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David Dawson

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Can someone give some advice on the process for purchasing a home at auction?

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CindyCam

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Can someone give some advice on the process for purchasing a home at auction?  How much cash should I bring, and how is the lending handled if you do not know what the purchase price will be? 
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November 08 - Henderson
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vegas247fun

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Auction can be good, you just have to make sure that you do your homework. And you go in with a number, then you will have success.


Paul Arroyo
Merit Realty
702-768-2931
Website: vegashomes247.com
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3 days ago
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klarek the realist

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I gave up on this option as I realized the starting price is what was owed on the primary mortgage, usually well above the market value.  That and having to do a lien search on the property, I'll go through the MLS instead, just like NAR wants me to.
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November 09
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Roberto Ribas, "azrob"

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REDC auctions at least so far, have not been good deals. Most of the homes don't sell, the seller doesn't take the highest auction price, as the auctions are not absolute. Most of the ones that do sell, are actually only average deals or worse from the history of the ones i've seen here.

If you are talking about foreclosure auctions, what I said earlier applies. Don't criticize honest advice if it doesn't make you happy, shooting the messenger when you don't like the message isn't very smart.

And, I'm sure, dozens of agents will be happy to tell you "oh yeah, its easy its great, contact me and you will get a spectacular deal." [see below for an example] They will get a sale, you will get a money pit.
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November 09
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vegas247fun

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Hi Cindy,

I wanted to let you know my experiences with the Auctions. Try and wait till the end. Really, some homes fall out and alot of the buyers go away. So the past clients that i have taken have gotten good deals later on in the auction. And we have had a game plan. You have to know your numbers before you get there. As long as you have a game plan, you will be good.
i have been to the redc/hudson&marshall and i have a good knowledge of how they work. It is good that you get prequalified before you get there, just so you know the numbers. Call anytime with any questions...

Paul Arroyo
Merit Realty
702-768-2931
Website: vegashomes247.com
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November 09
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CindyCam

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Thanks for the positive advice.
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November 09
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Roberto Ribas, "azrob"

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Do you mean foreclosure auctions?

you will need someone local to advise you. Also, you will need to educate yourself as to what the risks are, such as buying a home at auction on a second lien, when you will still be responsible for the first lien, or buying a home that has/ might still get mechanic's liens, and estimating or finding out delinquent property taxes, or other title issue.

Also, in az you will need cash in 24 hours to purchase the property, so a mortgage is out of the question, and you won't be able to inspect it first.

Basically, if you need to ask this kind of question, you are not the type of person who should consider this at all.
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November 08
 

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