Bid on this Monday at Sheriffs sale? Help! - Posted by Brian, WI

import · April 14, 2002, 8:31pm

Re: Bid on this Monday at Sheriffs sale? Help! - Posted by Ronald * Starr(in No CA)

Posted by Ronald * Starr(in No CA) on April 14, 2002 at 20:31:11:

Joe Kaiser-----------

Thanks for the information. I read your foreclosure book so knew you had been in WA, which I also knew to mainly be a trust deed state. Did not know about a right of redemption there.

I did not realize that there were water-seeking people in this world, but apparently you are one of them. I grew up mainly in western OR, and know what it is like to live where you are. That is why I haved lived in CA since I was 21.

Good Investing and Good Writing**********Ron Starr**************

import · April 15, 2002, 5:29pm

The winning bid was…and now… - Posted by Brian, WI

Posted by Brian, WI on April 15, 2002 at 17:29:23:

Well the banks attorney was the only bidder, and it was for the $78,000.

I got a card from that attorney and will contact her to get as much information as I can from her. One thing she did say is that because this is a BankOne property, I can’t work through the attorney, I would need a realtor to make the offer.

The back taxes are about $9,000 and I found out the property is assessed at $84,500, but again the previous owner from about 2 1/2 years ago said he was getting about $1650/month in total rents.

My next step is to contact the above attorney and get as much information as possible, contact the city tax department to see if the bank now is responsible for the back taxes, then get a Real estate agent and put in a offer. A friend who is an agent(real job is fireman), was at the auction too. He said go to the bank and offer about $5000 more then the $78,000 they bid and I should get it. I said, how about $5000 less, but no more then the $78,000.

Anyway I want to buy this property if I can get it for about the $78,000, I may back out if I have to pay the back taxes of $9,000, but it would still be a good cash flow deal.

Time to check the archives to see what others have suggested in this type of situation.

Man, I love this board, and this country!!!

Brian,WI

import · April 15, 2002, 1:59am

Re: And by the way . . . - Posted by JoeKaiser

Posted by JoeKaiser on April 15, 2002 at 01:59:23:

You redeem based on the bid price, paying in cash. Hadn’t thought of that situation, but that would be pretty cool.

Joe

import · April 14, 2002, 8:56pm

Re: Bid on this Monday at Sheriffs sale? Help! - Posted by JoeKaiser

Posted by JoeKaiser on April 14, 2002 at 20:56:36:

It’s not so much the water . . . it’s the sunshine. Which, as anyone who’s ever lived in the Pacific Northwest will appreciate, takes a hiatus from October through April (on a good year). The thought of six months or more of gray can sometimes be depressing.

Redemption, btw, just on sheriff’s sales. Trustee’s Deeds are immediate, at the time of sale, with the only reservation being twenty days until possession can be demanded.

Joe