Buying After The Auction
Has anyone ever had any experience with this, if so I'd like to hear it.
Buying after the auction, those properties that do not get sold. And how do you find them?
I mean does the bank sell to others after the auction at a higher price? and if so can you still profit from that?
I am just looking into that now. I have been compiling data on foreclosures. When the owner will not call me, and the bank takes it back. I am not trying to contact the bank and see if I can buy it (to flip to another investor unless I have a buyer lined up) before it goes to a realtor (ugh!). The bank info should be on the mortgage or mortgage assignment. In most counties this is on the internet. I'll let you know how I do if you are interested.
Sure, please keep me posted as to how it goes. I'm still searching for info concerning this so if I find something I'll post that here for you as well. Thanks
Best bet at this point is to get to the bank right after the Sheriff's sale (or just after the redemption period expires if there is one) and make them a low but not market offer. Their goal is to sell it for market via a Realtor, but they might entertain a reasonable offer to avoid the hassle of listing it, paying commissions, etc. Be ready to explain how much work it needs, why it's not worth market. This could be especially effective either at the end of the quarter or just before a bank board meeting, as the Mortage officer could win brownie points for a quick and profitable turnaround. For sure they'll probably want to get close to what they've got in it though, but if that's not possible, they'll realize it (or they're waiting for you to convince them, a la short selling). Good luck.
Best bet at this point is to get to the bank right after the Sheriff's sale (or just after the redemption period expires if there is one) and make them a low but not market offer. Their goal is to sell it for market via a Realtor, but they might entertain a reasonable offer to avoid the hassle of listing it, paying commissions, etc. Be ready to explain how much work it needs, why it's not worth market. This could be especially effective either at the end of the quarter or just before a bank board meeting, as the Mortage officer could win brownie points for a quick and profitable turnaround. For sure they'll probably want to get close to what they've got in it though, but if that's not possible, they'll realize it (or they're waiting for you to convince them, a la short selling). Good luck.