WA State - how much $ is needed at the auction?
I was wondering how much money is need to purchase a property at auction in Washington State? Is there someone I can call to find this out?
Also, can I use this purchase as replacement property for 1031 exchange purposes?
realestaterookie,
I was wondering how much money is need to purchase a property at auction in Washington State?
It depends on the property you are looking to purchase. At the foreclosure auctions, you bid on the price you are willing to pay for the property in question. Usually you pay a certain percentage at the auction and pay the remainder in 30 days or so.
Is there someone I can call to find this out?
You have to call your county courthouse to find out the specifics of how the foreclosure auction works there. Since every county is different, then you will have different rules and procedures.
Also, can I use this purchase as replacement property for 1031 exchange purposes?
I honestly do not know. I would assume that you could, but I wouldn't know how to go about it. I think you should consult a professional CPA. You should also ask the county courthouse if they'll allow it at the auction.
Tanya
Thanks for the reply Tanya. I actually found out that the trustee is requiring cash on the spot.
If anyone out there has about $90000 cash to buy this property in Spokane and then resell it to me immediately for a fee, let me know! Sale is tomorrow at 10PM
I mean 10 AM. I have proof of funds available.
Is this the house in Otis Orchards off of Ormond Rd?
realestaterookie, are you going to the auction tomorrow?
Quote:
On 2003-07-31 16:19, apollo wrote:
Is this the house in Otis Orchards off of Ormond Rd?
No, it was in North Spokane and was purchased at Sheriff Auction in June.
Quote:
On 2003-07-31 16:19, apollo wrote:
Is this the house in Otis Orchards off of Ormond Rd?
No, it was in North Spokane and was purchased at Sheriff Auction in June.