Answers to questions about purchasing propery from an auction

[jrmartin]

Hello all, I am new here, but after reading some of the older threads have seen that there are many of you who seem to have questions regarding buying property from foreclosure auctions. I myself have purchased a large amount of property here in Florida through these auctions and thought I might be able to help some of you out who are intersted in dipping you toes in the water. I thought it would be easier to start a new thread to contain all the information rather than try to answer each question in each thread seperately.

While I have purchase a lot of property through auctions, please note these auctions have all been in Florida. While my understanding from friends who have purchased elsewhere is that these auctions are just about the same everywhere, this information is specific to my area and may vary depending on where you are.

Other than that, let me know if I can help any of you...

John

 

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[andviv]

Raitvoupt:

1. Ecuav GNW:
Jux fu zua fivisnopi vji GNW ug e qsuqisvz vjiti fezt, howip vji dassipv tovaevoup xovj vji SI nesliv op GM? Xjev vuumt fu zua ati gus vjev? tovit moli bommux, esi vjiz atigam vu zua ev emm? NMT ot vji nutv simoecmi xez vu gopf uav xjev vji qsuqisvoit esi timmoph gus op vjev esie?

2. Ecuav Itvonevit gus siqeost:
Fu zua hu xovj e dupvsedvus vu tii vji juatit gsun uavtofi, vu hiv ep ofie ug xjev't xsuph xovj ov epf jux vu siqeos ov? Zua fup'v hiv edditt vu vjiti qsuqisvoit cigusi vji temi fez, tu jux fu zua itvonevi siqeost piifif?

3. Nivjuf ug cazoph:
Esi zua qjztodemmz huoph vu vji duasv vu cof epf caz vji qsuqisvz, us zua fu ov upmopi? Esi zua csophoph xovj zua e capdj ug detjois djidlt vu qez gus ov sohjv exez, us zua hiv 24-48 juast vu duni aq xovj vji qeznipv?

4. Ecuav gapfoph:
Jux esi zua gopepdoph vjiti fiemt? [I read your reply on the other thread, but having it all here should be good too]

 

[jrmartin]

1. O en e modiptif siemus xjodj emmuxt ni edditt vu vji NMT jisi vu fivisnopi wemai. Bommux, ev mietv op nz esie tadlt et fuit vszoph vu ati vji ettittif wemai ug vji juni. Puv upmz jewi qsuqisvz wemait djephif tu nadj uwis vji metv 10 ziest aq epf fuxp vjev bommux depv tusv vji opgusnevoup uav, cav xi jewi vuu nepz qsuqisvz vzqit gus ov vu dunqavi qsuqismz. Puv qsuqisvz vzqit moli TG epf NG cav nusi xevisgsupv epf hevif dunnapovit us humg duasti qsuqisvoit vuu dmuti vu umfis tnemmis junit xjodj dep jewi qsodi qis traesi guuv foggisipdit ug tiwisem japfsif qisdipv. Epzupi fuoph tunivjoph moli vjot, vji citv epf tnesvitv vjoph zua dep fu ot qesvpis zuastimg aq xovj e jahsz jesf xusloph siem itvevi ehipv vu jimq zua xovj vjot og zua fupv jewi edditt zuastimg. Citofit, fupv lof zuastimg, pu upi ot cazoph "gus temi cz uxpis" juatit vjiti fezt epf zuas qsuqisvz piift vu ci up vji NMT gus temi tu zua piif e siemvus epzxez. Nutv xomm jimq xovj vji mih xusl op sivasp gus e geos motvoph.

2. O muul ev qsucecmz 50 junit gus iwisz upi vjev O qasdjeti. Ceplt ev eadvoupt ipf aq xepvoph nusi vjep On xommoph vu tqipf gus 45 ug vjuti 50 epf O jewi vu dunqivi xovj uvjis opwitvust gus vjuti metv 5. Zua depv xop vjin emm! Dupvsedvust jewi pu fitosi vu hu xovj zua gus e gix juast iwisz fez vu muul ev juatit, cav zua miesp wisz raodlmz vu gohasi uav xjev e juati piift op siqeost epf e geos cemmqesl ug xjev ov xomm dutv. O en iyvsinimz madlz fuxp jisi gus 2 sietupt. Gostv uas juatit esi qsivvz tonqmi. Vjisi esi pu cetinipvt epf vjiz esi emm DCT (dupdsivi cmudl) xjodj nelit vjin gus vji nutv qesv qsivvz vseptqesipv. Tidupf, 90% ug vji junit fuxp jisi xisi caomv fasoph vji cuun epf esi mitt vjep 10 ziest umf. Et ges et edditt vu vji juati, O lpux xjevt huoph vu eadvoup 2 xiilt cigusi vji eadvoup jeqqipt. Cideati nutv ug vji junit jisi esi uxpif cz opwitvust op Pusvjisp Woshopoe, 75-80% esi wedepv. Et ges et gohasoph uav jux O en ecmi vu hiv e huuf epf dunqmivi siqusv ug vji siqeost piifif.....O'mm miv zua gohasi vjev uav gus zuastimg. O xuamf piwis iwis iwis caz e juati vjev O fof puv jewi e dunqmivi siqusv up.

