Real estate auctions

All depends on how fast the parties involved work. My first place took less than 2 weeks, the last one I bought took over a year, the title had a LOT of baggage that had to be sifted through ,old liens with no paperwork, a couple of ROWs that were no longer valid (the parcels were added in with the piece I purchased) plus the attorney on the other side was never around when you needed paperwork signed.

Scary, I hope that it will be more like your first case, than like the last one. Thanks

Are you going to have it inspected? If so, you have to account for how long it will take to "fix things". I ended on getting a new roof that was warranted (*to the seller*) following my inspection. It didn't cost me, except a few hundred for the inspection, and it didn't come out of the seller's pocket either. It was just a bad lot of shingles...which the shingle-maker admitted, "happens"--and the shingle-maker paid for a new roof, including labor. So what I am saying, I guess, is not to forget about that part.

Bill

Bill wrote: Are you going to have it inspected? If so, you have to account for how

Oops, sorry. I missed the part about it being a real estate *auction*. disregard my previous comments.

This is an auction, it does not allow for any contingencies like an inspection.

Well, this is a 1931 built house.

Did you check for asbestos and lead paint ?

Best Regards Tom.

QUIETLY?

-- Accept the pain, cherish the joys, resolve the regrets; then can come the best of benedictions - 'If I had my life to live over, I'd do it all the same.' -- Joan McIntosh

No, but it probably has lead paint, being an old house. It's OK, just needs to be disclosed.

Pretty sure it varies by State--and that at least where I live, the previous owner can even get it back under the right set of circumstances.

Scary. The previous owner borrowed $239,000 from a bank in 2007.

Failed to pay and defaulted.

This dragged on for a while, finally the house was put on auction. Yesterday, I won it for $70,000. The house is habitable, but definitely nothing to brag about. It is located on a 1/2 acre of relatively nice land, however.

Have you looked at the lead paint related regulations recently? anything pre 1978 is presumed to have lead paint, and there are big issues with abatement. There are still some exemptions for homeowners, but they don't apply to rental property. Insurance may be a big issue, particularly in a rental situation. With a 1931 vintage presume there is asbestos somewhere as well, in asbestos-cement siding, vinyl-asbestos flooring, pipe or duct insulation, possibly some wiring. Again more insurance and abatement issues. Let me know when you're selling your CNC mill to help pay for that abatement, I'll give you a fair price for it and will run parts for you on it if you need some :)

A 1/2 hour consult with a local attorney who specializes in real estate transactions might be a good investment your time and money.

Somehow, I am optimistic, there is lots of pre-1978 houses out there, they cannot be such time bombs, it is counterintuitive.

I drove over there and took some pix.

Yes, they can and sometimes are. It's worth noting, however, that the previous buyer got a mortgage recently so you are unlikely to have any legacy issues.

Good idea.

I will talk to one today, I have a relative who is an attorney.

Yes, loan of $239,800 taken in 2007. That was a dumb loan, but, perhaps, they did do some kind of an appraisal.

An appraisal and inspection would have been a requirement. Appraisal's had become someting of a paid for joke in 2007 but a code inspection would have to be passed before the city/county would issue an occupancy permit. I'm a little surprised that you don't have legal council on this. You know better.

What month out of curiosity?

SW

Somehow, I do not think that i neeed council to bid 70k on a foreclosed home on a 1/2 acre of a prime land