Buying at Auction - Posted by HT

Posted by HT on March 10, 2000 at 10:37:59:

Foreclosure auction

Buying at Auction - Posted by HT

Posted by HT on March 09, 2000 at 15:18:51:

I need some help from you investment gurus about buying properties from auctions.

I know some great deals can be acquired there along with inheriting some great risks. What are some of the basic rules of research which should be done before bidding and how is the information acquired?

I’ve already contacted the attorney for the auction to no avail. Can anything (i.e. gauging the opening bid) be acquired from looking at the tax and assessment records to see how much the own paid for the property.

Most of the properties I researched had the following criteria:

  1. At least fifteen years old (most over 30)

  2. Price listed on the tax record was usually around half of what the current assessment amount showed.

I know I need to find out if the properties have been refinanced, but if they haven’t will the auctioneer start the bidding near what is owed or will the bids be based on or near the assessment value.

One last thing, I’m aware that at the close of the auction, typically the rules state that closing must take place very quickly. Is there anyway to buy time to find financing and can this contract to purchase be assigned.

Sorry for the lenghth of the question, but I try to be as clear as possible for other readers who may be involved in similar scenarios.

Any and all help would be appreciated.

Re: Buying at Auction - Posted by tb

Posted by tb on March 09, 2000 at 18:19:11:

Hi HT,

What kind of “auction” are we talking about here?

Tax auction? Lien auction? Foreclosure auction?