Acantha Posted August 28, 2009 Share Posted August 28, 2009 I've been looking around at real estate and seeing all the forclosures/short sales/REO, etc... I know I've always heard about auctions, but I've never really looked into it. I've looked around online for info, but it all seems to be cluttered scams and such. Not sure what's real and what's just trying to get you to pay 20 bucks for crap. Would it just be a matter of getting a list from a county courthouse? Are any of those subscribtion web sites legit and worth it? Does anyone have experience with it? I'd like to start learning more about it, but I don't have a starting point. Link to comment Share on other sites More sharing options...
Beerball Posted August 28, 2009 Share Posted August 28, 2009 I'm assuming Honolulu? link Link to comment Share on other sites More sharing options...
Just Jack Posted August 28, 2009 Share Posted August 28, 2009 Watch the newspapers and your local goverment websites. For instance, here's my county website info on an upcoming auction.... ONONDAGA COUNTY DELINQUENT TAX AUCTION Link to comment Share on other sites More sharing options...
/dev/null Posted August 28, 2009 Share Posted August 28, 2009 Be careful about what you bid on The property may have additional liens placed against it which you may become responsible for. Also some properties are not vacated and you become responsible for the eviction process Link to comment Share on other sites More sharing options...
Acantha Posted August 28, 2009 Author Share Posted August 28, 2009 I'm assuming Honolulu? link Actually, no. I'll be moving early next year. Not even sure where yet (should find out for sure in a few days), but in the mean time I'm just trying to learn about the process. As Dev points out, I've heard there's pitfalls in the process and it can be complicated. I looked at foreclosure.com, but wasn't sure if it was worth the money. GovernmentAuctions.org seems to be a popular one. I think I'm going to look for some books on the subject, the internet is just too full of junk to make any sense of it. Link to comment Share on other sites More sharing options...
Acantha Posted August 28, 2009 Author Share Posted August 28, 2009 Watch the newspapers and your local goverment websites. For instance, here's my county website info on an upcoming auction.... ONONDAGA COUNTY DELINQUENT TAX AUCTION Thanks, I think that seems to be the safe route. I've been trying to navigate the .gov websites (IRS, Sheriffs, etc) the best I can to get info. Link to comment Share on other sites More sharing options...
Cynical Posted August 28, 2009 Share Posted August 28, 2009 I've been looking around at real estate and seeing all the forclosures/short sales/REO, etc... I know I've always heard about auctions, but I've never really looked into it. I've looked around online for info, but it all seems to be cluttered scams and such. Not sure what's real and what's just trying to get you to pay 20 bucks for crap. Would it just be a matter of getting a list from a county courthouse? Are any of those subscribtion web sites legit and worth it? Does anyone have experience with it? I'd like to start learning more about it, but I don't have a starting point. The right answer is: it all depends on where you plan on buying. Each state has different rules regarding foreclosures and their process. Check out this site for a summary of the rules regarding each state: Linky According to the site, Hawaii laws states the following: "The notice of intent to foreclose must be published once a week for three (3) successive weeks, the last publication to be not less than fourteen (14) days before the day of sale, in a newspaper having a general circulation in the county in which the mortgaged property is located." Also: "Said notice must state: 1) The date, time, and place of the public sale;..." Based on the above, the best place to gather information is the local papers. One other thing. Foreclosure auctions can be vastly different than tax auctions. As an example, in the state of GA, if a person buys a piece of property from a tax auction, the buyer does not "own" the property outright until a year has passed. For one year after the tax sale, the original owner has the right to buy back the property for the selling price + interest. Link to comment Share on other sites More sharing options...
Jim in Anchorage Posted August 28, 2009 Share Posted August 28, 2009 Good deals to be had, but in my experience auctions are cash only with no opportunity to inspect the property beforehand[unless you break in-cough] Link to comment Share on other sites More sharing options...
DC Tom Posted August 28, 2009 Share Posted August 28, 2009 I've been looking around at real estate and seeing all the forclosures/short sales/REO, etc... I know I've always heard about auctions, but I've never really looked into it. I've looked around online for info, but it all seems to be cluttered scams and such. Not sure what's real and what's just trying to get you to pay 20 bucks for crap. Would it just be a matter of getting a list from a county courthouse? Are any of those subscribtion web sites legit and worth it? Does anyone have experience with it? I'd like to start learning more about it, but I don't have a starting point. Generally, local newspapers (here, the county papers are much more likely to have them than the Washington Post or Times.) I've attended a few around here, at the height of the market, and tried to buy a couple of properties. They're mildly interesting, but the ones I attended, if you weren't an "insider" bidding, you weren't getting it (the people who bid at auctions regularly pretty much all know each other, and sort-of know who's going to go after and get what before the auction.) That's around here, of course - I have no idea what they're like where you are. /Dev/null's right about liens and such - but if you're conscientious and have the time, running the title work yourself isn't all that difficult. More than liens, you tend to find strange, stupid stuff - I've seen properties where the deeds have been misfiled or described the wrong properties, twenty year old deeds of trust (mortgages, basically) that haven't been released despite the house changing owners twice since, large lots subdivided into multiple units incorrectly. You also need to know what priority the liens are (US tax liens, for example, are senior to everything. Judgements generally come last). Plus...if you bid on a property, visually inspect it first, inside and out. I recall one property - a million dollar McMansion - a friend of mine and I looked at as an investment property. Someone had gone through the entire house and smashed all the drywall, broke all the plumbing lines, ripped out the electrical panel, and dug up the backyard (apparently the foreclosure was because of a very hostile divorce). A million dollar house at $600k sounds like a good deal, until you find out it'll cost you $300k to renovate it because someone trashed it. On the other hand, I know a woman who got a townhouse for $60k at a foreclosure auction; she fixed it up and turned around five years later and sold it for an easy $350k. So it can be done...you just have to be careful about it. Link to comment Share on other sites More sharing options...
Fan in San Diego Posted October 21, 2009 Share Posted October 21, 2009 there is a legit service I am aware of. www.taxsalelists.com they have a good education program to help you get started. Link to comment Share on other sites More sharing options...
WVUFootball29 Posted October 21, 2009 Share Posted October 21, 2009 I've been looking around at real estate and seeing all the forclosures/short sales/REO, etc... I know I've always heard about auctions, but I've never really looked into it. I've looked around online for info, but it all seems to be cluttered scams and such. Not sure what's real and what's just trying to get you to pay 20 bucks for crap. Would it just be a matter of getting a list from a county courthouse? Are any of those subscribtion web sites legit and worth it? Does anyone have experience with it? I'd like to start learning more about it, but I don't have a starting point. Faustus, this page has a link to a ton of federal auctions. Just pay close attention to what you bid on, and if you have the means, research the property thoroughly prior to bidding. http://www.ustreas.gov/auctions/ Link to comment Share on other sites More sharing options...
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