All Forum Posts by: Ben F.

Thanks Wayne. Makes sense. How about the lien holder? You did not mention them as a bidder at the auction. Is there a reason you have the lien holder presented as on standby during the bidding process at the auction?

Hello BP Members,

I am looking for advice on when to hire and initiate any attorney actions within the redemption period of an owned lien.

I have liens in Arizona and Florida.  All of them are nearly 1 year since purchase.  Florida has a 2 year redemption period and Arizona has a 3 year redemption period.

When should I initiate any actions from an attorney from these states?  I anticipate the attorney would begin reaching out to the owner before the redemption period ends?? After-all, at the point that the redemption period ends, there is no reconciliation time left. 

• Or do I wait until the full redemption is over and then deal directly with the county (by way of my attorney)?

Thanks for the advice! If you have references for attorneys in these states, please send them my way...

@Vic Iyer Interesting.  Thanks

Hello BP Members,

If anyone has a referral for a great CPA who can assist a real estate investor with a strategy for flipping properties, please send them my way.

Thanks in advance! 

So I was just informed of an important point.  Please chime in if you've experienced this or have heard different.

I had few properties on my watch-list to observe the bidding.  The properties all listed what the final bid was, but I noticed two different notes for properties with no reserve listed. What I noticed was there were several properties with a final bid listed, but some stated "For Sale - New Date Pending" while others (that also had no reserve listed) had a note stating "Under Contract". So I called in to ask about the variance between the two.

The representative then told me, ALL properties have a reserve. So then I asked why the reserve is not listed and if these bidders were successful. He said that all properties do not have the reserve listed due to whether the bank discloses it or not and no, these bidders were not successful. Note; that some bidders are successful, no reserve listed, and some bidders are not successful, no reserve listed.

So then I asked when do the bidders find out they weren't successful being that they would think they won, being the highest bidder on a listing with no reserve. He mentioned that they get an immediate email or alert that advises them.  Anyone experienced this and care to provide feedback? 

  - This appears to cause many bidders wasted time being that throughout the auction they think they are winning only to find out the surprise - there was a reserve and you didn't make it!

I told him that this was misleading and asked if that would ever change, suggesting all properties should show the reserve so people wouldn't think they won when they didn't.  He said it wouldn't change.

Just thought I'd pass this along in the thread and see if anyone has feedback related to this...

Great and well needed feedback @Scott Rogers

What state and county was the purchase in? It seems some counties are really efficient while others drag their heels, feet and legs lol

I still ask that if anyone submits feedback you include:

 - How long before you had the deed?

- Was it bank owned or a foreclosure?

- Were there any inaccuracies within photos/listing that surprised you later?

- Etc...

Thanks!  This is getting better and better as people chime in

@Derrick E. Auction.com advises to do a title search

Thanks @David Weintraub and @Vic Iyer.  Much appreciated.

@Vic Iyer - Great feedback.

  - If anyone else wants to chime in on your experience, please do so. 

  - How long before you had the deed? 

  - Was it bank owned or a foreclosure? 

  - Were there any inaccuracies within photos/listing that surprised you later? 

  - Etc...

@David Weintraub I know you mentioned if a property is on Auction.com it cannot be bidded on elsewhere which I agree with in regards to two auctions. However I've seen a property contingent on the MLS and also currently being bidded on on Auction.com. This is my question. Who gets the property, successful bidder on MLS buyer? Experienced this or knowledgeable?

Hello Fellow BP Members,

Anyone care to elaborate on their purchase experience through auction.com? 

My questions are regarding a successful bid and the turn time before full ownership, for foreclosure and bank owned. I want to know how long it took before you had the deed and could begin your strategy.

If a property is listed and contingent, and at the auction at the same time, who gets the property, successful bidder or interested MLS buyer? I've seen properties being bidded on while also under contract.

Any insight is helpful. Thanks!

@Basit Siddiqi Can you message me a number I can reach you at?