All Forum Posts by: James McGovern

I would like to attract Virtual Wholesalers to focus on the Hartford Connecticut Market? No one seems to be doing much wholesaling. There is a lot of cash buyers not putting their money to work. How do you encourage virtual wholesalers to pay attention to this market? 

Wholesaling is not dead but I would say that not all parts of the United States have active, viable wholesalers. The Hartford Connecticut area could use a few good virtual wholesalers.

@Wayne Brooks For properties sold on auction.com there are not really an unlimited number of buyers as this mechanism requires heavy investment.

@Tchaka Owen I have found that some forms of title insurance when done by sellers can have problems. 

I have used public sources to ascertain who purchases properties in my area from auction.com. I would like to coordinate with these bidders to ensure that we are not competing with each other on bids so that we can get the best price. Is this illegal? 

I have been on auction.com for the last six months and thought I would share my experiences.

1. I continue to place the same bid for a property and always come out the high bidder however I don't ever cross the hidden reserve limit. This property gets continually relisted.

2. Many properties listed on auction.com attempt to spook investors by suggesting that inspecting a property is trespassing. I always contact law enforcement and let them know whenever I will be visiting lots of properties in their jurisdiction.

3. Auction.com is not very transparent. No way of knowing whether a property was relisted or if you come across a property that has ended what the winning bid was. 

4. Unlike an ebay, they do not show any information about who may be counterbidding against you.

5. Auction.com could make it easier by indicating whether your bid will get you free and clear title but they leave this information up to you to figure out. 

6. There is a lot of shill bidding on auction.com. Auction.com reserves the right to bid on behalf of their client so thread carefully and avoid bidding against yourself. 

7. Avoid purchasing title insurance via auction.com. Never use the sellers title company. There are lots of risk and no savings from this approach. 

8. Unlike an eBay auction that's over as soon as the initial time expires, Auction.com adds additional time to the clock when bids are placed in the closing seconds of the auction until there is no more bidding activity

9. it is the buyer's responsibility to potentially go through an eviction after winning the bid in many scenarios. 

@Stephanie Cabral When is the next meetup?

@Tom Wood 

I am an investor looking for properties in Bloomfield, Windsor, West Hartford, East Hartford, Wethersfield and Glastonbury. Always game to work with others.

@Sin Hang Lai or @Jason Richards Have either of you won a bid on auction.com? Was your attorney familiar or did they need to come up to speed? How would you describe the experience?

@Charlie Jarmon 

I have lots of cash available for investing. Would love to network with wholesalers who can bring me deals in Windsor, Bloomfield, East Hartford, Glastonbury, West Hartford and Wethersfield.