Scarlett Posted June 28, 2012 Share Posted June 28, 2012 Has anyone ever done this? We bid on a property that we want....it is bank owned and has gone to on line auction.... I am curious if anyone has had any experience with this. Quote Link to comment Share on other sites More sharing options...
Mama Geek Posted June 28, 2012 Share Posted June 28, 2012 I don't remember where you are, but when we were looking a little more than a year ago in FL they were playing games. They would put a house up for auction and then take it back down. There were 2 different houses that we would have been interested in, but over months they never made it up for the actual auction. I think they were waiting for high priced offers on it instead of it being a straight auction. We ended up buying a foreclosure. I hope you have good luck with it. Quote Link to comment Share on other sites More sharing options...
Scarlett Posted June 28, 2012 Author Share Posted June 28, 2012 I don't remember where you are, but when we were looking a little more than a year ago in FL they were playing games. They would put a house up for auction and then take it back down. There were 2 different houses that we would have been interested in, but over months they never made it up for the actual auction. I think they were waiting for high priced offers on it instead of it being a straight auction. We ended up buying a foreclosure. I hope you have good luck with it. This is in OK where we are looking to buy. This house has already been up for auction with no bids. It is a total fixer and we will only go so high......auction closes Sunday so I guess we will see if it is real or not. A realtor is helping me with it. Quote Link to comment Share on other sites More sharing options...
Wildcat Posted June 28, 2012 Share Posted June 28, 2012 (edited) . Edited January 6, 2023 by Wildcat Quote Link to comment Share on other sites More sharing options...
Scarlett Posted June 29, 2012 Author Share Posted June 29, 2012 Do you know that I had never heard of such a think until I saw an ad in my Sunday's paper for this very thing?? I hope you have the winning bid. :grouphug: It was kinda scary setting it all up...but we offered what we know the property is worth and it still didn't meet reserve. I know that means they CAN reject it, but I don't know if it means they MUST reject it. It has been on the market since January.....it needs soooo much work that it is only worth what WE offered to US because my dh can do all the work himself. As an investment I don't know if you could make any money. As long as no one else bids against us we are not raising our bid even if it doesn't meet reserve. Quote Link to comment Share on other sites More sharing options...
Scarlett Posted July 2, 2012 Author Share Posted July 2, 2012 Well, we got it. :) Someone began bidding against us....almost positive it was the auction house....as soon as it hit reserve they backed off and let us have it. We paid what we said we would in the very beginning....hope to close end of July....!!! Let the work begin! Quote Link to comment Share on other sites More sharing options...
Mama Geek Posted July 2, 2012 Share Posted July 2, 2012 Congrads! I am glad it worked out. We had a lot of fun picking out flooring, paint, appliances, etc. for the foreclosure we bought. There were lots of cosmetic problems that we have fixed and now it is a really nice place. Quote Link to comment Share on other sites More sharing options...
Momof3littles Posted July 2, 2012 Share Posted July 2, 2012 Interesting. We were just looking at a foreclosed farmhouse. There are old listings for it where it went to an online auction but didn't sell. Maybe the reserve wasn't met? I can't find the details. It is now listed for sale as a foreclosure...bank will not make repairs. It would need a serious inspection as I'm sure there are quite a few significant issues with it, but the price is good and leaves room for considerable repairs. Congratulations!!! Quote Link to comment Share on other sites More sharing options...
Scarlett Posted July 2, 2012 Author Share Posted July 2, 2012 Interesting. We were just looking at a foreclosed farmhouse. There are old listings for it where it went to an online auction but didn't sell. Maybe the reserve wasn't met? I can't find the details. It is now listed for sale as a foreclosure...bank will not make repairs. It would need a serious inspection as I'm sure there are quite a few significant issues with it, but the price is good and leaves room for considerable repairs. Congratulations!!! Thank you all! We are excited.... Momof3 if you guys are handy it is really a good way to get an affordable home. Quote Link to comment Share on other sites More sharing options...
Momof3littles Posted July 2, 2012 Share Posted July 2, 2012 Thank you all! We are excited.... Momof3 if you guys are handy it is really a good way to get an affordable home. Sounds awesome. DH is handy but in our case it will still be a lot of $$ to fix wiring and so forth. We just bought a house a year and a half ago, but we have been tossing around moving in the next 2-5 years to a farmhouse. We won't end up biting on this one, but we're watching the market a bit. The current house is great, but it is suburbia, and we're not sure we want to be here forever. Quote Link to comment Share on other sites More sharing options...
sbgrace Posted July 2, 2012 Share Posted July 2, 2012 (edited) oops...double post Edited July 2, 2012 by sbgrace Quote Link to comment Share on other sites More sharing options...
sbgrace Posted July 2, 2012 Share Posted July 2, 2012 Yay! Congratulations! When do you get possession? We're moving this week into a sheriff sale home. It has been a lot of work and some surpises but it was fun to pick out everything new basically and know you did the work yourself. Quote Link to comment Share on other sites More sharing options...
Guest Posted July 2, 2012 Share Posted July 2, 2012 That is the most bizarre thing I have heard of! Congratulations and all the best to you guys! Wow! Quote Link to comment Share on other sites More sharing options...
Tammyla Posted July 2, 2012 Share Posted July 2, 2012 Congratulations! I've never heard of on-line home autions. I may need to investigate;). Quote Link to comment Share on other sites More sharing options...
Happy Posted July 2, 2012 Share Posted July 2, 2012 Thank you all! We are excited.... Momof3 if you guys are handy it is really a good way to get an affordable home. Plus, 'rescuing' a house like this helps the entire neighborhood. Which helps the community, which helps the city...and so on. I'd love to see before photos! And after it's fixed up photos, of course! Congratulations! Quote Link to comment Share on other sites More sharing options...
Scarlett Posted July 2, 2012 Author Share Posted July 2, 2012 Yay! Congratulations! When do you get possession? We're moving this week into a sheriff sale home. It has been a lot of work and some surpises but it was fun to pick out everything new basically and know you did the work yourself. The paperwork that we just signed and emailed in (along with a wire transfer for the ernest money) says closing is on the 27th of July. Since it is a cash deal I see no reason it will be delayed. I think it will be fun! Looking forward to it. Quote Link to comment Share on other sites More sharing options...
Scarlett Posted July 2, 2012 Author Share Posted July 2, 2012 That is the most bizarre thing I have heard of! Congratulations and all the best to you guys! Wow! Seems weird to me too...I don't know if I was clear in my thread here but we DID see the house inside and out. I don't think I could ever buy a house on line sight unseen. When we first looked at it it was not on auction...we went to make an offer with an agent and she discovered it had gone to auction. Quote Link to comment Share on other sites More sharing options...
Tap Posted July 2, 2012 Share Posted July 2, 2012 :party: Quote Link to comment Share on other sites More sharing options...
Wildcat Posted July 4, 2012 Share Posted July 4, 2012 (edited) . Edited January 6, 2023 by Wildcat Quote Link to comment Share on other sites More sharing options...
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