how to buy a house at the foreclosure auction courthouse steps
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- Опубликовано: 25 июн 2024
- Do you know how to buy a house at the foreclosure auction? Well today we're going to the courthouse steps to try to bid on a property to buy. Foreclosures are still on the rise because lenders must get rid of all the nonperforming loans they've been carrying for years. But since we never know the condition of these properties, we're going to drive by to see what it looks like from the exterior. You're in for a surprise as it looks like somebody kicked the back door in. After we view the property to see what repairs it may need, we'll then drive to the Courthouse and participate in the auction with the other investors. Will I win or lose? How much will it end up going for? Either way, let's have some fun while we're doing business.
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00:00- Intro
1:05 - What is the current value of this foreclosure property
1:50 - How do you know the foreclosure date and time- What is the original principal
2:45 - Let's go over the numbers on this property
4:50 - Let's walk around the property to see the repairs before we go to the courthouse for the auction
6:05 - Do we get to go inside foreclosures before the auction
9:25 - We're at the courthouse steps waiting for the foreclosing trustee
11:05 - This is the opening bid at the auction
14:09 - I made my first bid on the property
17:50 - Here's the final bid on the house
18:41 - Utility room w/ rodent problem
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The most important lesson here for newbies is to stick to the price that you're willing to pay or walk away. It hasn't happened to me. However, I've sold properties to emotional or undisciplined investors who lost money because they went against the data and overpayed. Also, if you're new, I'd suggest paying a home inspector to walk the property with you because there are very expensive issues like plumbing and foundation issues that can add $30k in unexpected costs. You need access to the inside and electrical for a full home inspection. However, a home inspector could give you some helpful feedback and arbitrary costs to help you make the most informed decision possible.
Man, you are looking at 100-125k to renovate this house. Good luck
As an "arbitrager" for almost 30 years - I can give this # 1. TIP
IF you are a long term ( involved constantly ) "arbitrager" - figure out a price that makes sense and never pay more - and walk away if someone else is unintelligent enough to be bidding more. There WILL be other "diamonds in the dirt" in the future. I personally do auction bids on only the "sky high" potential - meaning I am a "bottom of the barrel" bidder / buyer. Meaning I buy the pallets that go for $ 5-10-20. AND I love auctions that are not well attended - it is raining - cold etc . . and pallets have little understanding of even what is on it etc . .
I would love to get your information. If you’re interested in offering some guidance. Sounds like you really know your stuff
This was so great to watch! I loved the fact you showed from the beginning to the end.
If I had to guess they purchased so high because they are demolishing the entire house and building a new structure worth three or four times what they paid…I say this because I just lived through that twice on the right and left side of me. They bought the land on one side for $335,000 and built a home that sold for $1,715,000 The other home on the right was a partial demolition retaining the foundation and existing lower stone siding. The inside was gutted out and reconfigured. They added a new fabricated deck, roof and there was a pre-existing pool in the backyard. It is also a fenced in corner property. This home sold for $1,875,000 (Purchased by builder for $795,000) When I moved here the houses were worth $275,000…😱
That look like a tear down and start from scratch.
Bro, I really appreciate you letting us see this process. It helped me a lot. Im not ready for this game yet. Gotta stick with my duplex rental for now. Thank you my guy.
80k for the remodel seems a little optimistic, don't you think? Looking at this walk through, seems like it would be more than that with everything that needs to be replaced
Agree with others, this is not an 80 grand rehab. This house is full of problems and these are the houses you’re supposed to avoid.
Thank you for showing start to finished. I really learned from this!
Chris, You are the Man. Always great info.
Nice to see the process from beginning to end. Thanks for sharing 🙂
The buyer will never recoup the funds invested. I wouldn't offer nor more than $45,000 . Prices of homes are going to crash more than 50 percent.
I'm thinking it'll crash too. This economy is completely artificial.
The guy that offered a hundred thousand dollars was just there to jack the price up we need to get rid of these guys
He could've been a representative for the loan that was foreclosing, or represent another interested encumbrance that needed to not get wiped out.
Definitely a plant. 😐 When a bid goes from 65k to 100k in one bid, you know it's a rig. 😐🤨
Normally there is someone bidding on behalf of the lender. 1st, you better have cash and excellent credit. Due your due diligence about the city, community and just about everything you wouldn't expect.
Thank you for showing us this. This was extremely helpful.
