Quote:
Originally Posted by jmen24
If you subscribe to the Registry Review you get a listing every week of the current foreclosure auctions scheduled, you also get the name of the person that defaulted as well as the name of the bank that is holding the note. The auctions held by small local banks are more likely to yield a better deal than the ones held by larger banks, but this is also leading small banks down a bad road, with little they can do about it.
But one thing to remember is that you are not going to get a property in a foreclosure auction for a huge discount if the property has any kind of potential value above what is owed. Most of the deep discount properties are complete headcases. We have looked at homes for clients in the last few months that they were looking to purchase through foreclosure, one still had the old school way of insulating the floor (newspaper laid in layers under a rug) because it did not have a single source of heat, other than a centrally located fireplace in the losest level (200 yr old home) or any insulation in the walls.
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Great explination but remember the foreclosing bank is not going to let it sell at auction for less than they are owed. I have been to quite a few house auctions and that is what always happens. Auctions are also "buyer beware" as they warrant nothing including if taxes have been paid or if the property is vacant. If still occupied it is the buyer's responsibility to get the occupants out.
I am looking to go to another auction in Jan. The ex's 3800 sq. ft 2 year old home - oh boy!
