ANY LAWYERS OR REAL ESTATE AGENTS OUT THERE THAT CAN TELL ME

at an auction you wont buy it at market value, thats the point of it to get it for less. They'll determine a starting price and then it'll be like an auction until someone makes the highest offer and wins...after you win, you need to give them the percentage required right then and there in cash or i am guessing check also but maybe not sure about check

so before you even go then you have to make sure you go there with lets say $40k, 50k or whatever it will be

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Posted by Espo22

at an auction you wont buy it at market value, thats the point of it to get it for less. They'll determine a starting price and then it'll be like an auction until someone makes the highest offer and wins...after you win, you need to give them the percentage required right then and there in cash or i am guessing check also but maybe not sure about check

so before you even go then you have to make sure you go there with lets say $40k, 50k or whatever it will be

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So you don't think they will take the first bid they get? Do you think the bank will hold out for the highest bid, or do you think they just want to get rid of it?

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Posted by Espo22

at an auction you wont buy it at market value, thats the point of it to get it for less. They'll determine a starting price and then it'll be like an auction until someone makes the highest offer and wins...after you win, you need to give them the percentage required right then and there in cash or i am guessing check also but maybe not sure about check

so before you even go then you have to make sure you go there with lets say $40k, 50k or whatever it will be

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the downpayment has to be in cash & is a certain percentage- it is usually at least 10% but varies by region- you can look on the city websites for more information

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Posted by futuremrsfab

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Posted by Espo22

at an auction you wont buy it at market value, thats the point of it to get it for less. They'll determine a starting price and then it'll be like an auction until someone makes the highest offer and wins...after you win, you need to give them the percentage required right then and there in cash or i am guessing check also but maybe not sure about check

so before you even go then you have to make sure you go there with lets say $40k, 50k or whatever it will be

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the downpayment has to be in cash & is a certain percentage- it is usually at least 10% but varies by region- you can look on the city websites for more information

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yeah i was almost sure it was cash only but didnt want to say in case i was wrong...thank you

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Posted by Mici n KC

An auction is different then a sale of a foreclosure. We had considered purchasing a foreclosure, but there is so much work involved and I'm not just talking about any renovations you need to make. You need a lawyer for every home sale, foreclosure or not.

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yeah i am curious...are you talking about an auction of a foreclosure or sale of one, it is different.

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Posted by lisa50

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Posted by Espo22

at an auction you wont buy it at market value, thats the point of it to get it for less. They'll determine a starting price and then it'll be like an auction until someone makes the highest offer and wins...after you win, you need to give them the percentage required right then and there in cash or i am guessing check also but maybe not sure about check

so before you even go then you have to make sure you go there with lets say $40k, 50k or whatever it will be

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So you don't think they will take the first bid they get? Do you think the bank will hold out for the highest bid, or do you think they just want to get rid of it?

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are you sure youre talking about an auction bc at an auction obviously they wont take the first bid bc well then that is not an auction. The point is to keep having ppl bid until they get the highest offer.

Do you mean a sale? and even then you can never be guaranteed if they take your first bid, there is no way of knowing that ahead of time on any home

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Posted by Espo22

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Posted by Mici n KC

An auction is different then a sale of a foreclosure. We had considered purchasing a foreclosure, but there is so much work involved and I'm not just talking about any renovations you need to make. You need a lawyer for every home sale, foreclosure or not.

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yeah i am curious...are you talking about an auction of a foreclosure or sale of one, it is different.

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she asked about a 'Short sale' which is different...i explained it above..and yes you would need a lawyer

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Posted by Espo22

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Posted by Mici n KC

An auction is different then a sale of a foreclosure. We had considered purchasing a foreclosure, but there is so much work involved and I'm not just talking about any renovations you need to make. You need a lawyer for every home sale, foreclosure or not.

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yeah i am curious...are you talking about an auction of a foreclosure or sale of one, it is different.

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not an auction. a property that is in foreclosure, and they threw a term at me of 'short sale' i was just wondering if the bank will take the first bid, because some1 already bid and their paperwork is going through b4 ours. just curious, i have purchased 4 homes b4, but never a foreclosure.

I sent you an FM


I explained it above but i did more in detail in the FM

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Posted by dajc23

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Posted by Espo22

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Posted by Mici n KC

An auction is different then a sale of a foreclosure. We had considered purchasing a foreclosure, but there is so much work involved and I'm not just talking about any renovations you need to make. You need a lawyer for every home sale, foreclosure or not.

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yeah i am curious...are you talking about an auction of a foreclosure or sale of one, it is different.

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she asked about a 'Short sale' which is different...i explained it above..and yes you would need a lawyer

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Oh ok i thought it was an auction, didnt know the term short sale.

I bought a house on short sale 3 weeks ago. The house was a foreclosure. Bank is basically saying you have to buy the house as is, no representations. This means if there is anything wrong with the house strucuturally, electrically, plumbing, etc you are responsible. The bank has no say in it. IF there is also any liens or judgements on the house whether is be an extension to the house not reported or something as simple as grass growing on the neighborhood's side, the bank is NOT responsible for anything. YOU ARE!!

There are tons and tons of disadvantges buying a short sale house so you MUST hire a real estate lawyer. He will basically go through the contract and make it clear to you everything the bank is stating in the contract.

I went through madness to bid on the house because we really wanted it and I got a awesome deal. ( I found it out after I signed the papers and had an appraisal done)

I'm in the construction buisness so I had a friend's boss who is a structural engineer go look at the house for me and give me a report.

I put in a bid for the house and it got accepted. The other glitch is with short sale homes, they want you to close in less than 30 days. I signed the contract on I think Feb 14th and they want us to close on March 14th.

If you need any other info, please ask. I went throught hell learning about foreclosures and short sales.

I had to put 5% downpayment and %5 closing costs.