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Updated about 10 years ago on . Most recent reply
Do you have an auction horror story?
I've purchased a few houses via auction. One was with the infamous Hubzu and I wasn't able to get inside until after I'd purchased it. Someone had beaten up all the walls and the carpets were soaked in urine. It ended up still being a great deal, but it was kind of a reckless purchase.
I generally avoid quit claim deeds, but even warranty deeds scare me. With some auction sites, if you back out you lose your deposit, which can be $2500 or more. What if the auction closes, you're the high bidder, and then someone runs and records a lien right before you close? That's always been my greatest fear. I guess some people must consider running numerous title searches for houses they don't close on as just a cost of doing business.
Do you have an auction horror story?
Most Popular Reply
I'm not sure I'd agree that HUBZU is really an auction. But ill answer assuming we're talking about foreclosure auctions.
I purchased a really nice house half a mile out of town. Turns out it was never hooked to the grid. The cost of hooking it to the grid was more than I paid for the house.
Another time I bought a house at auction based on a walk around, but couldn't get in as it looked occupied. After I bought it and entered I found the deceased former owner decaying in bed.