Buy props at auction
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Buy props at auction (by John [VA]) Sep 14, 2020 8:51 PM
       Buy props at auction (by Richard [MI]) Sep 14, 2020 9:50 PM
       Buy props at auction (by Lucy [IN]) Sep 15, 2020 12:51 AM
       Buy props at auction (by myob [GA]) Sep 15, 2020 11:05 AM

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Buy props at auction (by John [VA]) Posted on: Sep 14, 2020 8:51 PM
Message:

Hello, does anyone have experience buying properties on Auction. Com or at the local courts mainly for flips?

How was your experience and some of the pros and cons of doing it this way besides having to pay cash and not having to have a mortgage?

Any fees that were unexpected?

Were you able to view the property first or after bidding ?

Can you back out of the deals if there are major issues?

Thanks!

--70.104.xxx.xx




Buy props at auction (by Richard [MI]) Posted on: Sep 14, 2020 9:50 PM
Message:

This company mainly deals with banks and people who want to live in the places.

Thus the prices and the reserves are too high if you are thinking of flipping them,especially ,in my opinion, on the lower priced places below 135K final value.

If you are a long term hold landlord or someone wanting to actually live there you MIGHT get an ok deal.

Some main problems are possible lack of title insurance unless you pay to clear it and,of course, the inability to check the place out for problems, like HVAC, plumbing, septic systems, water supply, electric, structural problems, crazy neighbors, and more that a thorough home inspection could reveal.

--75.7.xx.xx




Buy props at auction (by Lucy [IN]) Posted on: Sep 15, 2020 12:51 AM
Message:

I did buy one. I was surprised with an extra fee of $1500 on top of the price by Auction.com. So count that charge into your budget. I could not get into the property but I had been inside the home once years before and knew it's condition then. I also walked around it and looked in the windows. It was a manufactured home and I am happy with the purchase.

btw, I did bid and win another one of their properties but told them I didn't want it and they basically said ok and just put it in the next weeks sale.

I suppose like any foreclosure, where you can't get an inspection. I would use it again if another great deal came along. I do feel like I got a great deal. Minor repairs were needed and it's now rented. I could probably flip it but so far I've got a good renter paying a decent price that will pay if back in just about 4 years. --69.160.xxx.xxx




Buy props at auction (by myob [GA]) Posted on: Sep 15, 2020 11:05 AM
Message:

JOHN VA you asked this same question Sept 14 a 2:15?

Was there a problem with the answers? --99.103.xxx.xxx



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