosure auctions before moving to the next step.

So not great news but not bad either. Appears we will need to wait and see what happens.

Interesting to note that at auction.com they provide some reserve price consulting for the online auctions. They do not provide this service for live auctions. She seemed to be saying if you give an idea on your max bid they will hint at whether it is enough or not. Did not apply to this one so I did not push it.

It was called but no one bid. The support person for the auction told me it did not sell.

Thank you Richard, that was good information. I must not have explained it well- The auction happened 3 days ago and in Dekalb County, not Fulton, although I am sure it is not any better there.

I will contact the law office noted on the auction page and see if I get anywhere.

Thanks for that thoughtful response Nick. This property is not unlike the one you liked. The owner is deceased and it appears the family has no interest since it is not worth anything to them. I feel I might have the same issues to contact the bank but will try. 

Hopefully someone might suggest another route- as a realtor you had the advantage over me for sure.

There are plenty of ads for 'foreclosure specialists'. Any inout on going that route?

Could really use some advice again on picking up this one property. It's in Atlanta, Georgia if it matters and it would not be for investment really, but a place to renovate and live. It's an unusually style that is in really poor condition and we would like to save it it. I've had the chance to look it over well and the renovation part does not bother me, how to actually buy it does and is where I need some advice. It was to come up at a live foreclosure auction at the courthouse and it actually appears to be the second time they have tried to auction the property. I was set to bid at the auction but closing on the house we were selling was pushed to the same day and I could not attend. I contacted auction(.com) and was told it did not sell. The property is still listed on real estate sites but has 'pre-foreclosure' on the description. The encumbrance report should that the bank, MidFirst, was foreclosing and it is the senior mortgage so we should be okay and have no surprises on the title.

That is the background. The question for you all is how best to try and pick up the property. I've read all the discussions about not being able to deal directly with the banks to buy properties but would really like to hear from a couple of you all if it seems possible at all to buy this soon? If so then how to go about doing it. We are not adverse to paying a professional for help if we need to but really would not know exactly what pre to hire. Any input on where to start would be very much appreciated. I know everyone thinks the house they want is the ONLY one that will ever be the ONE, but this one fits us well and I cannot even express how much we want to purchase it. Enough to overpay a lot if needed.

Good news Rich, thank you.

I should open another discussion, but if you know the answer to this: How long does it usually take to find out after a winning bid if it is accepted?

Thanks Alex for explaining it. We would bid with the hopes of living there. It is an interesting property that needs way more put in than it is worth. Doubt there is any equity there at all. More concerned someone could attempt to claim the property after renovation really. That seems like it could be a concern? We may have to wait it out and hope no one bids this time around. According to the report we have it was at auction in April of this year. I think it is too far gone for most investors.

 Can someone translate this into simple terms. The auction is in a few days and no time to contact heirs for sure. Seems like there would be little interest in the family paying off a mortgage that will get them nothing, but it's why I asked.

I've gotten tons of help from people on my other discussion regarding the encumbrance report but now there is a different twist. The owner of the property is deceased. I was looking around the obviously vacant house and started talking with a couple of neighbors, one of them said he thought the owner had died earlier this year but he did live by himself and was a loner. Hmmm. I googled the name and sure enough found an obit on the guy. Died 6 months ago in the hospital. What effect would this have, if any, on the foreclosure (or I guess more importantly- after foreclosure)?