As a contractor you are looking around 115-150k in renovation costs. Not sure what the other homes are selling for in there but you add your 50k to this it makes 50k. So to me the other homes in the area need to sell for well over 350-500k. I don’t see any money in this unless you plan on living here
Thank you for sharing this process
Great tips. Love your videos man
Great information!!! Thank you!
80K renovation costs seems extremely optimistic to me. I say expect about $120-130K
This was interesting. Thank you.
Thanks Sir.Great going to the court house.
Good info
This property looks like a $20,010.00 to me, nothing more.
You don't go to the auction and participate in a bidding war! You get the house before the auction;)))
Idk what these other investors are thinking 😂 no money here at all and the house most likely will cost close to $100k repair cost. By the time you're ready to sell after commission and closing cost, you'll end only having less than $40k profit? No way, I might as well make $$$ in wholesale.
Someone buy and hold
@@nneisler That's exactly right.. Hold it as a rental & refinance to pull all or some of your money out.
No disrespect to the uniformed commentators above but both of you don’t have a clue about real estate investing. I met a real estate investor through a friend and we struck up a friendship , I learned so much from him and I am so grateful for his wisdom. I went to a H.U.D. auction to purchase a couple rentals and I used his knowledge to get a leg up on the competition. I inspected several properties and found 4 that had the most potential for profit. The auction was a hilarious example of Caveat Emptor , there were several realtors who had no scruples whatsoever. I saw person after person overbidding for properties just because they were REPOs . Because I had done cost analysis, carrying costs, and loan fees I knew what was profitable and what wasn’t. This is a real story not the fantasy stuff that you hear all over the net. I saw properties that I scratched off my list due to massive repairs , these buyers pushed by realtors overbid on several properties. I saw 3 of them a several months later right back into the H.U.D. program , I purchased one of them for 30 k less than what it sold for at the auction
U wholesale??? OP
That house has broken asbestos shingle siding which can be expensive to remediate and replace. I would run like hell from this one.
Great video!
Glad to have you on this crazy ride. Things get really crazy around here...👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
That’s a tear down.
Still in person auctions?
All online here in northeast Florida.
But I wouldn’t be buying now in mid 2024! Wait!
hate that guy that ran it up to 100k in the beginning lol
📌 To the Wholesalers: buyers at auctions are some the best ..
A ) oftentimes they will pay a little more than other investors
B ) they make snap decisions quickly
C ) they close quick
D ) sometimes they may even buy your deal from pictures alone ..sight unseen .. because with auction properties they don't get to see them
Hope this helps!
Wow! It will be interesting to see what they sell it for after rehab.
They may not be buying it to flip. They can do a smaller renovation and turn it into a rental and still have equity. Also if they are a realtor they don't have to pay that side of the closing costs
I think the house have been bulldozed and built new. I mean I could build that house brand new for close to $80.000.
I agree. Maximum price no more than 50. If banks really are crashing then people wanting to buy this after the remodel may not be able to get financing.
love it
Those must’ve been newbies because that damn auctioneer had those plants in there running the bed up and that place was not worth $200,000 and it definitely won’t sell for 325,000
Wow!!!! Come on!! 200k??!!!! H no!!
$210k is crazy... You have to stick with your numbers
I would like to see the face of the buyer when he sees the inside of the house. I don’t care for auctions, people overpay. This person can only rent it out if they want to have some equity; they will have to use their money or at least some of their money for the renovation. Not a good deal.👎🏽
Crazy the price difference between cities. In my town that place is 120k max. Arv would be 220 to 230.
Hi. Could it be that they will demo and start from scratch instead of flipping?
Hi so was your cashier checks from investors or your own personal funds ?
The 100000 is his buddy
$200k?? Only if you were a carpenter who moved in and remodeled it yourself. Even then, that trap house was busted.
Don't work like that in Erie county lol Buffalo NY. Appreciate the information
Ok, tell us the difference in ur county? Sounds interesting??👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
Asbestos siding on the backside. Could be a pretty penny if you remove. I’d side over it but still expensive.
Good point, we usually go right over it not to disturb it. either way, costs have gone up so high, we have to build in all that on the buy. Which I have no IDEA how the buyer will do. BUT, he may be keeping it. 👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
Be prepared for asbestos and lead paint removal. Some municipalities already know it's there and require expensive licensed removal.
the buyer of this property at that price will certainly regret it, his capital and time is all tied up and hopefully he breaks even after only 6 months. but that was a learning lesson for him im sure, if this deal dosent break him. thanks for the content.
you know, these guys keep buying, and I see them continue to move fwd. They must be doing something other than reselling it. IF he's holding, then it doesn't matter what the price is. He'll get his money back over time. That is a strategy that I can NOT afford to do at this moment. Thx for checking me out!!👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
Not for me either, I put up all the cash for the reno so I need it back ASAP. But these cabins here in Gatlinburg do well on the over night rental market until it sells. They are rented about everyday.
