DW and I found a flyer in our mailbox the other day ... a home just across our little "lake" is going to be auctioned. Around 2,350sf, built 1987, last sold for $250K in 12/04.
Repo, state of TN, and looks as though (locked, but peering in the windows ...) all the light fixtures are gone, stove gone, minor water leak in one room, etc. It will take a little work, but could be a cheap, bootstrap rental in a nice neighborhood.
We've bought and sold a lot of residential real estate now, including foreclosures, but this will be our first auction. Questions we have are (which we'll also attempt to get answered by the auctioneer):
We know our max bid would be $250K from what we're seeing now, there is no reserve, and it will be interesting to see how many folks show up to bid. I'm guessing quite a crowd, and also guessing it gets bid up to $300K or so, and we end up passing. But, should be interesting.
Anyone here gone through a real estate auction before? Any tips?
Thanks.
Repo, state of TN, and looks as though (locked, but peering in the windows ...) all the light fixtures are gone, stove gone, minor water leak in one room, etc. It will take a little work, but could be a cheap, bootstrap rental in a nice neighborhood.
We've bought and sold a lot of residential real estate now, including foreclosures, but this will be our first auction. Questions we have are (which we'll also attempt to get answered by the auctioneer):
- Can we have the property inspected before we bid (auction is 3/18)? DW and I are debating an inspection. I'm serious about buying this place, but leery about committing to $200K+ with little knowledge of the property's condition ... I'd rather drop a few hundred on a professional inspection, than go in with only my own impressions or blind ...
- I assume their will be zero contingencies ... we win, we own it, no matter what we find out later?
We know our max bid would be $250K from what we're seeing now, there is no reserve, and it will be interesting to see how many folks show up to bid. I'm guessing quite a crowd, and also guessing it gets bid up to $300K or so, and we end up passing. But, should be interesting.
Anyone here gone through a real estate auction before? Any tips?
Thanks.