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15 Comments on My First Auction on The Court House Steps ~ Not What I was Expecting
Kat...buying foreclosed properties at auction can be very risky also if you are not well informed. It is not done very often in Minnesota as the owner has a redemption period of 6 months to a year.
It sounds a lot like over here.... most properties get cancelled or a new date. Things just keep dragging on.
Kat - thanks for sharing! My dad wants to go to pick up a home "on the cheap" but I'm afraid..... I, too, was picturing at least a guy in a tie with a gavel....ha!
William: it is done here all the time. I actually had my title rep do some digging before we even hopped in the car...
Georgina: Most were cancelled. But the one we went for, had already went up for auction last Nov and wasn't taken. The sellers RUINED this place. Took sledge hammers to floors, counter and ALL windows.
Sharon; you can get a deal for sure. Just do your homework first.
Kat
Sometimes the sales are not very professional as you found out.
Good luck and success.
Lou Ludwig
Kat ~ I have never been to one of these auctions either.. Maybe I should check it out sometime. The only auction I recall is one in San Francisco for some condos on the ocean... the day was sunny instead of the usual fog... and they were selling like crazy... I think some folks were surprised when the fog returned!
Kat - I have been wanting to go to one too, here in the valley we have quite a few of them. I also noticed that you are a CDPE, as am I. Do you think that was money and time well spent?
Lou: so so true.
Joan: I BET they were!
Jim: No, I don't think the money into my CDPE was worth it. Not at all. How do you feel about it? BYW; I have tons of family in Modesto and Hughson...
Hi Kat!
Hmmm...they always tell me that they are going to the courthouse steps...but maybe that is an exaggeration...I am going to have to check it out some time, just to get an education myself!
Paula; Steps there were... but the auction wasn't on them. :-) You really need to go check out one sometime.
Hi Kat - that sounds like an interesting experience. I may have go to check one out sometime.
Sharon.... I think everyone needs to attend one of these, at least once. :-)
Kat - I too attended an auction once. It was at the courthouse but not the steps; in was in a little room. When we walked in, there were a bunch of "suits" standing around talking and there was a table up front with a notebook on it with all the properties to be "auctioned" off that day.
As we went through the book looking for the one we wanted to bid on, we noticed a lot of the properties pages had big red X's on them and those were the ones that were "off the block". Then a guy came through a side door and picked up the notebook and started rattling auctioning off the available properties. We soon discovered that the "suits" were just a bunch of bank reps buying their own properties, which we found kind of odd.
Needless to say, we left empty handed. All the way home we talked about how that was NOT what we were expecting. That was a few years ago and it may be a little different now (at least here in Los Angeles county) but my advice to anyone planning to purchase at auction: have lots of cash available because you are competing with banks and and attorneys and/or negotiators for either large real estate investment companies or professional real estate investors. JMHO
Donne: Thanks for sharing! I, too, had heard about "suits" coming and possibly loading up on propeties. BUT why their own? Isn't that creepy? The stuff we learn in real estate. Yikes!
Kat - We too thought it seemed kind of wierd that bank reps seemed to buying their own properties but then I don't recall seeing any payments exchanging hands either. There were a couple of "suits" that were actually attorneys (I think?) for r.e. investment companies.