Are Your Auctions Still Crowded?
Is the number of bidders and the competition way down from 2005 at your local Auction?
Just wondering what the participation in foreclosure Auctions are like in other parts of the country.
Ours in Tampa, FL and surrounding areas have fewer bidders than before but you still see the old pros there.
Thanks
I have been to several REO auctions (auctions of properties already forclosed on and Bank Owned) in the past year. Even with our Real Estate market in the tank here in Michigan, there are alot of buyers and bids are way beyond what I would pay. I think there are alot of newbies trying to get in the game at insane prices.
Here in Ohio we have the same situation as Michigan, many newbees bidding way above what I would pay. That being said, most of the properties are bought back by the lenders, which is the way it has always been.
Bargain OOoh knock it off.
YO Charlotte... Sometimes we gotta liven up these discussions a bit.
Anybody else on this board that visits the Courthouse auctions regularly?
[addsig]
Same thing in Washington State. Too many people bidding up prices at auction too close to FMV. Whats the point?
Please let us know if you find a definitive answer from your attorney. I would love to have clarity on if a Tax Sale foreclosure is treated the same or differently than a Trust Deed foreclosure . Especially in regards to unconscionable advantage.
Also, please share the results of your strategy.
Great stuff!
I spoke to 2 partners in a law firm today and they gave me a new way to do this. I will update in the next week.
Anyone have any suggestions on approaching them via phone and setting up an appointment to meet? TIA!