Page 1 of 3 123 LastLast
Results 1 to 10 of 24

Thread: Anyone ever buy a pre-foreclosure, foreclosure, auction house ??

  1. #1
    Senior Member NW-Will's Avatar
    Join Date
    Apr 2008
    Location
    Vancouver WA USA - - Male T4 ASIA B incomplete
    Posts
    1,751

    Anyone ever buy a pre-foreclosure, foreclosure, auction house ??

    Our dream house(no ramps all flat) just came up on Zillow as going to Auction

    - at the moment it is in Pre-foreclosure .. according to Zillow
    what is the best way to approach this.. tips tricks thoughts insight information . very welcome


    We don't have cash, but we're pre-approved for a mortgage. I spoke to the old lady that lives there once a long time ago, and she declared she was never selling. I've tried knocking her door a couple of times since I found out, but no answer so not exactly sure of the situation. She doesn't talk to any of the neighbors so they have no clue. Going to leave a note in her mailbox. But considering this has hit Zillow I am sure every Tom, Dick and Harry is banging her door right now.


    Would obviously love a bargain, but at this point just want to make sure we give it our best shot as we will be kicking ourselves forever if we miss this chance even if we pay over the odds.
    At this point really don't know what to do so any insight or experience would be greatly appreciated.
    The auction is listed as occurring 14th September 2018.
    The owner of this property has been served a Notice of Sale.
    Foreclosure type: Non-Judicial
    Recorded: Notice of Sale: xxxxxxxx on 05/10/18

  2. #2
    The SCI-Nurses are advanced practice nurses specializing in SCI/D care. They are available to answer questions, provide education, and make suggestions which you should always discuss with your physician/primary health care provider before implementing. Medical diagnosis is not provided, nor do the SCI-Nurses provide nursing or medical care through their responses on the CareCure forums.

  3. #3
    When you buy at auctions and foreclosure a pre approved mortgage is meaningless because more than likely repairs will be needed to obtain a certificate of occupancy. With these sales you're buying the property as is, you need the cash.

  4. #4
    Exactly. Conventional lenders want an appraisal. But the way auctions are run, appraisals are often not possible. But what you could do is buy the property with a loan from a hard money lender. Then after you're in, refinance.

  5. #5
    Another couple tidbits I should add since I've been down this road. Make sure you hire a REAL-ESTATE attorney, very important piece of advice right there. There are many things that can go bad with these deals. And don't count on closing in short order, even if you have the cash on hand.

  6. #6
    Potential problem is how do you know what to bid without an appraisal? You could submit a low-ball bid and see what happens. But you need a competitive bid to win. How high a bid is enough to win without being too much? That takes experience. Tough call. I would be very careful as a first time home buyer without experience.

  7. #7
    Senior Member NW-Will's Avatar
    Join Date
    Apr 2008
    Location
    Vancouver WA USA - - Male T4 ASIA B incomplete
    Posts
    1,751
    Thank you for the links.
    Going a little crazy reading as much as possible on the internet ..


  8. #8
    Senior Member NW-Will's Avatar
    Join Date
    Apr 2008
    Location
    Vancouver WA USA - - Male T4 ASIA B incomplete
    Posts
    1,751
    This totally sucks.. not having the cash that is..
    The house is totally ok.. you could move in tomorrow.
    If we could just get mortgage for the land(lender can't really lose right, lands not going anywhere).. we'd be ok.. we could probably pull the rest together in cash, but not the whole amount.

    Quote Originally Posted by Rustyjames View Post
    When you buy at auctions and foreclosure a pre approved mortgage is meaningless because more than likely repairs will be needed to obtain a certificate of occupancy. With these sales you're buying the property as is, you need the cash.

  9. #9
    Senior Member NW-Will's Avatar
    Join Date
    Apr 2008
    Location
    Vancouver WA USA - - Male T4 ASIA B incomplete
    Posts
    1,751
    A hard money lender?
    Sounds like an oxymoron, but where do you look for a reputable hard money lender? any examples... never heard of such a thing.

    Quote Originally Posted by August West View Post
    Exactly. Conventional lenders want an appraisal. But the way auctions are run, appraisals are often not possible. But what you could do is buy the property with a loan from a hard money lender. Then after you're in, refinance.

  10. #10
    Senior Member NW-Will's Avatar
    Join Date
    Apr 2008
    Location
    Vancouver WA USA - - Male T4 ASIA B incomplete
    Posts
    1,751
    Thankfully, we're not in any kind of rush....
    The longer the better in fact, this would totally work in our favor.
    Was thinking about a real estate attorney... again being a total novice... any tips on finding a good one ?

    So you bought a house at auction ? or ?


    Quote Originally Posted by Rustyjames View Post
    Another couple tidbits I should add since I've been down this road. Make sure you hire a REAL-ESTATE attorney, very important piece of advice right there. There are many things that can go bad with these deals. And don't count on closing in short order, even if you have the cash on hand.

Similar Threads

  1. Plaxico Burress, Wife Sued For $3.3 Million In South Florida Foreclosure Case
    By Foolish Old in forum Recreation, Sports, Travel, & Hobbies
    Replies: 0
    Last Post: 02-22-2010, 10:29 AM
  2. Foreclosure hits home for disabled military vet
    By Max in forum Spinal Cord Injury News
    Replies: 0
    Last Post: 09-09-2008, 07:23 PM
  3. Foreclosure blocked for man with disability
    By Max in forum Ability & Disability News
    Replies: 0
    Last Post: 09-01-2004, 05:03 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •