patrick.net

ptiemann says

Check out www.auction.com

They have the lowest opening bids, *AND* they offer free title reports. I don't like how they conduct their auctions, but I think it is the best place for a first time auction buyer.

Thanks! So, I assume the title report would help prevent a tragic situation as described in this article:
http://www.santacruzsentinel.com/localnews/ci_15573894

Nomograph says

Malkovich says

Where can I get in on this shit?

Go to a foreclosure auction.

Remember, you have to be willing to put up cash and purchase the property warts and all. Next, you have to oversee the remodeling. Looks like they put on new stucco, new windows, redid the interior, put up new fencing, new appliances, flooring, paint, mouldings, tile, so on and so on. There were almost certainly mechanical and plumbing upgrades as well.

From beginning to end there is a serious investment of time, money, and know-how. Almost seven months have elapses between purchase and listing, and the entire time invested will likely exceed one year when all is said and done.

This isn't something you can just dabble in and expect to be successful.

I am a pretty low-fi guy. I probably would have just slapped on some paint and moved in. I couldn't care less about granite or stainless steel. If there were some renovations needed I have plenty of friends who are experts in this area.

Not looking to dabble in anything. I already have a successful business. Just looking for my first house and would rather pay "wholesale" than "retail." That's it.

I understand your point though. Thanks.

I am with you brother...I just want a place for my family---apartment living is great if you are single or just married throw in kids and a dog----fuggedaboutit.....

I am seriously considering taking real estate classes at night in order to become a California licensed realtard so I can get access to these shady deals.....If I can purchase something like this before it hits the market and save $175K in the process--- the risk might be worth it.

Why buy retail if you can get it wholesale?

GameOver says

GameOver - thanks for the video. I also noted the below text in the terms and condition for auction.com. Sheesh - seems the entire process is heavily tilted against the little guy.

DapperDan says

I am seriously considering taking real estate classes at night

You can take the necessary classes online. The required classes to be a broker is generally pretty useful stuff anyway.

http://www.dre.ca.gov/exm_broker.html

if you already know it the class is easy and if you didn't know it, you're better off learning it

GameOver, how do you think a lot of these flippers get their properties? Insider information? Corruption? Collusion? What did you find out?

I can't believe a decent looking duplex, with a garage, a deck, in a halfway decent area, like the one I posted in the beginning of this article only sold for $105K.

One would assume that competing bids would drive the price up. I suppose there is always the possibility the inside was completely tore up. I wonder what the story was here.

Do you know who purchased the property for 105k?

EastCoastBubbleBoy says

Do you know who purchased the property for 105k?

Qais Maqdoor, know him?

GameOver says

http://www.squiresrealestate.com.au/index1.php?id=454

http://auction.lifetips.com/faq/105445/0/what-types-of-fraud-are-associated-with-real-estate-auctions/index.html

Google; "Real estate auction fraud", grab some popcorn, sit back & enjoy.

I can see the demand for housing very low with that crowded room they've got.

Malkovich says

Qais Maqdoor, know him?

Nope, but a quick google search indicates that he's a realtor in your area - which makes Gameover's "flopping" comment seem far more apropos.

I've been to a handful of auctions just to get a feel for how it all works. It's an experience, I'll say that much. Nomograph and APOCALYPSEFUCK give a pretty good overview on the process though.

One other thought - pay for info sites such as RealtyTrac.com
do some (but not all) of the legwork for you - for a price.

Malkovich says

Qais Maqdoor, know him?

Nope, but a quick google search indicates that he's a realtor in your area - which makes Gameover's "flopping" comment seem far more apropos.

I've been to a handful of auctions just to get a feel for how it all works. It's an experience, I'll say that much. Nomograph and APOCALYPSEFUCK give a pretty good overview on the process though.

One other thought - pay for info sites such as RealtyTrac.com
do some (but not all) of the legwork for you - for a price.

EastCoastBubbleBoy says

Malkovich says

Qais Maqdoor, know him?

I've been to a handful of auctions just to get a feel for how it all works. It's an experience, I'll say that much.

Yes, I imagine is it like the Cantina in Star Wars.

I went to the Auto Return car auctions with an acquaintance a few times. (For those who don't know, Auto Return is the company who tows illegally parked cars in SF. They auction off the cars that are not picked up.)

It was the dregs of society. Had to take a shower when I got home.

My acquaintance had brought some fresh-baked cookies for the auctioneers. When I gave him a puzzled look he told me how auctioneers will blatantly ignore people's bids if they chose to do so. (He was trying to get in good with them, hence the cookies).

GameOver and BubbleBoy (and anyone else):

If I want to investigate these auctions further is there any site or method that is the best overall in researching foreclosure auctions?

Is there something like a Redfin type of site that has filtering abilities and is all-inclusive of all foreclosures coming up for auction?

I've checked out a few of these foreclosure sites and they leave a lot to be desired (eg. can't filter for multi, etc).

Or is the newspaper classifieds the way to go?

My experience is that newspaper ads are tedious, unless you are reading all your local papers every day. If your local papers have classified and legal notice info on there websites, that makes it a bit easier.

Keep in mind that properties at county auction (at least in my area) are subject to all prior liens and encumbrances, so back taxes, second mortgages, etc. You'd be on the hook for if you were to "win" the property at auction.

EastCoastBubbleBoy says

Malkovich says

Qais Maqdoor, know him?

Nope, but a quick google search indicates that he's a realtor in your area - which makes Gameover's "flopping" comment seem far more apropos.

.

Not sure if I understand. According to the Caspio database on SFgate, the house was sold at a foreclosure auction (see screenshot below). Are you suggesting that it actually *wasn't* sold at a foreclosure auction?

foreclosureradar.com
its what the pros use

PockyClipsNow says

foreclosureradar.com

its what the pros use

I signed up with Foreclosureradar.com.

Does this site list ALL the foreclosures? It seems there are very few. See screenshot below. This is multis, $0-$200K.

ptiemann says

First there are less duplexes/ 4-plexes than SFR.
Second, an owner-occupied SFR does not generate income (and the vast majority of foreclosing properties are owner-occupied units). Or if the SFR is a rental, the rent often is not enough to cover the mortgage. Thus the default.

Prices of 4-plexes on the other side did not go through the roof as badly as SFRs did (less demand), and therefore, rental income often will cover the mortgage and other expenses.

Excellent points. Thank you.