Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I looked at the house they have for sale there and saw the terms online stating "while property is reported to be vacant, buyer is responsible for obtaining possession". That sounds tricky.
I went at another auction (in person, not online) and another auctioneer stated all titles and liens are clear and the bills for water and electric/gas won't be passed on to the new owner, but the tricky part that I didn't understand was the auctioneer mentioned the owner of the property being auctioned off isn't in this state (MD), and has about 48 hour redemption period or so. I believe the owner may have fled from some type of criminal prosecution.
Is this how auctions work? When the owner seem to have just abandoned and fled the property whether illegal activities were being operated within the property and that's how it gets confiscated and sold off at the auctions? How did the auctioneer obtain rights to the title? I'm confused about the real estate part but from what I understand same applies to vehicles where if you send it for a repair and you can't come up with payment within 30 days, the car shop can obtain the car and sell it. I wonder if the car isn't even paid off yet, who becomes responsible for that payment? How would the car dealership get their money? They could easily ruin the credit of the person that bought the car (or house) but how do they get their money if the car shop has the right to obtain the car to sell it off? Then again a new car most likely wouldn't end up in a car shop for repairs to begin with so I'd assume it's usually cars that are older and paid off and need repairs that end up in the car shop.
I did buy one from auction.com a few years ago. The "starting bid" was bull, no way you'ld ever get the place for even 4x that, but knowing exactly what it was really worth, it was still a decent buy. I had to wire funds for closing out-of-state, to a company I'd never heard of.. A few junk fees were tacked on, including a couple hundred for changing the locks.. Of course they installed a couple $6 lock sets for $250 in fees.. If I had been a retail buyer hoping to move in & live there the day after closing, I'd have been very disappointed - there were serious undisclosed defects in the house & I knew what I was buying & allowed for repairs, but a retail buyer could really get run-over in their deals. Unless you really know your stuff, I'd run..
I bought an investment condo in Dallas from auction.com about 6 years ago. I hated that I had to pay a premium of 5% over the sale price and buy my own title insurance. But it was a decent deal.
title insurance meaning if the insurance was not clean, you get your money back?
Regarding shill auctions; the live property auction I was at, there was a shady character that pulled up in a car and yelled out a higher price so it was countered with an even higher price. A $15K starting bid for a beat up crack house in Baltimore in a bad neighborhood was able to fetch $30K plus a 10% auctioneer fee ($3K). I thought it was a rip off. I wonder if I ever go to all their auctions if I ever see the same shady character again, that would an easy hint. Then again they could play it off as if they are just "investors" and "opportunists".
I was just there to watch my first auction experience. The auctioneers mentioned that the owner of the house is not in the state of MD, yet I wonder how the auctioneers got a hold of the house and title to sell it off? The owner may have fled on some criminal charges which is why?
Are shill auctions also common with the biggest auctioneers Williams and Williams?
When buying NOT from an auction, isn't the fee really just about 1%?
I tried to buy one, winning offer on line...and they couldn't close because of Les Penden (sic) on property for 7000 in unpaid hoa fees...Got my EMD back...wouldn't touch them with a barge pole. There are no remedies for their failure to perform; only yours.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
