Auction Observer
I am new to shriff sales, I need the advice that I want to watch how people bidding at the auction a couple time before I actually do, do I need to get the permit to go, and do I have to bring a check or money order?
Call the courthouse and ask, generally you don't need anything to watch. If your going to bid then a bid qualifier is needed.
[addsig]
thank you. I am also interested in two properties, except preparing for the ckecks, is there anything else I suppose to do before auction? I saw the properties from outside, can I have chance to inspect the housees, should I contact the lawyer or mortgage company? Any thing I can do better to get the chance to win the bid?
In Texas you just show up with your cash or cashier's check and you are good to go.
C- :-o
i guess its different state to state. in tennessee its the same as in texas {remember the alamo!} looking is free bid if you have the money.
Attending, looking and learning is free. So is talking to the bidders and asking them questions (though they may ignore you); if there are many properties, surely wholesalers will be there. Usually they control the bidding action, and have been known to outbid greenhorns just to defend their turf. Don't expect all advertised properties to be auctioned; many get pulled, sometimes because an investor (that could be you!)cut a deal at the last minute, or the owner declared bankruptcy, or paid, or...?
You may not get much info from the wholesalers (worth a try though; approach them as if you could become a customer), but occasionally the sheriff can give you some. I've followed attorneys over to the recorders office after sales and picked their brain en route; after all, you're a potential client.
Just go. You'll get your bearings best that way.
thank you so much guys, I really appreciate all your advices, I will go next Tuesday, and hopefully can share some good news with you soon.
Not all properties purchased at sherrifs auctions are bargains. Some go for more than they are really worth. An auction is truly "buyer beware." Make sure you do your homework first and do it carefully before you bid on a property at a sherrifs auction.
You can get a great deal, but there is risk.
what do you think about this one: One of the properties i am interested in is located in a generally not very nice neighborhood town, I checked the house, its neighborhood looks OK, the house looks OK from outside, the houses in the neighbor sold from 90,000 -175,000, the approximate amount of the judgement is the sum of 18,340, the original sum is 80,000( 8/87), what will you do on this deal?
Get a title search done. Call your local title company; many will do a search (also called O & E) for free in the hopes that you'll use them for closing when the time comes. Check on the order of liens, and whether or not there are addtional liens on the property. If you're lucky, this will be the first lienholder, and all others will be wiped out with the auction, with the exception of federal or state tax liens, which always take precedence. You need to know the condition of the title, whether it's clean or encumbered further, to make a clear decision.
I got real lucky with my first deal recently, a property that we bought at auction. Title was clean, and the only lienholder was foreclosing for, all legal and other fees included, about $25K. Property FMV is about $270K. Not one other person showed up at the auction that day. It's not ours officially, but in a month, the redemption period ends, and it will be then. I guess I'd have to think that the owners would be crazy to let this go with so little left to pay off on it, but if that was the case, why didn't they take care of their situation before the auction, when they still had credit. Now it's destroyed.
It's the same here in FL (as TX & TN)
Cashiers Check, Money Order or Cash...
I've observed a couple of the here while preparing to go toe to toe with the local masters. I can only offer this...
! ! Do Your Homework ! !
MDH
more info I have for the property:: unpaid taxes and other municial liens,as of 1/27/04 real estaet taxes for 2003 were paid in full... Does that mean I should pay for all those liens?
i hide in the "bushes" and make a bid when they say "going twice" {if its a great deal that is} because the last bid is the only one that counts. you have to watch for "buy/bidders" that have interest in the sell, like they are the owners friends ect. they try to run up the price. don't get caught in the bidding "fever" know your max. price when you start and stick with it.........kenmax