? for Atlanta-area investors - Posted by Mark-GA
Posted by Mark-GA on June 05, 2000 at 10:01:18:
Anyone ever bought at the foreclosure auction?
I am going to bid on a DeKalb county foreclosure offered by McCalla & Raymer. Do I have to stand around (in the rain) all day, or can I figure out when they will be there and show up then? I called the attorney, and they were not very helpful. Anyone got a contact over there?
Also, any other tips or suggestions would be welcome as I have never bought at auction.
Here are some details, for those interested…
Opening bid: $68k
I am the only one who has been in the house, and it looks like a dump, so I don’t expect any other bidders. Most of the houses around there are smaller and lower-priced, so most investers would assume the $68k price is too high (I hope). I have been working with the owner, but she has a huge second and I couldn’t arrange a short-sale in time.
I have already run title and have my insurance lined up.
After the sale fell through, I managed to raise the money for auction and will immediately get a hard-money loan to get my money back.
I intend to prehab it ($1k max) and try to sell retail for $105K as a “sweat equity” house. If no takers, I will flip to another investor for $87k cash.