All Forum Posts by: Christopher Villa

This is great information. Thank you to everyone. When evaluating a distressed property, particularly those that are in pre-foreclosure, is it best to contact the trustee (if a date has been scheduled) or the owner? Which option gives you the best results in moving a potential sale along?

Thanks all for this great information! I've been spending my time around live auctions at the courthouses. Not sure if that's any different, but the local company I am working with is incentivized to guide you in the right direction and represent you at the auctions (they do get paid 3%), but it seems like we've covered a lot of Lynette E's scenarios should they arise. They even offer a pre-meeting the night before before you submit your bids. Again, haven't been the winning bidder yet, but attending one tomorrow again. Will keep everyone updated for sure...hopefully a smooth process. One thing I would recommend, though, is to connect with a trusted real estate agent to assess the ARV properly before you submit any bids. All companies are incentivized to raise this and Zillow is average at best to assess. Here I am giving advice....watch my progress before you take any of this to the bank :))

@James Barnes. I am still new to this, but around here, I've been very close to winning in a live auction and plan to attend another one this Friday. I really don't have an opinion on Auction.com other than what I articulated earlier. I will circle back with the results at this next live auction.

@Matt Berklacy. You will lose your $2500 if you bid and can't "perform". Not sure I know about county sites, but if that is the case, most of these probably go "live" at the courthouse. My comment was primarily about online auctions. 

Rene, where I live, these deals live in the $300K and up range, so most folks have a lender that covers 80-90% of the "cash" and you provide 10-20%. So, YES, it's likely financed on your end, but the seller will only take cash, not approve financing to pay them. The financing is with your lender.

Hi @ReneDoyle, I just went through the process. Typically, they ask for an earnest deposit of $2500 or so on your CC. You can keep it on there for future bids or ask for it back after the auction. Also, sometimes the seller requires a buyer's premium and this is added to your bid. You have 48 hours for proof of funds, but I recommend you get your pre-approval done from your lender (if you are using one) before you bid. Most folks do as these are cash transactions. Also, surprisingly (and because I was new to this), I noticed most of the action was in the last 5 minutes. Every time someone bids within the the last 2 minutes, they extend the bidding 2 more minutes. However, click the link that states "Bid history" and it will tell you if the seller is bidding it up. In my case, they were because the "Reserve" had not been met. The auction finally completed after 3 rounds of them doing this, but they have the option of taking the bid or not. My guess on mine was that they didn't. I will watch to see if I'm right on this. Hope this helps!

Thank you Sharon! 

Thank you, Kim. I have attended 2 so far and bid on a foreclosure just today, but lost the bid by $11K :(. Anyways, will keep in touch. Enjoy your weekend!

Hey, I am looking at some BO properties on Auction.com. Is anyone willing to share their experience with these type of properties? This one currently has an occupant.

Thank you, Nghe! In Seattle as well. Maybe we will connect soon.

Newbie here...do you need Title insurance when flipping a home? Further, any recommendations in the Seattle area? Thank you