All Forum Posts by: Grace Shine

Thanks for the comment!

If it’s tenant occupied and cannot have interior access, how does one appraise the home? Is it the listing agent who appraises the home just by looking at the exterior?

are in person court auctions starting bid based on the mortgage owed?

@Minna Reid

The house I am interested in was foreclosed and had unpaid mortgage value of around 500k. It was on live court auction with a starting bid of 528k.

It didn't have any bidder and got reverted back to the beneficiary, the bank. Two months later, it is now on MLS as a REO with an agent, and it will have an online auction.

For this online auction, the Reserve price is not disclosed.

In this case, would the reserve price be lower than 528k? This time, there is a 5 percent buyer’s premium that needs to be paid to Auction.com (doesn’t go to the bank) and the bank provides realtors’ commission (2.5 to buyer’s agent and another 2.5 percent to seller’s agent).

Or because of the realtor’s commission that the bank needs to pay, would the reserve price be higher than 528k?

I’d appreciate any comments! 

This REO home that I am interested in is an upscale home. The market price I'd say is around 700k and the average home here is around 350k. I am looking to purchase as my primary home not an investment home.

According to neighbor, the house was under only husband’s name. The husband left the wife a few years ago and stopped paying the mortgage since then I am assuming. The neighbor said that she is planning to move out in April. 

The seller agent, however, said that the bank failed to evict her as she didn’t agree with the amount the bank offered her.

The neighbor also mentioned that the wife is getting help from her lawyer friend- not sure what she is getting help on? Perhaps regaining home? (Not even sure you can do this in IL) Suing her husband? Not sure..

There is no liens; however, I bet the owner won’t pay 2021, 2022 property taxes, which will be around $33,000.

The home was up for auction at the county court couple months ago and the starting bid was $528k and it was reverted back to the bank as there was no bidders.

It will go on online auction soon.  would going up to 500k be a good idea? There will be a 5 percent premium that winning bidder needs to pay (=25k), unpaid property taxes for this year and last year (=33k), eviction attorney cost (=2k), cash in hopes of keys (=2500 to 20k??) repairs (50k-100k). 

As there is no interior pictures found anywhere (owner built the home), I was hoping to knock on the door with some cash and ask for a very quick tour of the home. Any suggestions on how I should word it? 

Please let me know if you have any other advice on this property. 

Thank you in advance!