Auctions
How do you feel about auctions? I've never done one, or even considered it until recently. Can you get a good deal? Are you required to pay cash for a house, not finance it? Is it a good place to aquire property?
Go watch a few.
You will learn the answers and a whole lot more.
Good Luck,
Shawn(OH)
Deals can be found, depends on your area. Yes you need cash. I agree with the last poster, watch at least 5 and get a feel for what is going on, research properties that are being sold and get a figure in mind of what you would pay for them, then see what they go for.
In my area they auction around 50 properties a week. 98% go to the lenders and 2% go to the investors.
Show up a little early and find the person doing the auction and ask them questions, I did and the person told me where the best auctions were and al kinds of good info. The best teacher is experience. I actually stood and watched one and I was only person there. But the auction must go on no matter what at the specified dates and times.
Hello,
Many go back, but even if they do, you can make bids to that institution. Now, the longer they hold it, the more eager they usually are to get them off the books.
Right now is a great time. Why? Most fiscal years are ending. What does that mean? They really want the REOs (Real Estate Owned) off the books.
I'd also have to agree that you go watch a few, or you can also contact a realtor and ask to see all the foreclosures in your area. In our area, institutions are using real estate brokers more and more.
Thanks,
OnTheWater
Great! Thanks alot. I guess I will need to do some looking to find some.....It's Houston, can't be that hard to find one or twelve.
This does not mean the topic is closed...if you have anything to add, please post!!