How Can I Best Protect Myself At Auction Sale?
Hello everyone,
I am new to this forum. There is a sherrif sale coming up in two weeks and I've found a property that I want to go after. I've tried to contact the owner but she's avoiding answering the door etc. So I have a feeling if i win the bid it's going to be an eviction. I plan to buy cash and from what I get from the sherrif's dept. it takes up to 8 weeks for me to get the deed on the property if i win the bid. So, what happens within the 8 weeks timeframe when I've paid cash for a property and she may do some serious damage to the property? Do I have a recourse since thechnically I haven't owned it yet? I'm figuring on insuring the property as soon as I get the deed to protect the home and it looks like another 12 weeks or so to see the eviction process takes course..
I'm planning to live in the house for a while .. So, all in all my cash will be tied up for 6 months before I get to be in the house... True?
Filmon
The "down" side to purchase at auction is you get the house "as-is."
Be careful and without seeing the condition of the inside of the home, you could be purchasing a mountain of issues or problems.
Eric & Rosa
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Introduce yourself to the present owner. Advise that you will be bidding at the property against other investors... investors who will move to evict her as soon as possible. Tell the owner that instead of a forcible eviciton, it is your practice to offer a chunk of cash for keys.... if the home is left in broom swept condition...
Offer the present owner some help in moving.
The SSPro's answer is the best one, offer $500 and a uhaul rental price for one day to move her goods.
[addsig]
Additionally depending on your state I might try and get her to sign a quit claim deed at the same time I give her the money to prevent redemption.
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You mentioned insurance. it is my understanding at least in our area and i am not sure why but that you need to cover it with insurance as soon as you put a deposit on it when buying this way. And be prepared it is expensive.
Quote:
On 2004-06-22 18:10, TheShortSalePro wrote:
Introduce yourself to the present owner. Advise that you will be bidding at the property against other investors... investors who will move to evict her as soon as possible. Tell the owner that instead of a forcible eviciton, it is your practice to offer a chunk of cash for keys.... if the home is left in broom swept condition...
Offer the present owner some help in moving.
thanks - that's what i had in mind as well - i've been to the house twice and she wouldn't answer the door (i could tell someone was in there) - she won't answer the phone either - i mailed her a letter yesterday.. it's an unbelievable deal her mortgage company is foreclosing on her $54k she has a couple other small mortgages around $10k , no liens or judgements and title looks fine.. houses on her block are selling for $200k - it's insane.... if you have any ideas of how to get a meeting if she won't answer the phone or door i'm all ears..
thanks!!!
You are the owner the day you pay for the property regardless of when a deed is issued. You might check with your local eviction services since they likely see this fairly often. I would think that you can begin eviction immediately after you purchase the house.
Good luck getting insurance on a foreclosure.
In Colorado the agents all say if it's not in my name I can't get insurance, until closing gets it in my name. Here we have a 75 day redemption period so no insurance makes foreclosures risky.
If you have a company that will insure let me know.
Thanks