Please keep in mind that I will be heading down to Fort Lauderdale, Florida this weekend to attend the Home Foreclosure Auction on this Saturday, December 13th. For further information, go to www.ushomeauction.com. I think this could be 1) a possible nice money making opportunity, and 2) a CERTAIN learning experience. I will be bidding on a few properties and am fielding your requests to partner up. I have my pre-approval letter for financing from the fine folks at Countrywide, my bank check for 5 dimes (a technical term for 5 thousand US dollars), and my checkbook if necessary to write a bigger check. You pick a place and I like it, we partner up and buy it, and we cover the "crazy housing market" from a real life point of view.
Better than some assclown economist saying "housing prices fell this month", right? We will report stuff like "assclown tenant was late on rent. We checked Florida tenant laws and threw all of his belongings off the balcony and changed the locks. We are looking for new tenant." You ain't gonna get that kind of reporting from anyone. So I've received a few requests, but nothing that tickled my fancy just yet. Hit that link above, scour the catalog, pick and house, and we'll buy it. And this ain't a hobby. We are going to make money on this. The phone lines are now open. Let's go.
http://www.realtytrac.com/foreclosure/auction/how-to-buy-homes-at-auction.html
The bidding procedure varies from state to state, so you should become familiar with the procedure in your area before bidding at an auction. In some states, bidders are required to bring the full amount they want to bid in the form of cash or cashier’s check to the auction. In other states, bidders are required to bring a certain percentage (10 percent is common) of the bid amount to the auction and pay the remainder of the amount within a certain timeframe if they are the highest bidder. If you get a friendly representative when you call the trustee, you might be able to get information about how the bidding works in your area, but in most cases you’ll need to educate yourself. You can get started by reading RealtyTrac's state foreclosure laws. You could also contact a local real estate agent or attorney in your area. Of course, the best education will come from simply observing a local auction.
Hope that helps.
Posted by: Wez | December 12, 2008 at 02:36 PM
Wez,
I heard that from someone else but you know what else? This same company held an auction in Vegas on Nov 22. I signed up but I didnt go. They then contact me afterwards to say "as an exclusive to YOU and not released to the general public, 75+ of these homes that were auctioned on November 22 will be "re-auctioned" on December 10." You know what that means right?
Now I'll be ready to write a check for cash but I bet my little letter from Countrywide carries some weight if I want to show it.
Posted by: Richie | December 12, 2008 at 10:37 AM
Just remember you need to buy stuff with cash at foreclosure auctions. You need to bring a fat checkbook....a letter saying Countrywide will give you the money is not going to work.
Posted by: Wez | December 11, 2008 at 05:07 PM