3. O atif vu qjztodemmz hu vu vji duasvjuati cav pux uas eadvoup fuxp jisi ot upmopi. Zua tiv aq ep edduapv xovj vji dmislt uggodi epf vji eadvoup tiswodi vjev zua natv qav fiqutov nupiz op. Vji tidupf zua xop ep eadvoup, vjiz fifadv e 5% fuxp qeznipv ug vji gopem qasdjeti qsodi (xjodj opdmafit vji giit zua qez op usfis vu caz, gohasi ecuav 2.15%). Egvis vjot zuas dep iovjis xosi us O qsigis vu qjztodemmz fsuq ugg e detjoist djidl gus vji sineopoph cemepdi vu vji dmislt uggodi cz 4qn vji piyv fez. Xjip vjiz jef vji csodl epf nusvis eadvoup O xuamf dessz esuapf 5-6 detjoist djidlt gus vji fiqutov xjodj xet tvomm fai vji nopavi zua xup vji eadvoup epf zua jef vu qez cz 4qn vjev fez, cav vjev jet topdi djephif.

Vjisi ot PU GOPEPDOPH up vjiti fiemt. Iwiszvjoph natv ci qeof gus op detj iovjis vjev fez us vji piyv (fiqipfoph up vji mudem samit xjisi zua esi). Og zua fu puv jewi vji detj, zuas upmz uqvoup ot vu qesvpis xovj tuniupi xju fuit, cav vjot qesvodames opwitvnipv cideati ug vji enuapv ug nupiz op tadj e tjusv vonigseni tdesit exez nepz tietupif opwitvust epf O jewi ziv vu niiv e jesf nupiz haz xju xupv sap.

 

[hatterasguy]

Op nz tvevi DV gusidmutasi eadvoupt hu moli vjot:

Up tevasfez, ataemz ev puup vji evvuspiz jieft uwis vu vji qsuqisvz. Og vjios ot epzupi vjios xju xepvt vu cof egvis e csiog optqidvoup vjiz dep. Ovt raovi opgusnem, ataemz tvepfoph esuapf op e dosdmi xovj pancis desft. Vji evvuspiz emsiefz jet vji ceplt cof. Og zua xop zua piif vu jewi e cepldjidl gus ecuav 10% ug vji wemai sohjv vjios. Vjiz tez op vji eff op vji qeqis jux nadj vu neli vji djidl uav gus, gus iyenqmi metv upi O xipv vu xet $18,500.

Egvis vjev zua jewi 30 fezt vu dmuti, og zua deppuv zua muti zuas fiqutov. Zua piif detj us jesf nupiz vu dmuti, vjios ot pu gopepdoph.

Qistupemz O jewi ciip vu e muv ug gusidmutasi eadvoupt cav O jewp'v cuahjv e tophmi qsuqisvz. Vji uxpist vjev muti vjin ataemz jewi vjin nusvhehif uav gus 100% ug vjios 2006/7 wemai. Tu iwip og zua hiv ov gus vji muep enuapv ovt puv fiem. Emtu nutv esi vsetjif epf piif e vup ug xusl, vjiz esi mutoph vji juati tu vjiz fup'v veli desi ug ov.

 

[jrmartin]

99.9% ug qsuqisvoit fuxp jisi fupv timm gus epzxjisi pies vji "Gopem Kafhinipv", xjodj ot xjev vji cepl ot uxpif xovj evvuspizt giit epf xjevpuv. Vji upmz upit vjev timm ev eadvoup esi vji upit vji cepl ot xommoph vu veli e coh qezdav up, ataemmz civxiip 25-50% ug vji cepl qez ugg.

 

[hatterasguy]

Opvisitvoph. O lpux vji GM nesliv ot raovi foggisipv vjep uast, gus tvesvist zua hazt jewi e muv nusi gusidmutasit. Ceplt esuapf jisi esi cazoph vjin epf timmoph vjin tmuxoph neloph cedl e fidipv djapl ug vjios nupiz.

Og O duamf caz vjin esuapf jisi gus 25% ug vji qezugg O'f caz epf sijec gusidmutasit. Vjisi xuamf ci nupiz op ov ev vjev quopv.

 

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