All Forum Posts by: Al Costner

We would love to find someone to help us navigate through the bidding process at auction.com, as we have significant cash to buy, but we have no experience and fear making a mistake. Are there any realtors who do this for a fee? I haven't been able to find any! You'd think someone out there would help people navigate auctions, no? Or is it really just a try-it-yourself thing?

Hey! So everyone has been so helpful so far about auction.com. I have one more question as we prepare to bid on our first property. The reserve price for this property is 120. It is disclosed. We are not willing to pay over 110. No one has bid on this property for over a year. If we come in at 110 and no one else bids (which they most likely won't), will auction.com skip over us since the reserve had been disclosed and we failed to meet it? Has anyone had experience with this?

Thank you!

It says this

• Buyer may receive a Special Warranty Deed or equivalent if buyer is able to purchase title insurance without delaying the closing (title fees typically cost between $500 and $1,500 and are based on the purchase price of the property). If buyer does not purchase title insurance, buyer will receive a Quitclaim Deed or equivalent, with no express or implied warranties of title 

So I assume as long as we get title insurance, we're good? It is REO, bank owned

Thank you

Thank you, Aaron for shedding some light! I guess it would make sense that it's not a blank check. Wouldn't that be nice, haha

Thank you so much for your response! We will make sure to follow the advice. 

Hey, y'all. So we are planning to buy a foreclosure within the next week from auction.com, and I have been extremely confused regarding title insurance. We plan to purchase title insurance and use our own title company--as has been recommended on bp. 

Here's where I'm confused: I've seen people saying they perform a title search and even pay a title company PRIOR to bidding. I don't get why this helps--if you get title insurance AFTER bidding, won't the title insurance still cover all the leans/unpaid taxes? So why would you want to get insurance beforehand?

Thanks so much! We are nervous right now--first foreclosure 

My husband and I are looking to buy our first foreclosure with cash from auction.com. The property is 285000 as a reserve, but we are hoping we can get it for 270k since no one has bid on it in the last year (fingers crossed?) I know that sounds high, but these houses new sell for upwards of 360k, so we are hoping it's worth the investment.

We have studied the info on auction.com and know that our 5% earnest money will need to be wired to the bank soon afterwards if we get accepted. However, say that the home inspection reveals significant issues with the plumbing or whatnot. Can we get that earnest money back from the bank? Is that something we work out with them ahead of time?