Re: A question to anyone that buys at auction - Posted by JoeKaiser
Posted by JoeKaiser on February 18, 2002 at 20:08:58:
This is not a small matter . . .
A couple years ago a property came up for sale, unexpectedly, at a local tax sale, a cold storage warehouse. This was, as I recall, a multi-million dollar property, and the opening bid was $250k . . . and we had twenty minutes to come up with the cash.
We begged the assessor to delay the process so we’d have time to get the money together, but to no avail and the property went back to the state with no one having bid. D@mn.
And then it burned down the next day.
I suspect that there was a 50/50 chance at best that we’d have had insurance in place by then. A house, no problem, our insurance guy will do that over the phone and bind it on the spot. But a huge warehouse is another story and had the assessor acquiesced, we’d have been out a bunch.
Interestingly, a couple months ago we foreclosed on a loan we’d made on a restaruant, Bill’s Rite Spot Cafe, in Tacoma. It burned down in an arson fire the very next day. The former owner swears he didn’t burn it down, but I can’t figure out who else might have a reason to do so.
So, while it’s not a common thing, it’s certainly not unheard of for a disgruntled homeowner to light the thing up on his last trip out the door. Getting insured is mandatory in these matters and locating an agent who won’t balk at getting you insured in an instant is a top priority.