Virginia Trustee Auction Sale
I am interested in a home thats going to be auctioned in a couple of weeks. the loan was taken out years ago for 49,000 the assessed value isalmost three times that so if i can get it for 60,000 it would be a great deal. i want to live in it myself. my loan company says they have done these kind of deals before and they will loan me the money. i have the amount i need to bring in a certiffied check in savings. I asked my lender about a title search and he said after I win the bid then they will do the title search. I said well if anything shows up won't I lose my deposit and he said no I would get it back. he also said he didn't think anything would be on it or they would not be able to sell it. i heard that these auctions are risky. if they are how? can I go to the owners and make an offer? I don't have much to offer, I CAN'T AFFORD MUCH SO i DON'T WANT TO INSULT THEM. WITH A DEAL LIKE THIS DO YOU THINK ALOT OF PEOPLE WILL BE THERE? THANKS <IMG SRC="images/forum/smilies/icon_lol.gif"> [ Edited by samson2004 on Date 02/13/2004 ]
Dear Samson,
I suggest a little diligene. Might call the title co and have them run the chain. Then look and see at what point is the foreclosure. What is the status of unpaid taxes, you know the usual stuff. Then you might check with the Trustee and see what responses he is getting in the way of calls from interested bidders checking the starting bid. Thats it, go and stand firm. Smile as you bid, stare at the other bidders, pretend you are holding a full hand with over a half million in additional checks.
Good luck, please do not cry if you did not get it. Just setup again. Lucius