No Bidders At The Auctions Except The Bank Lender

Can someone tell me why sometimes no bidders are at the auctions except the bank lender?

Comments(8)

  • reinatalie19th November, 2004

    Maybe because there is no equity in the property.

  • buddy19th November, 2004

    "BINGO"

  • loon19th November, 2004

    By that quote, you seem to have answered your own question. Add to that the prospect of possible second/third mortgages, IRS/state tax liens, and other title complications--which most astute investors research before bidding--and you have your answer.

    But if you're still not convinced, you could 1) buy one and see what happens, 2) ask the investors there why they passed (though many are tight-lipped), and/or 3) chose one that seemed to be a gem, take its info to the courthouse--the same info they advice you use for pre-sale research--and do an after the fact research to find out what's wrong. All it will cost is some time, and it will be an investment in understanding the process.

  • modog5123rd November, 2004

    If your'e at the auction, doesn't the lender open the bidding? Either way, wouldn't it be better to contact the lender (after an auction with no bidders) after and make an offer? You offer less and be able to now appraise/inspect the www.property.Lenders are sometimes difficult to contact, but auctions could at least provide a meeting place especially if you don't plan on bidding. Just a newbie thought.......Gee

  • modog5123rd November, 2004

    If your'e at the auction, doesn't the lender open the bidding? Either way, wouldn't it be better to contact the lender (after an auction with no bidders) after and make an offer? You offer less and be able to now appraise/inspect the www.property.Lenders are sometimes difficult to contact, but auctions could at least provide a meeting place especially if you don't plan on bidding. Just a newbie thought.......Gee

  • kenmax23rd November, 2004

    no eq. would be the number one reason..........km

  • lcg29th November, 2004

    Hi -- I'm a newbie and I've been reading through some of the posts. I was wondering if you could give me some pointers how to go about researching 2nd/3rd mortgages, liens and title issues?

    Thanks

    LCG


    Quote:
    On 2004-11-19 18:16, loon wrote:
    ........... the prospect of possible second/third mortgages, IRS/state tax liens, and other title complications--which most astute investors research before bidding..................

  • bukzin30th November, 2004

    Go to the title/escrow company or
    hang out at the county recorders office
    and see if you can find someone
    who may be willing to teach you
    how to do title searches.

    That is the key.

    Good luck!

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