Posted by Brian, WI on February 21, 2002 at 21:29:27:
There is a house at auction March 4, 2002. I think this would make a great property to buy and make a quick sale with (not much repairs/updates needed).
Research: About $9,000 in back taxes due. At court house today I looked through the file of this property and saw a figure of $142,000 being owed on mortgage(s). Current “owner” bought in 1988, I’m sure for around $70-80K. On the open market this house would probably sell for about $110,000. I’ll be calling the attorney for the bank that is foreclosing next week to get their opening bid(guess you can do that here in WI).
I have cash to buy this house.
What happens if I’m the high bidder? I know I’ll have to pay back taxes, but what about all the other liens that seem to be on this property? I’ve heard some or all drop off some how? If the banks starting bid is low and doesn’t go up, then I raise it by $100, would it be worth it? (ex. I’m high bidder at $50,100 plus the back taxes of $9,000). I would think that would be a good deal, put some work in it (no more the $3000 would be needed) then sell for about $95,000.
Please help in any way you can. I plan on being at this auction and am serious about buying if the above is possible.