Go Back  British Expats > Living & Moving Abroad > USA > The Trailer Park
Reload this Page >

Buying a forclosure house

Buying a forclosure house

Old Oct 22nd 2015, 3:19 pm
  #31  
Lost in BE Cyberspace
 
mrken30's Avatar
 
Joined: Jul 2008
Location: Portlandia Metro
Posts: 7,335
mrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond repute
Default Re: Buying a forclosure house

Originally Posted by RICH View Post
Sold for 80k to the bank. Serious bids started at 40k.
Would you buy a 100k house unseen for 80k? Personally I would pay the extra 20k and have the ability to have an inspection. It doesn't take much in repairs to add up to 20k.
mrken30 is offline  
Old Oct 26th 2015, 3:52 pm
  #32  
BE Forum Addict
 
Anian's Avatar
 
Joined: Feb 2011
Location: WA state
Posts: 2,804
Anian has a reputation beyond reputeAnian has a reputation beyond reputeAnian has a reputation beyond reputeAnian has a reputation beyond reputeAnian has a reputation beyond reputeAnian has a reputation beyond reputeAnian has a reputation beyond reputeAnian has a reputation beyond reputeAnian has a reputation beyond reputeAnian has a reputation beyond reputeAnian has a reputation beyond repute
Default Re: Buying a forclosure house

Originally Posted by mrken30 View Post
It's very easy to lien a property, and yes, some HOAs will put on a lien for $100
Liens cost a few hundred dollars, so it's not worth doing for less than a few thousand, and you can't even get the money until the house is sold. That never rules out what little Hitlers who run HOAs will do though.
Anian is offline  
Old Oct 26th 2015, 4:00 pm
  #33  
Lost in BE Cyberspace
 
mrken30's Avatar
 
Joined: Jul 2008
Location: Portlandia Metro
Posts: 7,335
mrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond repute
Default Re: Buying a forclosure house

Originally Posted by Anian View Post
Liens cost a few hundred dollars, so it's not worth doing for less than a few thousand, and you can't even get the money until the house is sold. That never rules out what little Hitlers who run HOAs will do though.
After a lien is established, they can then force a foreclosure. They can add the lawyers costs to the lien. So what starts off as $100 lien turns into a $3000 lien and then they foreclose.
mrken30 is offline  
Old Oct 30th 2015, 1:50 am
  #34  
BE Irregular
Thread Starter
 
RICH's Avatar
 
Joined: Jan 2004
Location: Tampa Bay Florida
Posts: 4,135
RICH has a reputation beyond reputeRICH has a reputation beyond reputeRICH has a reputation beyond reputeRICH has a reputation beyond reputeRICH has a reputation beyond reputeRICH has a reputation beyond reputeRICH has a reputation beyond reputeRICH has a reputation beyond reputeRICH has a reputation beyond reputeRICH has a reputation beyond reputeRICH has a reputation beyond repute
Default Re: Buying a forclosure house

I almost got one for $200 today! Wells Fargo out bid me by $100.

I had bid $200 2 days ago, when "plaintiffs max bid" was hidden. Yesterday, PMB appeared, as the judgement amount ($55k). I wonder if it was in response to my bid, or just them dealing with "today's business".

In the last year, the lowest non plaintiff successful bidder was $1000, an apartment/condo assessed at $17k
RICH is offline  
Old Nov 2nd 2015, 1:18 pm
  #35  
Just Joined
 
Joined: Oct 2014
Posts: 22
Dixie101 has a reputation beyond reputeDixie101 has a reputation beyond reputeDixie101 has a reputation beyond reputeDixie101 has a reputation beyond reputeDixie101 has a reputation beyond reputeDixie101 has a reputation beyond reputeDixie101 has a reputation beyond reputeDixie101 has a reputation beyond reputeDixie101 has a reputation beyond reputeDixie101 has a reputation beyond reputeDixie101 has a reputation beyond repute
Default Re: Buying a forclosure house

I'm fascinated about making offers of a few hundred dollars! I bought a foreclosure, as a holiday home, in Florida at the end of last year. It was advertised for $40000 and was bank owned. I got it for $34000. In terms of price history, it had been sold around 2005 for $85K and when it went to foreclosure in 2014 there was $115K outstanding on the mortgage.
So there are bargains to be had, though mine has already more than doubled in value due to a significant local upturn in property prices.
Dixie101 is offline  
Old Nov 3rd 2015, 12:00 am
  #36  
BE Irregular
Thread Starter
 
