Buying a home at a foreclosure auction is very risky and not the best place for a first time home buyer to find a home. There are more risks than benefits and these risk should all be explored before even thinking about buying at a foreclosure auction.
You can read more at:
sccrealestateuncensored.com/2008/buy-foreclosure-auction/
micasamidinero.com/2008/comprar-casa-reposeida-subasta/
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June 13th, 2010 at 5:26 pm
To all banks in …
To all banks in America: ALL OF YOU. I’m writing to my state rep to hopefuly (even though its a long shot) To outlaw banks attending thier own auctions and bidding on thier own property. If the house you lent money for went into foreclosure then thats your fault for failing to do a decent credit check, compare the market to the economy and so forth… You think you have special privileges? Think your better than a common person? Think again!
June 13th, 2010 at 5:26 pm
you reach “thier” …
you reach “thier” 80,000 debt or greater. Aside from this being unethical this should be ILLEGAL! If you bought Ford Motor stock 10 years ago for $30 a share and now its only worth $2 a share (which it is) you can’t complain and say no! IM GETTING MY MONEY BACK WAHH!!! YOU CAN”T DO THAT!! Also if you have an auction on eBay and you bid on your own item to drive up the price in order to make the money you wanted you will get fined by eBay.
June 13th, 2010 at 5:26 pm
They made a poor …
They made a poor investment and like the stock market: You win some you lose some, its a gamble when you loan money thats why you screen your clients first. ANYWHOO!: 1st silly and trust will send an employee of thiers down to the sherif’s auction to BID ON THIER OWN PROPERTY. Now if nobody wants to bid on the property the bank (1st Silly) will get it for the min bid of 50,000 and they are right where they left off at. However if you want to bid say 60,000 1st Silly will keep bidding until-
June 13th, 2010 at 5:26 pm
The bank has a …
The bank has a house on thier hands and is owed 80,000. Well now your local county auditor is coming to appriase the house and he says its only worth 50,000 because of today’s housing market. So the bank goes to the sherif’s auction for a starting bid of 50,000. YOU the buyer attend this auction with a check or money order for 10% (may vary depending on your area) of the final sale. you shout out “I bid 55,000″! Well now 1st Silly and Trust absolutly refuses to face the fact that-
June 13th, 2010 at 5:26 pm
Theres no point in …
Theres no point in going to a foreclosure auction for a good deal at a home. EVEN if you KNOW that the property your looking to bid on is a steal at its starting bid and heres why. Lets say “1st Silly and Trust” sold a house for 100,000 to the “Smith” family. The Smith family was delinquent in there mortage and the house fel into forclosure. The smiths payed about 20,000 into the house but Lose that money per the agreement you sign when you buy a house from a bank loan. So 80,000 is left.