Anyone here have luck buying land/house from an Auction? (Asheville: foreclosure, insurance)

[dominicus]

There are several auctions online for houses and or land in NC and I was wondering if anyone has had any luck in that respect?

There looks to be good deals out there, but it may be that there are a ton of vultures ready to claw at everything that comes their way. Just wondering

[theoldnorthstate]

I do not know about auctions but I would never buy land in the mountains that I had not walked myself foot by foot.

things are not the way they seem.

[QuilterChick]

Originally Posted by dominicus

There are several auctions online for houses and or land in NC and I was wondering if anyone has had any luck in that respect?

There looks to be good deals out there, but it may be that there are a ton of vultures ready to claw at everything that comes their way. Just wondering

No way; the vultures are the ones trying to sell land online like snake oil salesmen. Always consult with an honest local surveyor to walk the land with you. They know what to look for simply by what is growing on it and under it, zoning etc., how much to pay for it, is it even buildable? Can you put a septic system on it, utilities, where to put a well. etc. Buying land is an entirely different ball of wax.

[CRock]

Many of those "vultures" you refer to are representing banks who want to unload foreclosed property. Be sure to do your "due diligence" on any purchase.

A friend in my town purchased a property online last year for $100,000! 8 bedrooms/7 bathrooms. She did an extensive remodel and is now the proprietor of a very busy B&B.

There are still deals to be had.

[dhanu86]

I noticed alot of land listed in these auctions remain available after the auction has occured. I think the homes are what people are interested in. I had good experience with a realtor after a couple bad ones who seem to prioritize buyers, i think its a good idea to contact down to earth realtors who sell that kind of thing n tell them to call if they have a listing like what you want.

[Sean_CLT]

I've bought a few properties at auction (not in Asheville) but it taught me some things about the NC foreclosure process.

The most important is that that auction is not final. In most states, the winning bid is the end of it. But in NC, the courthouse will accept "upset bids" for 5% more than the highest bid for ten days beyond the aution date. If somebody files an upset, then the auction is extended for another ten days.

When things finally settle down, you pay the balance of your bid (5% was needed initially). No lenders will help with this financing because you're buying the property without title insurance from the trustee of the auction. You need to have all the money lined up beforehand to close n the property.

Oh, are there still people living there?? Well - you get to knock on the door and introduce yourself as the new owner. Then persude them to leave. If they don't, you'll need to start a summary ejectment (eviction) and get the sherrif involved. He comes with a locksmith a month or two later and orders the occupants out.