5 Thoughts on How do you buy foreclosed/probate homes at auction for incredibly cheap?
  1. Reply
    acermill
    November 15, 2011 at 10:08 pm

    You simply DON’T. Any lender which forecloses will have a representative at the auction bidding against others until a price sufficient to satisfy the lender is reached. If that price level is not attained, the lender will simply buy the property and resell it on its own.

    I realize that there is copious advertising relative to doing what you want to do, but it does not happen in reality.

  2. Reply
    Freeport77541
    November 15, 2011 at 10:33 pm

    it does not happen in real life like what your seeing on late night tv commercials. All the time the lender has someone there that will bid up to the outstanding balance so they can get clear title. I have seen a few cases here locally where so much greed ran in the crowd it was bid beyond what it was appraised for. But yet those same people most likely were not interested in the property when it was up on a short sale. Go figure the public and greed

  3. Reply
    Bubbles
    November 15, 2011 at 10:46 pm

    You perhaps could buy a home that is servery damaged- like that has been on fire for cash, then do major work to it and resell it. But anything else is impossible- the bank sell it’s for only a few thousand under the market price not that low. I did see some home in a auction that went for 10 grand which is pretty cheap because these homes were clean title and no dept owed on them. The guy did rentals- he fixed them up and rented them. He bought about 10 homes for around 10,000 and paid cash for them all. We purchased our home for 102,000 and it needs 50,000 in repairs and the house is worth about 200,000 if the markets stops dropping. So you figure you can get ahead by a small amount but not a land slide. Also we are fixing everything ourselves- or the repairs won’t be so cheap!

  4. Reply
    src50
    November 15, 2011 at 10:58 pm

    You don’t. Quit watching those scam TV commercials.

  5. Reply
    Vachel M
    November 15, 2011 at 11:34 pm

    Buying a new home can be daunting, even scary, especially if it’s your first home. There are numerous, lengthy home buying guides available, many of which are worth reading, but consider the following information as an opportunity to quickly familiarize yourself with the process. You should begin by conducting a real estate search. You can search a variety of areas, ranging anywhere from Jacksonville real estate to Denver real estate. You can even include within your search, parameters to feature foreclosed homes. The next step is to view the home in person. If you plan on buying it, you can place a bid and enter negotiations with the home’s current owner. Of course, buying a foreclosed home takes a different path. Once you’ve secured your bid and are ready to actually purchase the home, you must prepare for the closing. The closing is when you’ll sign all legal documents and pay the required down payment in order to receive the deed, signed over into your name. By this time, you must have your insurance in place and your down payment ready to go, or you will not be able to complete the closing and you might be required to purchase insurance from your financing institution…which is very expensive.

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