All Forum Posts by: N/A N/A

Thanks for the great feedback guys... I'll keep this in mind and see how it goes.

Thanks!
steph

Hi All,

I own house 50/50 with my (x) boyfriend. We've been in it 6 years - I am considering letting him buy me out. Is there anything I should be concerned with? i.e. the money I make when sell out will that be affected by capital gains if I don't reinvest right away? or anything else you can think of?

Thanks
steph

got it! Great this is making more and more sense. Thanks everyone for your input!

steph

Hi All,

Ok so there is high energy at these auctions it seems (at least the guys working it - screaming and pointing at you and running around), there were at least 2-300 people at this one. There seemed to be a lot of couples, and the bids that were being made went up so high I have to assume they were buying to live in - they just couldn't make much flipping and surely not renting going by 2% rule!

One guy sat next to me (came in about 1/2 hour into it) said he was there "to get a good deal" and asked if there had been any "good deals yet". I told him I didn't know what he thought was a good deal, but I didn't see anything yet that would make any cashflow for renting...

He said he just takes 1% of the sale price and if he could rent it for that price then it was "a good deal" (he should be thinking 2% right?!)

I stayed for about 25 houses... they went up by 5K each bid - and they went up fast! Anywhere from 40K to 300K above starting bid.

At this rate, it doesn't look like I'll get the house I want - not at the price I need.

I'm not sure if my question came out right - but I asked "I understand Trustee sales are held M-F, so if that is the case what is this considered?" The reply was that they are an "Auction house. They partner with the lenders to try and auction the house"

REDC ushomeauctions is what I attended - I mean is this a bad thing or a good thing or any comments here?

I also asked about the liens, etc. He said all sales will have a free and clear title (even if there are liens, back taxes, etc. they will be cleared).

Interesting...could be fun if you actually win a bid!

Steph

this is great information guys. OK... today I will try to ask some questions while I'm there... I do want to confirm that

- These are the trustee's sale of the first
and your comment swgprop on 2924g...

Thanks again for all the input - I'll update you guys on the "characters I see" :-)

steph

Oh! Interesting... I think I understand what you mean. So the "jr. lien holder" being the 2nd mortgage right? (or 3rd?). This is because at an auction the jr. liens get wiped out right?

That is something I wanted to confirm... the price we are bidding is it right - we don't need to worry about other mortgages hidden somewhere do we? (but I think I do need to be worried about unpaid taxes and other liens or judegments right?)

thanks,
steph

Yeah that was the comment I was confused on... I was wondering if they had "plants" in the audience from the lender itself to make sure the house did not go for the starting bid... I don't even know if that is legal or if it is just a crazy thought... I just didn't know if it is even possible that the houses will go for the starting bid.

I will see soon enough with my own experience I guess :-)

steph

I plan to go to my first auction this weekend to see how it works. I've been evaluating some properties I want to bid on a couple weeks after my little "test run".

You made one comment I actually have been wondering... do the banks actually "bid up" the starting asking price some times?

I was curious if it is even possible for a house to actually get sold at the starting price (because frankly the property I really want for a rental I can't afford for it to go up at all if it will make any positive cashflow)

curious if you've been to any other auctions, I see this post is kind of old.

Steph

OK.. what do I consider a bad area - well, really it might just be "low income" - I mean there are 3-5 cars in front of one house... you know people working on their cars in the drive way - actually the street I am interested in I would say is probably filled with Mexican working class... but a couple streets over it seems scary, like Sunday afternoon gang banger looking guys hanging in their front yard with pitbulls.

My dad is familiar with the area, and says yes, back in the day (10 years ago) there used to be shootings in that area, he is not sure now...

Yeah, I mean the number seem crazy... but like you said, if I use it as a tool I will get some ideas. Thanks for the other suggestion, I'll check that one out too.

Thanks!
Steph