Does Anyone Attend Foreclosure Auctions In Louisville (JeffComm)

Question

So I came across Jeffcomm.org which is a website that lists the foreclosures for auctions. They meet once a month on Tuesdays I believe and auction houses. I was considering going this coming Tuesday or next month and thought it might be good to know someone before going or learn as much as i can about it. So does anyone in the Louisville Ky go to these, or has been there? I'd love to hear about it.

JamesWillie Bacon · Answer

so stay away form the auction, look on mls?

Major Robertson · Answer

Thanks for all that great information! I saw the "does not bring two-thirds (2/3) of its appraised value" somewhere and made me a little concerned. I doubt it would happen much but it's still an unnecessary worry.

So I'm guessing a FHA 203k loan would not work in this situation?

Clay Smith · Answer

Familiarize yourself with this law before going.

426.530 Right of redemption -- Manner of redeeming -- Purchaser to receive writ

of possession and deed.

(1) If real property sold in pursuance of a judgment or order of a court, other than an

execution, does not bring two-thirds (2/3) of its appraised value, the defendant and

his or her representatives may redeem it within six (6) months from the day of sale,

by paying the original purchase money and ten percent (10%) per annum interest

thereon, and any reasonable costs incurred by the purchaser after the sale for

maintenance or repair of the property, including but not limited to utility expenses,

insurance, association fees, taxes, and the costs to conform the property to the

minimum standards of:

(a) The local nuisance code as defined in KRS 82.700; and

(b) Local ordinances as defined in KRS 65.8805.

(2) The defendant shall pay the redemption money to the clerk of the court in which the

judgment was rendered or the order of sale was made. Upon payment by the

defendant, the master commissioner shall convey the real property to the defendant.

(3) When the right of redemption exists, the purchaser shall receive an immediate writ

of possession and a deed containing a lien in favor of the defendant, reflecting the

defendant's right to redeem during the statutory period.

Effective: July 15, 2014

History: Amended 2014 Ky. Acts ch. 107, sec. 1, effective July 15, 2014. -- Amended

1982 Ky. Acts ch. 216, sec. 1, effective July 15, 1982. -- Recodified 1942 Ky. Acts

ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 2364.

Clay Smith · Answer

This can meet a fee things.

• Wholesale deals
• Network deals
• MLS day 1 or 2 offer accepted, then negotiate through inspection
• Off market sales.

Glen Nash · Answer

Hey Major. like Clay said it is worth a trip just to see what its like, fun experience if nothing else. You can find good deals if your willing to put the time in. It is also site unseen. In most cases you can not see the inside of a property before you by it. Scary to some, fun for others. You will need to place 1K to 5K down, most bring cash. I have found it a great place to do research, you know what things are selling to investors for. I can then look at non foreclosure to find just as good or better deal plus I can see then inside and run the numbers.

If  have time to research, drive to each property you're interested in and wait for months for the right deal that no one is bidding up you can get 50% or more off but like Clay said, that takes a lot of time. Last time I went was 3 weeks ago - big day 150 sales but there were 250 people in the room - it was crazy.

Major Robertson · Answer

Okay thanks that's good to know. What do you mean by having deals monopolized? Do you mean from lead gens or wholesalers?

Clay Smith · Answer

I have been a couple of times. It is an interesting experience to go once and see the action. As a part time investor I don't care to research a property and then enter a bidding war. Feel like you have to spend a lot of time and have enough money to be flexible.

I prefer my deals monopolized to help save me time. IF I had more time I would go.