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Does anyone know anything about real estate auctions (bankruptcy auctions)? Specifically, houses sold through Bankruptcy Auction?
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itsbabytime
LIF Adult
Member since 11/05 9644 total posts
Name:
Me
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Does anyone know anything about real estate auctions (bankruptcy auctions)? Specifically, houses sold through Bankruptcy Auction?
Anyone know anything about this? Do they usually sell for much less than FMV?
Message edited 4/19/2011 6:04:25 PM.
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Posted 4/19/11 11:24 AM  |
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bobby769
LIF Infant
Member since 7/10 253 total posts
Name:
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Re: Houses sold through Bankruptcy Auction?
I'm currently working w/ a RE investor on selling a distressed property.
We are considering a 3 or 4 day open house auction and he explained that the people who come to these auctions will probably bid at most 60% of FMV.
I'd be very surprised to see a BK Auction property sell for FMV or more.
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| Posted 4/19/11 4:46 PM |
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itsbabytime
LIF Adult
Member since 11/05 9644 total posts
Name:
Me
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Re: Houses sold through Bankruptcy Auction?
Posted by bobby769
I'm currently working w/ a RE investor on selling a distressed property.
We are considering a 3 or 4 day open house auction and he explained that the people who come to these auctions will probably bid at most 60% of FMV.
I'd be very surprised to see a BK Auction property sell for FMV or more.
Thanks so much for the info. I received info on a real estate auction in which a house in the area I am looking to buy (a very nice house and location) will be auctioned off. There is an inspection opportunity prior to the auction. The thing is, it seems like the house is worth about $300,000 more than the upper limit of our price range. I am wondering if it is worth the time to go to the inspection and auction or if it is not realisic to expect that much of a discount. I know nothing about these things as I have never been to one before.
Message edited 4/19/2011 6:00:55 PM.
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| Posted 4/19/11 5:59 PM |
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itsbabytime
LIF Adult
Member since 11/05 9644 total posts
Name:
Me
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Re: Does anyone know anything about real estate auctions (bankruptcy auctions)? Specifically, houses sold through Bankruptcy Auction?
Bumping in case anyone else has any info!
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| Posted 5/8/11 9:41 PM |
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