Florida foreclosure results-today

[Rich Weese]

I was involved in my first foreclosure sale in FL today. I had identified 2 properties I was interested. One expensive and 1 cheap. The expensive one was pulled . The other went for way more than I'd want to pay for it. Here is what I learned.
1. Its completely online! I sat in my lazyboy for the entire auction
2. Lenders are stupid or dumb as dirt.
3. Lenders are crooks. They post a maximum bid online and then bid $100. No one bids. They get poperty in an "open" auction and now may sell for any price and go for a possiible deficiency judgement.
4. Buyers are stupid. Unless there were a lot of potential owner/users bidding, they'll never make a profit.
5. There are always a few diamonds in the rough.
6. I'm hooked again on foreclosure sales. Now, I just need a full team.

Are your states doing this online? This just started here in FL. Much more casual and no intimidation possible because you don't know who you're bidding against. It was fun. Rich

[Mark N.A]

NC is about ten years behind FL so we're still doing it the old-fashioned way -- on the courthouse steps.

Which can be advantageous. Case in point: six months ago I went to a foreclosure just for fun. Well it was RAINING and no one else showed up.

My lowwwww bid won but I had maybe $50 bucks with me. The very wet attorney then gave me a couple hours to bring a cashiers check to his office to close the deal.

So Rich, while you're sitting in your comfortable LaZboy I'm hoping for RAIN or SNOW to cut down on the competition!