URGENT Help - Auction Tomorrow

If this is your dream home for you, and it is worth $135,000, and you are 100% positive about the comps, etc. then I would go to the auction, and be there, if someone bids the 51k then I think you can bid a little higer. If nobody bids I would wait to get it from the bank. I hope you can get this home!!!!

Jeremy

Its just my opinion, but if this is to be your dream home, and you know that it is 1/3 the market value already. I, personally, would go to the sell and bid on the property to buy it. Besides, your dream would be busted if you lost it due to a few grand. If you know it would be worth that much more, if all else fails, you could fix it up and flip it, taking the profit from this deal and paying cash for the next one that comes your way. A house is only a building, without the ones to make it a home. Good luck.

That is my thought. I will be devistated if someone shows up and gets MY house for $51,000. My issue is, I have $30,000 in CASH but, we would need to come up with another $21,000 somewhere. Second mortgage on my current home? Now, we would only bid IF someone else bids because we would prefer to get it for the $30,000 when it hits REO status. We will need to put a fair amount of $$ into it to fix it. I just called Countrywide and there is NOTHING we can do to get them to accept the offer NOW. Must pass thru auction.

Have you attended the auctions? Do people actually bid at the auctions?
How often?
I am suffering serious worry issues right now since the starting bid is soooo low. Really, $51,000 is low and someone MAY bid. I was expecting a much higher starting bid.
But, good for us if it ends up REO because we will be offering over 60% of the loan amount to Countrywide and I am thinking they just may take it. Plus, we are willing to cover all realtor fees.

Also, since the home has been vacant for over 2 years...there is serious mildew issues (did a mold test and it DID grow). This is a good factor to get Countrywide to lower the price and accept our 60% offer. The mildew is covering all hardwood floors and cabinets and it is in carpets so, we will need $$$$ to correct this issue. Mildew is not showing behind drywall at this point. I don't want to bid the full price IF not absolutley necessary. Which is why I am asking about the NORM at these auctions.

If the house has the mold that bad, are you sure that is the way you want to go? If so, take into consideration the cost of the repairs, including the mold problem, and figure out the most that it would be worth to have this house. Remember, a house is only worth as much as one is willing to pay for it, problems and all. As for as the auction, yes, I have attended an auction. The one that I was at, In central texas, was held on the court house steps. They started the bidding at a lower than figured amount and there were many bidders there, so it went up quickly. This house went for more than what it was worth to me. With the cost of the bid, repairs and time to hold it, it simply was not the one for me. But all that said, your situation could be totally opposite. It all could depend on how many bidders show up. Here, one of the bidders was the bank, so I'm sure they were looking out for there interest. I'm sorry if this does not make you at ease with the upcoming, but If it is to be, it will be.

You may want to have a contractor look at the house and give you a realistic total repair cost To clean up this house and put it in your offer to the Bank.You may be able to get this house at a price lower than 30k,because of the condition and what the contractors repair cost could total up to.Hope this helps.

Good Luck & Good Investing

whurndon

Thank you whurndon (and everyone else). We do have unlimited access due to the "former owner" leaving a back window open for us. The neighbors also know we are trying to buy it so, we can come and go as we please. LOL. We spend ALOT of time there. We had a contractor friend examine the home. The estimate is roughly $8,000 in repairs PLUS we must replace all carpet and padding and paint. There is no black mold at this time but SUBSTANTIAL mildew growing on all wood surfaces which is a "mold spore" which needs to be eradicated prior to spending prolonged time in the home. Part of the $8,000 is for a better drainage system for the crawl space, rain spouts, and put in vapor barrier. I spoke to my realtor friend a little while ago and she said there is the possibility of a 10 day bid upset. To ask the auctioneer.

DO ANY OF YOU KNOW IF THIS IS FOR ALL STATES? In the event someone bids...we try to upset the bid IF we can refinance our current home and get the additional money within 10 days. Does this sound like a good plan?

I KNOW I will be up all night worrying about what tomorrow brings. My mom says ... If it is to be, it will be but ...... right now, there is no other home which I can see us wanting more than this one. So, if this falls thru, I think I am done with foreclosures for awhile. It took over a year to get to where we are right now and it will feel like a failure with the time and work I have put into this one.

Hey, my brother is a professional painter. He said that once it is cleaned, if you was to get a good brand of paint or primer, oil base, and coat the surface that has the mildew or mold that it will take care of it. It is a sealant to stop the further growth. Sounds like your mother is a smart lady. Your lucky to have her around. If you have a flat on your car, do you trash it and never drive again, or do you fix the flat and start over? Try to get some sleep. Tommorrow you will need to be on your toes. Good luck!!!

good luck karinmike!let us know how it goes!

Let us know how things go with the auction. It will also be a great learning experience for you.