Kris, would you prefer buying properties at auction or trying to find off market opportunities? Which is better???
75,000
The lender always bids the amount balance due on the mortgage to date, more than what it is worth.
Corps pay people to run up price. Be careful.
So I'm new to forclosures, How much money do you need to bring to auction? I was under the impression it was based on the bid.
this is a great Question for our QOTD, we'll do it next week. Thx for participating👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
Actually buying the land.
The auction guy is actually laughing inside at all of these guys bidding
You can smell that money.
Maybe he's looking to renov and move in... that's the only thing that would make sense on this one...
I’m not in the game but how I thought you had to pay in full at the auction. How did you pull up with only $20K ?
Great Q, this will be one of our QOTD for next week. Thx for your support. 👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
They not looking to flip they buying to hold and rent and using Hedgefund money 💰
No more than 120,000 remodeling is 50,000 $$
No way they will make any money on that home
Get that title to that truck it about 3k
What is your opinion on this question. A lot of properties are also listed on Zillow, and offer pictures and details on the interior of the house. I'm wondering how reliable the pictures and details are ?.
I know you are asking him. But in my personal opinion. Anything that you don't see yourself with your own eyes. Is sight unseen. I do not trust, I verify.
Never and I mean never go off internet pics, some of the realtors/sellers are real creative with hiding defects. I see it alot, you have to walk the property.
This is a bad refurbish. No bargain here, I personally would want to make more than 50, the 50 should be profit not one’s income,
More dollars than sense!!! 😂🤣
Absolutely disgusting. I would not have bid close to that.
Property values must be very high in Chesapeake, VA. Where I live, that house wouldn't come close to $100K. Everything needs redone...crazy.
Does the invester get the truck out front?????
This will be a good question for our QOTD this week. Thx for your input...👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
Sound so disgusted doing the estimates walking through the house 😂😂
That looks like asbestos siding that will cost extra to siding over it and a fortune to remove it.
$300K for that dumpy looking house???
You are Trespassing. 😊
Walk away 75000 n more
I don’t understand these homeowners, they would rather loose everything.
I’ve had to take a huge gulp of empathy doing this business.
This type of thinking and situations will cause us to lose our minds.
Even though I’m in therapy every week to deal with this stuff, it’s still bothering when I see my people suffer hard times.
This power structure got us all sick, in some sort of way
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They'll look at it like 210 k put 40k in 250k an bet they'll clear 300k.
$40K ???????😂😂😂😂😂
@@miskittt yup..some us took building trades..do some work your self and find sub contractors
@@miskittt you took the Time to type something negative 😂😂😂😂😂 i
@@miskittt 175 lol 300k property for 175 wat it sell for 40 k difference buddy should go buy properties in the hood you're laughing but The auction lol at him because he's not buying nothing bidding 1$ they don't even do that in Decatur Illinois the hood.lol
@@miskittt when buddy s off 40 k he wouldn't have went the 175 it he would have bidded it . flaky ass people wanna laugh at a idea 💡 but I'm laughing at u and Buddy bidded 1
I’ll never understand why people let their property go to crud. I fix most of what’s wrong . I call experts to fix replace major appliances. This house looks like a crack house. I wouldn’t buy this place for any amount of money. I can only imagine the smell.
Your talking and posing for the camera too much, just get right to it
*Why would anyone buy a house like that for $200,000 when you can buy a new house for the amount smh, that house isn’t for it, I was guessing it’s worth $45,000 at best*
Once it's fixed, it should be worth way more, probably based on the area. It will be probably close to 500K considering they put 100K into it on top of the bid.
Before I watched the whole video I knew there would be someone there trying to flex (usually an older dude) that just wants to prove he/she has the money. Those retirees out here spending that RV money. In North Carolina the 10 day upset bid period keeps these things resetting and going on for months even years because someone offers 2% over and it resets over and over and over
Ok.... NC...... I'm not quit sure who in the hell created that system. It's virtually impossible to run a biz based on that screwed up system. It needs an overhaul and the people are going to prob have to come together to change that. I do feel for you down there as I don't think I'd look at 4closures in NC.👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
@@krishaskins For sure man. You and I were in a VRA mastermind group together.