Re: Stumped at the Auction again - Posted by Natalie-VA
Posted by Natalie-VA on February 21, 2007 at 10:16:28:
In my area they get cancelled a lot too. In a lot of cases, the same properties will come up again later. A lot of the owners will file bankruptcy or reinstate at the last minute, but their luck will eventually run out. The cancellations were worse during the seller’s market, but not as bad now.
You don’t have to be “in” with the title company to scoop them up prior to auction. You have to go door knocking. The challenge here is trying to get to the borrower before everyone else does.
It’s my understanding that one of the largest foreclosure mills in my area has someone in their office faxing out a list prior to the legal ad being run in the newspaper. The same office apparently set up a mortgage company and solicits their own files to try and refinance people. It’s hard to compete with that.
Kristine mentioned that a lot of the investors and trustees conducting the sale seem to know each other, but don’t take this to mean that something underhanded is going on. I’ve been going to auctions for 7 years. We all know each other very well by now and often stand around chatting and joking.