Need Some Auction Advise PLEASE
OK, went to my first auction today, just wanted to observe how it works. I drove by a home yesterday that went up for auction today, decided last minute to go. I have never been to an auction and decided to check it out. Need to start somewhere to get more comfortable <IMG SRC="images/forum/smilies/icon_wink.gif">
OK, house was listed for $72,000. Went at auction for $43,000. Talked to auctioneer afterwards. He mentioned he was going to buy himself if nobody showed up. Said he had a cash offer last week for $51,000, but the seller did not accept. I felt terrible, I think I could have gotten it, but oh well, wasn't meant to be.
Now, another auction is going on next Saturday with the same auctioneer, here is what I know so far:
1. Property has not sold for 6 months. Auctioneer mentioned offered made for $62,000, but buyer did not get financing. Things are moving incredibly slow with houses right now, not a seller's market at the moment.
2. I found out this is a property that was inherited. The owner died and the son and daugher have it. Went by property and neighborhood today and talked to neighbor. He mentioned that the owner is just ready to get rid of it. Taking too much of his time to drive out and take care of it.
3. The neighbor bought the house next door last year. I checked out how much he paid for his and it was $68,130. Comparable to this one, except this one has better curb appeal.
4. This property has new air cond installed 2000, new roof 5 years ago on house and garage. The original listing mentioned maintenance free and move-in condition.
5. I am going to take my brother with me to check out the property before auction starts. He has been in painting plastering business for 20 years and does all kinds of handy-man and remodeling type work as well. He will give me estimate for work. It really looks like cosmetic from the exterior and looking through the window, but as you know, will know more when I get in.
Is there something else I should be doing to prepare? <IMG SRC="images/forum/smilies/icon_rolleyes.gif">
Please any advice would be greatly appreciated. This could be my first deal! [ Edited by nsor on Date 10/26/2003 ]
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