Posts Tagged ‘Auctions’

My family and I are looking for a house in Maryland that isn’t expensive, but is a fixer-upper. Does anybody have any suggestions of where to even start looking? Has anybody been to auctions for houses?

Have tried the local paper but can’t find any information there. Does anyone know if there’s a website that lists auction houses? I’m in Hertfordshire in the UK.

I’m interested in finding out about how to buy a foreclosed home in the Bay Area, but have no idea what that entails here. Any information about housing auctions or buying foreclosures in the Bay Area (South Bay specifically) would be greatly appreciated.

Anyone know of any auction houses near to romford, thanks in advance

besides the internet.
shops and auction houses,
preferably lots and clearances.

What and why are they talking on the in house phones while bidding for auction items take place? Is it another way of placing a bid?

I just read that a bank held an auction of a bunch of properties in
Las Vegas, and the bank accepted 90% of the offers. I am guessing that
the people who go to these auctions are investors with cash, right?

is there a reliable source for foreclosed or repossessed housing auctions? If all these homes have been foreclosed due to loan and mortgage defaults, then where are they now. are banks the best way to get listings. would they be willing to sell these homes for cheap? whats the deal here? are tax foreclosed homes a reliable way to get a home?

Here is the thing I want to know. If you get pre-approved for a loan can you use that money to buy a house at the county auction (note: I have the money for the 10% you have to pay that day once you bid on it). Since you only have 30 days to pay off the rest of the balance. Also if you cannot do it that way, is there any other way of getting the finance to buy a house through the auction. Reason I ask this is because auctions start off at 2/3 the value of the house (sometimes market value is actually higher than the value given by the state). But even saving 1/3 of the value and putting 10% of the 2/3 down leaves you with some equity to keep working from so it just makes more sense to buy it there if you can manage to buy it as close to 2/3 (patience I am sure is needed). That makes it a loan for 57% of the value of the house, which keeps the “downpayment” well over the 20% that keeps you out of having to pay a PMI (Private Mortgage Insurance). Thank you.
Justin - You make a good point that I was kind of aware of. I definately don’t want to borrow more than the purchase price but you left me a bit confused does it structuring it that way still keep you from paying the PMI? Or do they just consider the purchase price when they considering weather your going to pay the PMI?
The PMI is additional insurance you pay so the bank can cover itself when people pay less than 20% of the downpayment. Thats separate and in adition from just the regular insurance you pay.

my finantial situation is just getting better. family problems..etc.you know how it is …I really appreciate any help
yes i meant forclosure..sorry