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Updated over 10 years ago on . Most recent reply

Account Closed
  • Jacksonville, FL
1
Votes |
7
Posts

Homesearch Auction

Account Closed
  • Jacksonville, FL
Posted
BP, I'm looking at purchasing an REO going to action on Homesearch.com. It's a 4/4 duplex that will need some moderate rehab work done (about $37k), but it's on a pretty decent block. I'm confident in my ARV calculations, so I know what my MAO (including the 5% buyer's fee the auction site charges) will be however I'm unfamiliar with the auction process, and could use some guidance. The property will only come with a Special Warranty Deed. I'm working on getting my financing in order (FHA 203k), and was wondering if that will cause any major hang ups. Because there is no financing contingency, I need to make sure all my bases are 100% covered before I bid. Just from doing a basic search on the property appraiser's website, I see there are nuisance leans on the house. Should I go ahead and pay for a full title search before the auction? Finally, what should I expect from the bidding process? The house is listed on the MLS for $99k. Is what it's listed for typically the reserve price? Any advice would be appreciated. Thanks, Jordan

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