All Forum Posts by: Sharday Moser

@Jack Sparrow It depends.  If you are bidding on a house being auctioned off by Auction.com the cashier's checks will made payable to the bidder. The terms may vary by County, but if you go to the webpage for the houses you are interested in bidding on that are listed on Auction.com, at the bottom of the webpage in Section 4. "Prepare for Auction" the terms of the payment and how to pay should be listed there. 

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $600,000
Cash invested: $680,000

We purchased a family compound with 5 houses on the property. One is our primary residence and the other 4 are used as rental properties. All 4 houses needed to be renovated. Three of the rental houses were purchased for $95K each and one was purchased for $320K. Two out of the four have been renovated and are currently rented.  The houses surround a lake.

What made you interested in investing in this type of deal?

We needed a larger home for our family, that would be functional for multi-generational living with our kids and our parents.

This is our forever home family compound, so we have no intention to sell and hope to continue improving and creating new streams of income from the property.

How did you find this deal and how did you negotiate it?

I found it on the MLS. I am a Real Estate Agent so I negotiated the deal myself. We purchased three of the homes with seller financing, one was a conventional loan, and our primary was purchased with a VA loan. I negotiated $350K off the list price. Our primary appraised for $100K higher than the purchase price, the rental on the conventional loan appraised for somewhere between $20-40K higher than the purchase price. The other homes were seller financed. PP: $280K, ARV $900K

How did you finance this deal?

VA, Conventional, Seller Financing

How did you add value to the deal?

Extensive Renovations

What was the outcome?

We are still working on the final two rental property renovations

House 1: Purchased for $95K, we put about $50K into it, it's currently rented for $2500/month
House 2: Purchased for $95K, we put about $80K into it, it's currently rented for $3500/month
House 3: Almost ready; Purchased for $95K, ARV $300K, Rental estimate - $3500-4000/Month
House 4: Rehab phase: Purchased for $320K, ARV $550K, Rental Estimate - $6000/Month

Lessons learned? Challenges?

The homes are on septic. In order to subdivide the homes to be able to get a conventional loan we would need to connect the houses to public sewer which is likely to cost $$$. Subdividing may not be an option.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, I represented myself in this transaction as my real estate agent.

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $280,000
Cash invested: $580,000

We purchase a family compound with 5 houses on the property. One is our primary residence and the other 4 are used as rental properties. All 4 houses needed to be renovated. Three of the rental houses were purchased for $95K each and one was purchased for $320K. Two out of the four have been renovated and are currently rented.

House 1: Before purchase the tenant was paying $900/month. We purchased for $95K, we put about $50K into it, it's currently rented for $2500/month
House 2: We purchased for $95K, we put about $80K into it, it's currently rented for $3500/month

Currently working on finishing the rehabs for the remaining two houses.

This is our forever home family compound, so we have no intention to sell and hope to continue improving and creating new streams of income from the property.

What made you interested in investing in this type of deal?

We need a larger home for our family, that would be functional for multi-generational living with our kids and our parents living with us.

How did you find this deal and how did you negotiate it?

I found it on the MLS. I am a Real Estate Agent so I negotiated the deal myself. We purchased three of the homes with seller financing, one was a conventional loan, and our Primary was purchased with a VA loan. I negitiated $350K off the list price. Our primary appraised for $100K higher than the purchase price, the rental on the conventional loan appraised for somewhere between $20-40K higher than the purchase price. The other homes were seller financed. PP: $280K, ARV $900K

How did you finance this deal?

VA, Conventional, Seller Financing

How did you add value to the deal?

Extensive Renovations

What was the outcome?

We are still working on the final two rental property renovations

Lessons learned? Challenges?

The homes are on septic. In order to subdivide the homes to be able to get a conventional loan we would need to connect the houses to public sewer which is likely to cost $$$. Subdividing may not be an option.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, I represented myself in this transaction as my real estate agent.

@Jack Sparrow I just reposted the video today. Let me know if you have any questions.

Here is the new link to the video. This was recorded in April 2020, but I reposted it today since my old account is no longer active.  Let me know if you have any questions.

Most of the information in this video is still relevant today, but a big change is that you no longer have to go to the auction in person.  Auction.com allows you to bid remotely, which is great because it allows you to bid on houses in multiple counties.  In order to bid remotely you would need to wire the funds to Auction.com's Escrow Office, and they have to be received by them prior to you being allowed to bid on homes.  

Buying a Foreclosure at the Gwinnett County Georgia Courthouse Auction 

@Sharday Moser @Joy Garcia

@Micah Redden Please disregard the request for the date/time. I was looking at the notification in the BP app, so the original post wasn’t showing up. I can see the date and time when I pull it up on the website. Thank you!

The final bid price varied depending on the property. At the auctions I attended the winning bid amounts varied from $80K-500K.  With multiple bidders bidding on the houses that were $400K+.  If I had to estimate I would say the winning bids we're maybe about 10% less than the market value of the homes, but that's just an estimate.  It really depends on the type of property, location, and condition of the house.

Hello everyone! I recently purchased a foreclosure at the Gwinnett County Auction. The homes are auctioned off by Auction.com on the first Tuesday of every month. I did a lot of research prior to moving forward with purchasing a home at the auction, but there was still some information that I was not aware of after I purchased the home. I posted a video detailing the process before and after purchasing the home. We purchased this foreclosure in December 2019.  Here is the link for the video describing the process.  Buying a Foreclosure at the Gwinnett County Courthouse Auction.  Hopefully this video can help someone else that is interested in buying a house through the courthouse auction.  The auction I attended was for Gwinnett County in Georgia, which includes Auburn, Lawrenceville, Berkeley Lake, Buford, Dacula, Duluth, Grayson, Lilburn, Loganville, Norcross, Peachtree Corners, Snellville, Sugar Hill, and Suwanee. I'm also a REALTOR in Atlanta. Let me know if you need any assistance.