Went To My First Auction..
Just to get a feel for things. 4 cancellations and and only one up for auction.
My friend who works there tells me to watch how one lady will outbid everyone.
Said she grabs up most properties.
Sure enough after a few people made some bids one guy was left and she stole it from him.
Got a townhome for $140K .. outstanding taxes $2200.
Comps are in the $160 range..
So maybe the owners trash the place/realtor fees.... just doesn`t seem worth it.
I`m told she outbids everyone usually.. this is not good for me 
There is so much opportunity in REI. Find your niche somewhere in the market!
don't let her borther you. she's probably there working for someone else. There are people from other countries that use people like that to bid on houses and buy them. These people have so much money they don't have nothing else to do but buy properties at auctions. If she out bids you, so what. go find other properties before they go to the steps.
Absolutely! Let her play the auction game all that she wants. The honest truth is that you can work more deals that you can handle in the preforeclosure stage! Make it your nitche and laugh all the way to the bank!
BAMZ
[addsig]
hahaha
And if all else fails, call me, and I will make sure she never outbids anyone else ever again.
hehehe
JK
Alex,
I'm not sure that I understand you comment?
BAMZ
I was thinking if I had a good deal coming up she may find herself with 4 flat tires.. LOL.
So where can I find some of these preforclosure deals.. obviously a contact at a bank, correct?
For now...I just wrote out a sweet letter to someone whose place is going up for auction on the 12th. First lien foreclosure, (owes$95K) one other lien of $225 for association fees.. comps $170-$180K
Hopefully they will bite... otherwise on to the next one.. [ Edited by Stiffler on Date 11/05/2003 ]
Stiffler,
Go to your circuit clerks office and request the 10 most recent Notice of Foreclosure folders . . . and then work your way back.
The folders will contain the property address, the owners, the amount owed, etc. You can start contacing these people months before the sale!
BAMZ
[addsig]
Well that is no problem... I have a friend that works right at the DuPage County Court House. All foreclosures go thru his hands first. SWEET!
I thought you meant before the process even starts..,.
That would be a really sweet deal if you had an inside source who could get you those leads before they are filed!
The preforeclosure files at the courthouse can be just as big of a goldmine though! Let us know how things are working for you!
BAMZ
BAMZ
Do I understand that the 'city', 'county', 'circuit' (whatever), clerk has notice of lender foreclosure before it is published?
Thanks
[addsig]
Egrinch,
Go down to your court house and ask to be directed to Circuit Clerks office. The recorders office may have some info on their computer, but you will want to pull the folder from the Circuit Clerks office for the full details.
Best of Success!
BAMZ
[addsig]