RICH's Avatar
 
Joined: Jan 2004
Location: Tampa Bay Florida
Posts: 4,135
RICH has a reputation beyond reputeRICH has a reputation beyond reputeRICH has a reputation beyond reputeRICH has a reputation beyond reputeRICH has a reputation beyond reputeRICH has a reputation beyond reputeRICH has a reputation beyond reputeRICH has a reputation beyond reputeRICH has a reputation beyond reputeRICH has a reputation beyond reputeRICH has a reputation beyond repute
Default Re: Buying a forclosure house

Originally Posted by Dixie101 View Post
I'm fascinated about making offers of a few hundred dollars! I bought a foreclosure, as a holiday home, in Florida at the end of last year. It was advertised for $40000 and was bank owned. I got it for $34000. In terms of price history, it had been sold around 2005 for $85K and when it went to foreclosure in 2014 there was $115K outstanding on the mortgage.
So there are bargains to be had, though mine has already more than doubled in value due to a significant local upturn in property prices.
Hi! I am toying with these foreclosures so far. It appears highly unlikely I would snap one up for hundreds, but nothing to lose by trying!

Bank owned auctions are slightly different. I bought my house at auction (HUD owned actually) That seems to be one step after the foreclosure auction, where the bank almost inevitably gains possession.

My HUD auction allowed for inspections of the property etc. The foreclosure auction does not. In fact many/most appear to be occupied property, so eviction would come into play. I am trying to learn by sticking my toes in.
From what I have seen, there are some hardcore investors bidding - half a dozen names come up frequently, with relatively big bucks bids.

Then again, there are about 150 properties a week on offer just in my county.
RICH is offline  
Old Nov 3rd 2015, 5:56 am
  #37  
Lost in BE Cyberspace
 
Jsmth321's Avatar
 
Joined: Jan 2006
Posts: 24,858
Jsmth321 has a reputation beyond reputeJsmth321 has a reputation beyond reputeJsmth321 has a reputation beyond reputeJsmth321 has a reputation beyond reputeJsmth321 has a reputation beyond reputeJsmth321 has a reputation beyond reputeJsmth321 has a reputation beyond reputeJsmth321 has a reputation beyond reputeJsmth321 has a reputation beyond reputeJsmth321 has a reputation beyond reputeJsmth321 has a reputation beyond repute
Default Re: Buying a forclosure house

House next door to the MIL was a foreclosure, no auction though, bank put it on the market as is where is and got pretty close to market value.

The occupants were less then willing to vacate though, so the bailiffs and police assisted them in leaving.
Jsmth321 is offline  
Old Mar 2nd 2016, 1:21 am
  #38  
BE Irregular
Thread Starter
 
RICH's Avatar
 
Joined: Jan 2004
Location: Tampa Bay Florida
Posts: 4,135
RICH has a reputation beyond reputeRICH has a reputation beyond reputeRICH has a reputation beyond reputeRICH has a reputation beyond reputeRICH has a reputation beyond reputeRICH has a reputation beyond reputeRICH has a reputation beyond reputeRICH has a reputation beyond reputeRICH has a reputation beyond reputeRICH has a reputation beyond reputeRICH has a reputation beyond repute
Default Re: Buying a forclosure house

Dragging this thread up for an update. This week the judgement was (finally) made and the auction is set for April 8th. Judgement amount is $230k. Assessed value is $67k.

