Posted by JoeKaiser on January 19, 2000 at 17:55:08:
Here’s a link to my sale last Friday.
http://www.nothingdown.com/quicktime/ridgeview/Ridgeview_MSTR.mov
We ended up being the winning bidder (and the only bidder). Perhaps because there was much attention focused on another property that went to sale at the same time (you’ll notice LOTS of sales happen all at once. We have to circulate among the trustees to figure out who’s got the one we’re interested in).
Joe
Pre-auction jitters… - Posted by chris_wa
Posted by chris_wa on January 19, 2000 at 10:28:56:
WOW! today is my first auction. going to a mobile home park and they are having a sherrifs sale on the front steps of a 1974 14x70. i have had my eye on this one FOREVER. funny thing…several months back i tried…and tried…and tried…to contact the management company. left messages…told them i wanted to pay CASH for the darn thing which would get them all of their back rent back and also get the thing producing again. never heard word one. i guess they prefer the legal hassles and expenses…all at the owners expense! hmmm…maybe i should contact the owner directly and let them know that i was there for them back in september. nahhh. so should be fun today. i hope to pick this one up cheap. in a perfect world, i will be the only one there. but that seems like a dream. will let you know how it goes tonight!
have a great day
chris_wa
Re: Pre-auction jitters… - Posted by Rob H.
Posted by Rob H. on January 19, 2000 at 21:24:57:
Chris good luck on the auction!!
Its a given that the mobile home can stay— have been to some where the mh had to be moved.
Bet you might be the only one there.
Let us all know how it went.
Re: Pre-auction jitters… - Posted by JoeKaiser
Posted by JoeKaiser on January 19, 2000 at 11:10:05:
Chris, you do understand that sheriff’s sales almost always give the owner redemption rights. Yes?
Joe
Re: Pre-auction jitters… - Posted by phil fernandez
Posted by phil fernandez on January 19, 2000 at 10:59:32:
Chris,
Good luck and make sure you set your upper limit on what you will pay for the mobile before you get to the auction. And stick with that ceiling no matter what. You don’t want to get into bidding fever with others.
Good Luck, Chris! (nt) - Posted by Russ Sims
Posted by Russ Sims on January 19, 2000 at 10:41:34:
nt
Re: Pre-auction jitters… - Posted by Ray (NJ)
Posted by Ray (NJ) on January 19, 2000 at 12:45:39:
Joe,
Does this mean, in theory, that a person has his property forclosed and he/she owes $100k. Goes to Sheriff’s sale and highest bid is $80k. The seller can purchase the property back for $20k less than he owed? (right of first refusal) Or does this simply mean that the owner must make current the amount due prior to the sheriff’s sale ($100k)?
Ray
Re: Pre-auction jitters… - Posted by JoeKaiser
Posted by JoeKaiser on January 19, 2000 at 17:48:34:
The owner may redeem by paying the successful bidder whatever amount was paid at the sale, plus interest to date.
99% of the time, the opening bid is the amount owed, so it’s unlikely the situation you describe will happen.
Joe