Hi Folks, I have never attended one of these before and was hoping a few people out there may have answers to my questions: a.) Can you actually visit the property that is up for sale to check on the condition, etc., or is it a bit of a guessing game? b.) I understand you need to have 10% of your bid in a certified check , but can the balance usually be financed as a traditional mortgage? c.) Is... [more]
Hi Folks,
I have never attended one of these before and was hoping a few people out there may have answers to my questions:
a.) Can you actually visit the property that is up for sale to check on the condition, etc., or is it a bit of a guessing game?
b.) I understand you need to have 10% of your bid in a certified check , but can the balance usually be financed as a traditional mortgage?
c.) Is there paperwork that you can read ahead of time about the property, financial liens etc. that discloses all that you are expected to pay for if you win the auction? Where can you obtain that paperwork?
d.) Do most of these auctions at Centre Street actually happen or are most called off at the last minute?
e.) Are there any "deals" to be found in Manhattan properties by purchasing this way?
f.) If the price stated on the notice is equal to or above current market price can one assume that you will save considerably at auction?
g.) As the winning bidder does this mean you have to pay for all outstanding liens and also the transfer taxes that normally would be paid if the owner was selling?
I can't say that this is how I want to buy a property at the distress of others, but if the bank has taken it away they don't want to own it and have no choice it appears to sell units other than this way.....
Any comments from those experienced in buying apartments at auction? (particularly Manhattan real estate)
Many thanks in advance.......
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Response by steenstrup
about 16 years ago
Posts: 10
Member since: Jul 2008
Damier, I have the same inquiries as you & thinking about buying foreclosed properties as a side business. Just starting to research this. I am thinking of heading down there to see what it's all about. I would bet that people who are knowledgable don't want to share their knowlwdge with outsiders. Anyway, I joined Propertyshark.com & learning the ropes a bit.
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Response by rb345
about 16 years ago
Posts: 1273
Member since: Jun 2009
1. you generally cant get pre-auction access
2. usually the only info you are given are terms of sale
3. and often those are only disclosed immediately prior to sale
4. you need to do your own due diligence ... and know how to do it
5. lenders are increasingly loathe to make factual assertions out of concern of being sued
6, as a startm you need to search for deral and state lien liens on owner of property
7. federal liens attach upon filing and travel with the property
8, if there's a large # v. the foreclosee, you buy you fry
Damier, I have the same inquiries as you & thinking about buying foreclosed properties as a side business. Just starting to research this. I am thinking of heading down there to see what it's all about. I would bet that people who are knowledgable don't want to share their knowlwdge with outsiders. Anyway, I joined Propertyshark.com & learning the ropes a bit.
1. you generally cant get pre-auction access
2. usually the only info you are given are terms of sale
3. and often those are only disclosed immediately prior to sale
4. you need to do your own due diligence ... and know how to do it
5. lenders are increasingly loathe to make factual assertions out of concern of being sued
6, as a startm you need to search for deral and state lien liens on owner of property
7. federal liens attach upon filing and travel with the property
8, if there's a large # v. the foreclosee, you buy you fry