I don't think my $20k will cut it. Still watching with interest though.
RICH is offline  
Old Mar 2nd 2016, 5:17 am
  #39  
Lost in BE Cyberspace
 
mrken30's Avatar
 
Joined: Jul 2008
Location: Portlandia Metro
Posts: 7,335
mrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond repute
Default Re: Buying a forclosure house

I recently found a new auction site that may be of interest

https://www.homesearch.com/realestat...beach-fl-33062
mrken30 is offline  
Old Apr 9th 2016, 1:52 pm
  #40  
BE Irregular
Thread Starter
 
RICH's Avatar
 
Joined: Jan 2004
Location: Tampa Bay Florida
Posts: 4,135
RICH has a reputation beyond reputeRICH has a reputation beyond reputeRICH has a reputation beyond reputeRICH has a reputation beyond reputeRICH has a reputation beyond reputeRICH has a reputation beyond reputeRICH has a reputation beyond reputeRICH has a reputation beyond reputeRICH has a reputation beyond reputeRICH has a reputation beyond reputeRICH has a reputation beyond repute
Default Re: Buying a forclosure house

So the auction went ahead yesterday. Someone bid up to $85k, but the bank still won!
The tenant/squatter moved out the day before. Hopefully it won't be vacant too long, the back yard is already getting jungle-like.
RICH is offline  
Old Apr 10th 2016, 5:53 pm
  #41  
Lost in BE Cyberspace
 
mrken30's Avatar
 
Joined: Jul 2008
Location: Portlandia Metro
Posts: 7,335
mrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond repute
Default Re: Buying a forclosure house

I did find out recently that you cannot buy title insurance for an auction property for the first 30 days or some other period of time.
mrken30 is offline  
Old Apr 10th 2016, 5:58 pm
  #42  
Lt (R)
 
Pulaski's Avatar
 
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 49,356
Pulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond repute
Default Re: Buying a forclosure house

Originally Posted by RICH View Post
So the auction went ahead yesterday. Someone bid up to $85k, but the bank still won! .....
The bank always wins if the second highest bid is less than the outstanding loan amount. It is unlikely that the bank would allow an auction to conclude with the selling price less than the outstanding loan amount, though it does happen occasionally, usually, I think, when the bank makes an error.
Pulaski is offline  
Old Apr 10th 2016, 6:13 pm
  #43  
Country Member
 
g1ant's Avatar
 
Joined: May 2003
Location: Moved from Georgetown to Round Rock, Texas. 15 miles closer to civilization.
Posts: 936
g1ant has a reputation beyond reputeg1ant has a reputation beyond reputeg1ant has a reputation beyond reputeg1ant has a reputation beyond reputeg1ant has a reputation beyond reputeg1ant has a reputation beyond reputeg1ant has a reputation beyond reputeg1ant has a reputation beyond reputeg1ant has a reputation beyond reputeg1ant has a reputation beyond reputeg1ant has a reputation beyond repute
Default Re: Buying a forclosure house

Originally Posted by Pulaski View Post
The bank always wins if the second highest bid is less than the outstanding loan amount. It is unlikely that the bank would allow an auction to conclude with the selling price less than the outstanding loan amount, though it does happen occasionally, usually, I think, when the bank makes an error.
I only ever went to one auction, on the steps of the county courthouse. There were a ton of hopeful people there but the banks won every foreclosure. Never bothered going again.
g1ant is offline  
Old Apr 10th 2016, 6:54 pm
  #44  
Lost in BE Cyberspace
 
Boiler's Avatar
 
Joined: Mar 2004
Location: Colorado
Posts: 33,487
Boiler has a reputation beyond reputeBoiler has a reputation beyond reputeBoiler has a reputation beyond reputeBoiler has a reputation beyond reputeBoiler has a reputation beyond reputeBoiler has a reputation beyond reputeBoiler has a reputation beyond reputeBoiler has a reputation beyond reputeBoiler has a reputation beyond reputeBoiler has a reputation beyond reputeBoiler has a reputation beyond repute
Default Re: Buying a forclosure house

If the bank was underwater, I doubt they would pay more than the market value? Or even Market less 10%?
Boiler is offline  
Old Apr 10th 2016, 7:12 pm
  #45  
Lt (R)
 
Pulaski's Avatar
 
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 49,356
Pulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond repute
Default Re: Buying a forclosure house

Originally Posted by Boiler View Post
If the bank was underwater, I doubt they would pay more than the market value? Or even Market less 10%?
But the bank is taking money out of one pocket to put it into the other. The money the bank pays at auction isn't "real", they just pay off the mortgage with their own money to remove the lien, they are effectively buying it from themselves, then they own it "free and clear". Obviously it sells eventually at market price, market price for a rough, foreclosed property in most cases.
Pulaski is offline  

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information -

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.