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Old 11-24-2016, 02:56 PM
 
5,894 posts, read 6,860,895 times
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Absolute Real Estate Auction - Pittsburgh, PA

No reserve house auction.

Note, I know absolutely nothing about the property apart from the link but suspect it will sell cheaply
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Old 11-25-2016, 10:20 AM
 
Location: Pittsburgh
1,491 posts, read 1,453,053 times
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those are typically cash transactions. they will not accept a mortgage contingency or any inspection contingencies. Probably not the right deal for him.

even if it went for basically nothing ( which it wont, probably 40k+ at bare min), it still requires 8k up front and full amount within 5-10 days for most auction houses.

But, yeah that looks like a decent place and if you have 50k laying around and are in the market, it would be worth attending.
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Old 11-25-2016, 10:29 AM
 
3,592 posts, read 3,371,157 times
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Quote:
Originally Posted by jea6321 View Post
those are typically cash transactions. they will not accept a mortgage contingency or any inspection contingencies. Probably not the right deal for him.

even if it went for basically nothing ( which it wont, probably 40k+ at bare min), it still requires 8k up front and full amount within 5-10 days for most auction houses.

But, yeah that looks like a decent place and if you have 50k laying around and are in the market, it would be worth attending.
Would the buyer also be responsible for any money owed on the house, or do you think the clear the title in foreclosure.
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Old 11-25-2016, 10:29 AM
 
Location: Downtown Cranberry Twp.
41,018 posts, read 18,106,486 times
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It requires $4k day of auction and 30 days to settle. Anyone seriously interested in auction properties that don't have the cash up front set up financing ahead of time.
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Old 11-25-2016, 10:31 AM
 
Location: Downtown Cranberry Twp.
41,018 posts, read 18,106,486 times
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Quote:
Originally Posted by guy2073 View Post
Would the buyer also be responsible for any money owed on the house, or do you think the clear the title in foreclosure.
They have to announce and guarantee clear title or any liens on the property ahead of time.
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Old 11-25-2016, 11:18 AM
 
Location: Pittsburgh
1,491 posts, read 1,453,053 times
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Quote:
Originally Posted by erieguy View Post
It requires $4k day of auction and 30 days to settle. Anyone seriously interested in auction properties that don't have the cash up front set up financing ahead of time.
4k min, plus a 4k BS fee for buyer. So its actually 8k min up front.

most people buying at auctions typically have lines of credit established so they can just buy, rehab, rent/sell and if renting it, then refi to pay off the loc with a more favorable loan on the property.
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Old 11-25-2016, 11:18 AM
 
Location: North Oakland
9,150 posts, read 10,858,950 times
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I saw something SCR would love today, too. They're putting up an Arby's at Baum and Cypress.
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Old 11-25-2016, 03:35 PM
 
Location: Kittanning
4,692 posts, read 9,010,340 times
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I think SCR would be smart to start with something like this for his first home: 1 bedroom house


After living there a few years, and saving a bunch of money, he could move up to a historic home in the city. I definitely had to compromise on my first house, although it was cute. I think that little cottage in Penn Hills could be darling. Here's the street view. It's assessed at less than 10k, so taxes would be nothing. Also, utilities would be very cheap. It looks like it doesn't even need any work. Talk about easy living.

Last edited by PreservationPioneer; 11-25-2016 at 03:45 PM..
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Old 11-25-2016, 03:57 PM
 
Location: Downtown Cranberry Twp.
41,018 posts, read 18,106,486 times
Reputation: 8528
Quote:
Originally Posted by jea6321 View Post
4k min, plus a 4k BS fee for buyer. So its actually 8k min up front.

most people buying at auctions typically have lines of credit established so they can just buy, rehab, rent/sell and if renting it, then refi to pay off the loc with a more favorable loan on the property.
The buyers premium isn't due until settlement and the reason for it is so the seller doesn't get charged anything for the auction. The auctioneer gets paid buy the sellers premium. It's one of many bargaining tools to get the auction.

Yes, many do have lines of credit and many people also buy at real estate auctions to live in the home. For those that don't have a line of credit or up front financing, they have 30 days to get it handled and if they don't then the deposit is lost. I've bought property at auction before. It's a quick and efficient way to get a property sold, especially if the auctioneer is also a real estate agent/broker. Not all auctioneers are.

Last edited by erieguy; 11-25-2016 at 04:09 PM..
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Old 11-26-2016, 12:15 PM
 
Location: Pittsburgh
3,298 posts, read 3,873,681 times
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Quote:
Originally Posted by PreservationPioneer View Post
I think SCR would be smart to start with something like this for his first home: 1 bedroom house


After living there a few years, and saving a bunch of money, he could move up to a historic home in the city. I definitely had to compromise on my first house, although it was cute. I think that little cottage in Penn Hills could be darling. Here's the street view. It's assessed at less than 10k, so taxes would be nothing. Also, utilities would be very cheap. It looks like it doesn't even need any work. Talk about easy living.

I personally love the homes in Penn Hills but the reality is the school district is in financial ruin which means taxes will go up in the future. The millage is already at 26.3. I sincerely hope they turn things around because the housing stock is wonderful, some of the best in the county.

Allegheny County Treasurer

Audit finds Penn Hills schools in financial crisis, suggests 'dereliction of duties,' case referred to DA

Audit Of Penn Hills School District Uncovers Debt Of $167 Million « CBS Pittsburgh
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