All Forum Posts by: Dan Rosenberger

Determine what you think it is worth to you and don't go above that number. Also note that it is a cash only auction with no financing available.  It is not unusual for a property to go through several auction cycles.  It might take some patience.  The bank's asset manager might realize after several attempts if they are above market value for a bank owned property.  Look at some other properties on auction.com.  Some of the bids are real people, some are "counter bids" otherwise known as shill bids.  If it is a counterbid, it will be identifed as such.

If you buy it, you will get to talk to them. Why not go there and ask them about the house.  Some people are friendly, some not. Hey, it looks like this house is for sale and I wanted to find out more about it...

Based on prior value, the bank could be looking for 70k+ for that house.

If you want the property, use the pre auction bid to bid what you think it is worth.  It could ask you to raise your number up to 5 times, so start a few hundred lower than your final number. 

Is this a bank owned on auction.com or an advertisement for a foreclosure auction (sheriff or trustee sale?)

Those are two very different types of sales. 

Whatever you do, do not bid more than numbers that make sense.  Often reserve prices are too high for investors.  Let somebody else lose money or make minimal profit.

A short sale will probably not work, because they usually have to be an arms length transaction - not relatives.

If she has dementia, somebody in the family needs to step up and get some kind of POA process underway. Even if it cannot stop the sheriff sale, it might be needed for other situations that might come up.

If the city sells the house, would the sale be subject to the first mortgage?

What she ^^^ said.  If the second was named in the original foreclosure action, it was possibly wiped out.  There are differences from state to state and different situations.  But this sounds like it needs the guidance of a qualified attorney in your state.  ASAP.  Court documents from both foreclosures should be helpful to understanding what happened.  Keep us informed.  This one sounds interesting.

Did you purchase the property at sheriff sale or did you buy the mortgage?  If you own the mortgage, where are you in the process of foreclosing that mortgage?  Definitely get a copy of the court paperwork from the recent foreclosure and read it over.  There might be some helpful information in those documents.

If it is available for pre-auction bid, they will consider those bids first.  If they get an acceptable bid then, the property is sold without going through the normal bidding process of a few days.  If it is not pre-auction bid, then pay attention to the deadlines.  Watch some other properties to get a better understanding of their sales process.

Call the clerk and ask the results of that auction.  I have been to foreclosure auctions where I was the only person present, other than those running the sale. As for the guy with the briefcase, the attorney?  You can check the photos on the foreclosure attorneys website. 

When a property is listed on hudhomestore, it will start out as available to owner-occupants only.  The time period will vary based on whether it is insurable (IN/IE) or uninsurable (UI)   But I have seen homes go to auction sites first for a while, and if they don't sell there, end up later on hudhomestore.