Can you assign a deal , that you get from an Auction?

I buy houses at auctions all the time. When you win the bid you have to pay for it. Bank foreclosures it's 10% down, 30 days for balance if you don't complete the transaction you loose your deposit and they can make you pay for the resale and anything they loose on the deal.

You can however go and bid on a property for your buyer. Say you have a buyer that would like you to go and get them a property, you can bid and sign as agent for them. If you get them to give you a money order or cashiers check made out to themselves and signed on the back. Just make sure you agree on a price for your service and how much they are willing to spend on a property.I've done that many time in the last few years.

That information James. Another question? Should you check out Comps for area, or should you just give a very low bid on that property? As an example , if you did research and figured the house 's FMV would be around $100,000, and the starting bid would be $10,000, How and where would you start your bid and why?
Thanks for any in-put to this post.

Curtis Fillers
(Charlotte,NC)

I see a property on the auction sheet that interested me. I find out what the comps are and then I start working my numbers backward.

Foreclosure Amt. $42,100.

Comps 115k
I like to offer 5-10k below area comps. So I start at 105k minus 6% Realtor commission. Now I'm at 98,700. I always allow 20k for repair/rehab unless I see it needs more when I go by and look at it.

So now I'm at 78,700 I like to be able to have a 30-40k profit margin so now I'm at 38,700-48,700 and that is where I would stop no matter what.

Now if you plan to whole sale it add 10k to your purchase price for yourself and pass it on they still make good money.

THAT INFORMATION, THAT IS EXACTLY WHAT I WAS WANTING TO KNOW, VERY HELPFUL INFORMATION !! THANKS JAMES

Curtis Fillers
(Charlotte,NC)