I just wanted to warn you about what could happen for "pimping" their buyers.
As for buying there are some great deals to be had but I suggest to everyone DO YOUR HOMEWORK!!!
These mega auction companies do not provide as much due diligence information that smaller companies like mine do, such as certified home inspection reports.
PERSONALLY INSPECT ANY PROPERTY YOU PLAN TO BID ON!
If the bank comes back wanting more money after the auction tell them to stick it and demand a full refund of your bid depost.
READ THE TERMS & CONDITIONS!!!
You mentioned fine print, there is fine print to any real estate contract.
Auction contracts are usually simple BUT these lenders want to squeeze buyers for more than the property is worth.
You can read about it in my new book but thats not the reason I am posting.
There are some smoking hot deals to be had at auction but you have to be there and be prepared to get them.
[addsig]
BTW - does 60 cents on the dollar sound reasonable at your auctions?
A properly advertised and marketed auction will deliver 100% of the present cash market value for a property 100% of the time.
There has not been one time in the past seven years when a greedy seller or stupid lender who turned down the high bid cash we delivered at auction has sold for more, not once.
That means whatever the property brings on auction day is what its worth on that day.
People who make money at auction buy right, they do what needs to be done to the property, usually cosmetic sometimes major work then they sell at a profit.
We have a property up for ABSOLUTE Internet auction with a one dollar opening bid that will sell to the last and final bid on Saturday January 31st 2009 regardless of price.
The unit needs a complete rehab but should provide a steady rental income to the new owners.
Anything at or above $1 is what the property is worth so we are not going to lower the bid to .60 cents.
Jack:
I do not work for that company.
I just wanted to warn you about what could happen for "pimping" their buyers.
As for buying there are some great deals to be had but I suggest to everyone DO YOUR HOMEWORK!!!
These mega auction companies do not provide as much due diligence information that smaller companies like mine do, such as certified home inspection reports.
PERSONALLY INSPECT ANY PROPERTY YOU PLAN TO BID ON!
If the bank comes back wanting more money after the auction tell them to stick it and demand a full refund of your bid depost.
READ THE TERMS & CONDITIONS!!!
You mentioned fine print, there is fine print to any real estate contract.
Auction contracts are usually simple BUT these lenders want to squeeze buyers for more than the property is worth.
You can read about it in my new book but thats not the reason I am posting.
There are some smoking hot deals to be had at auction but you have to be there and be prepared to get them.
[addsig]
BTW - does 60 cents on the dollar sound reasonable at your auctions?
A properly advertised and marketed auction will deliver 100% of the present cash market value for a property 100% of the time.
There has not been one time in the past seven years when a greedy seller or stupid lender who turned down the high bid cash we delivered at auction has sold for more, not once.
That means whatever the property brings on auction day is what its worth on that day.
People who make money at auction buy right, they do what needs to be done to the property, usually cosmetic sometimes major work then they sell at a profit.
We have a property up for ABSOLUTE Internet auction with a one dollar opening bid that will sell to the last and final bid on Saturday January 31st 2009 regardless of price.
The unit needs a complete rehab but should provide a steady rental income to the new owners.
Anything at or above $1 is what the property is worth so we are not going to lower the bid to .60 cents.