What's new
Fantasy Football - Footballguys Forums

This is a sample guest message. Register a free account today to become a member! Once signed in, you'll be able to participate on this site by adding your own topics and posts, as well as connect with other members through your own private inbox!

Buying a house through an auction (1 Viewer)

Beef Ravioli

Footballguy
Anyone ever do it?

We attended a property auction once. We went to look at the contents and basically because we were curious. Loved the house and when we found out that it did not sell, we almost bought it directly from the owner.

 I have been perusing some websites about buying a house via an auction. From what I can gather, you often do not have a chance to walk the house before hand. I would love to hear anyone’s experiences.

 
The first house I bought was through an auction.  It was the house two doors down from my Grandparents so I was very familiar with the neighborhood.  It was a very small, slab foundation house that was just under 900 square feet but it did have a nice back yard and an attached garage.  Was perfect for a first time buyer in his early 20s.

A lot of the houses on that block were very close to the same build so I new what I was getting.  The lady that lived there was good friends with my Grandma and she knew it was well kept, although very outdated.  We were able to look through the house and there were plenty of other things up for auction.

I'll never forget being extremely hungover that morning and my girlfriend was very upset with me about something from the night before that I couldn't remember.  Normally I would have been nervous but I felt like crap and my head hurt.  I remember having a price I wanted to stay below and kept making bids.  I ended up getting the winning bid at $62,000 I believe.  I was really happy with that price but then I found out that the sellers still have to accept that price or they can keep the house themselves to try selling again.  I was able to negotiate a price with them of $66,000.

I enjoyed living there for 3 years until I got a dog, got married and then had our first child, we outgrew the cozy home.  One of my favorite features of that house was a wood burning stove.  It was great and heated the house well when I didn't want to run the furnace.

 
I have a friend who tried to buy a house at various auctions. He gave up after a few months. His summary:

1. if the house is nice, then the professional flippers are going to outbid you.

2. if the house isn't nice, then the professional flippers are still going to outbid you.

There are no "great deals", only "OK deals". And he didn't have the stomach to pay cash for a deal that was just "OK".

 
I've just recently purchased a property from Hubzu at the end of September.  Got a great deal but dealing with Hubzu was quite the hassle but in the end it was worth it. With Hubzu I was able to go thru the house before we bid and won the auction.  If you purchase a house thru sheriff sales most people break into the property before they buy it, or so I hear.

 
I have a friend who tried to buy a house at various auctions. He gave up after a few months. His summary:

1. if the house is nice, then the professional flippers are going to outbid you.

2. if the house isn't nice, then the professional flippers are still going to outbid you.

There are no "great deals", only "OK deals". And he didn't have the stomach to pay cash for a deal that was just "OK".
You're never going to get a "great" deal because, like you said, the flippers and the people who rent property are looking for that.  You can still get a pretty good deal though, unless you're super cheap.  Flippers and landlords are extremely frugal and always looking for something dirt cheap they can profit off of.  I was bidding against some of them when I bought my house.

 
I've just recently purchased a property from Hubzu at the end of September.  Got a great deal but dealing with Hubzu was quite the hassle but in the end it was worth it. With Hubzu I was able to go thru the house before we bid and won the auction.  If you purchase a house thru sheriff sales most people break into the property before they buy it, or so I hear.
What part of the country are you in?

 
I've just recently purchased a property from Hubzu at the end of September.  Got a great deal but dealing with Hubzu was quite the hassle but in the end it was worth it. With Hubzu I was able to go thru the house before we bid and won the auction.  If you purchase a house thru sheriff sales most people break into the property before they buy it, or so I hear.
I’ve been going through hubzu since you brought it up. What were the issues you had? Any tips? Do they tell you when your bid got outdone? Can you keep bidding? Etc.

 
What part of the country are you 
if you watch the auction you'll know if u have been out bid by someone.  If so just put in another bid.  This company is through India or some country, so I think they're learning and getting better but their reviews were horrible but now they are getting better.   For ours I don't know why it took so long, it took three extensions on their part when we were ready to sign right away.  Then at closing its supposed to take 20-30 minutes and it took us 2-1/2 hours cause they messed up the paperwork.

 
if you watch the auction you'll know if u have been out bid by someone.  If so just put in another bid.  This company is through India or some country, so I think they're learning and getting better but their reviews were horrible but now they are getting better.   For ours I don't know why it took so long, it took three extensions on their part when we were ready to sign right away.  Then at closing its supposed to take 20-30 minutes and it took us 2-1/2 hours cause they messed up the paperwork.
a company from India is handling an auction for a property in bum#### Ohio??  

so here we are.  

 

Users who are viewing this thread

Back
Top