Wasn't exactly sure, but there were a number of bids at the end that seemed to have come out of nowhere. It was for an out of state property that I wasn't at all interested in the house, just the land, so inspection wasn't so much of a concern (although the auction did have some photos of the property and the structure online).
Didn't win. Was a sealed auction. Interestingly, the winning bid turned out to be about $300 more than mine iirc. I believe I bid around $28,500 and the winning bid ended up being under $29,000. Coincidence?
I also went to auction to buy my current house. The only other buyer there turned out to be a friend of mine and so he backed out. The bank couldn't get a bidder present and at the last minute they cancelled the auction. Later I was offered the property and bought it in a short sale.
Anyway, what do you want to know? I've bought lots of things at auction, multiple vehicles, business equipment, etc. Maybe she you read closely the terms of the bid, as they add a premium. Also, you generally won't close through a title company so you need to research the property ownership carefully. This will often give up the tax or Len due, which is a core for bidding.
if there any additional liens on the premises -- like back taxes -- you have to add that to your cost calculations - so research that before you bid -- you are generally only bidding on the bank's interest
there is also alway extra work to do on the premises as folks that leave a house that goes into foreclosure do things to strip it of value -- these properties are generally distressed for more than one reason
almost all of them lose their appliances for instance - some folks do intentional damge to heating and plumbing/drainage systems
I had a friend try and get me to go in with him on an online home auction, but no opportunity to inspect it first, so I was too nervous.
I also went to auction to buy my current house. The only other buyer there turned out to be a friend of mine and so he backed out. The bank couldn't get a bidder present and at the last minute they cancelled the auction. Later I was offered the property and bought it in a short sale.
Anyway, what do you want to know? I've bought lots of things at auction, multiple vehicles, business equipment, etc. Maybe she you read closely the terms of the bid, as they add a premium. Also, you generally won't close through a title company so you need to research the property ownership carefully. This will often give up the tax or Len due, which is a core for bidding.
there is also alway extra work to do on the premises as folks that leave a house that goes into foreclosure do things to strip it of value -- these properties are generally distressed for more than one reason
almost all of them lose their appliances for instance - some folks do intentional damge to heating and plumbing/drainage systems