Posted by Ronald * Starr(in No CA) on July 28, 2003 at 22:44:28:
Thank you for clarifying. Ask if they have a minimum bid or a reserve price. If they have a minimum bid and it is low enough to sound enticing, I’d suggest you do your due diligence.
Depending upon how many people show up, it could be a bargain price. I once went to a estate auction in North Platte, Nebraska, and the highest bid was something like $2,500. It was an older house, but I figured it was worth about $15K. They were going to wait for an hour before saying “Sold” in case somebody else came to bid. So I left. I didn’t expect anybody else to show up.
Just inspect it carefully and set a reasonable limit to your bid and see how it goes.
I would expect you to be able to find bargains there, at least in terms of properties that could be bought with good cash flow. You don’t indicate if you plan to hold or to to resell quickly.
There are a lot of different bargain-buying systems. The best book summarizing them is Jack Reed’s “How to buy Real Estate for at Least 20% Below Market Value,” found at www.johntreed.com website.
One of the techniques he discusses is probate or estate sales.
Good InvestingRon Starr*******