Real estate auctions

I bought a house today at a real estate auction. It is a 1/2 acre lot,
the house is moderately crappy, with a huge detached garage. The price
was not bad.
This will be either a paint and sell, or paint and rent out
arrangement.
My question is, how long do these transactions take to close? (no financing)
thanks
i
Reply to
Ignoramus30510
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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the title had a LOT of baggage that had to be sifted through ,old liens with no paperwork, a couple of ROWs that were no longer valid (the parcels were added in with the piece I purchased) plus the attorney on the other side was never around when you needed paperwork signed.
Reply to
Steve W.
Scary, I hope that it will be more like your first case, than like the last one. Thanks
i
Reply to
Ignoramus30510
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
Reply to
Bill
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.
Reply to
Bill
This is an auction, it does not allow for any contingencies like an inspection.
Well, this is a 1931 built house.
i
Reply to
Ignoramus30510
Did you check for asbestos and lead paint ?
Best Regards Tom.
Reply to
azotic
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
Reply to
Larry Jaques
No, but it probably has lead paint, being an old house. It's OK, just needs to be disclosed.
i
Reply to
Ignoramus4979
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.
Reply to
PrecisionmachinisT
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.
i
Reply to
Ignoramus4979
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 :)
Reply to
Pete C.
A 1/2 hour consult with a local attorney who specializes in real estate transactions might be a good investment your time and money.
Reply to
PrecisionmachinisT
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.
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Reply to
Ignoramus4979
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.
Reply to
John R. Carroll
Good idea.
I will talk to one today, I have a relative who is an attorney.
i
Reply to
Ignoramus4979
Yes, loan of $239,800 taken in 2007. That was a dumb loan, but, perhaps, they did do some kind of an appraisal.
i
Reply to
Ignoramus4979
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.
Reply to
John R. Carroll
What month out of curiosity?
SW
Reply to
Sunworshipper
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
Reply to
Ignoramus4979

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