Selling A House

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10-21-2011, 11:59 AM

#11

SUZAG

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Join Date: Jul 2011

Location: Fowlerville, MI

Posts: 686

Sounds like houses owned by a bank...

10-21-2011, 12:57 PM

#12

hobbykat1955

Super Member

Join Date: Nov 2010

Location: Milton DE

Posts: 3,189

YUP...bank owned being Auctioned off...See allot of that areas with allot of foreclosures...in hard hit areas

10-21-2011, 03:38 PM

#13

Painiacs

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Join Date: Sep 2010

Location: Upper Michigan

Posts: 8,248

So sad!

10-21-2011, 03:43 PM

#14

plainpat

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Thread Starter

Join Date: Jan 2009

Location: Mid-West

Posts: 3,838

Thanks for the info. Think he needs to talk with a realtor.Hope he can wade thru it. Buying property can be a long process these days.

10-21-2011, 03:51 PM

#15

lovestosew

Junior Member

Join Date: Jan 2011

Location: Orland Park, IL

Posts: 151

Quote:

Originally Posted by mamahippychicky

We have a lot of houses selling here by Deadline Sale. You have to have all offers in by the deadline, and the seller than chooses the best one.

Same here. They try to get all the offers they can by a deadline, and then make a decision. They are not bank owned or short sales.

10-21-2011, 03:54 PM

#16

miriam

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Join Date: Mar 2011

Location: Somewhere

Posts: 15,507

We have bought some that way. The last one was a house from the tax sale. It was valued at 85,000 and we paid a VERY small fraction. You can see pics on my blog below.

10-21-2011, 04:08 PM

#17

plainpat

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Thread Starter

Join Date: Jan 2009

Location: Mid-West

Posts: 3,838

Must be same as what we're seeing here. Just seems odd to adv at whatever price, then 2 days later it'll say to submit bids.

Quote:

Originally Posted by lovestosew

Quote:

Originally Posted by mamahippychicky

We have a lot of houses selling here by Deadline Sale. You have to have all offers in by the deadline, and the seller than chooses the best one.

Same here. They try to get all the offers they can by a deadline, and then make a decision. They are not bank owned or short sales.

10-22-2011, 04:52 AM

#18

QuilterChick

Junior Member

Join Date: Nov 2010

Location: Lake Suzy FL

Posts: 224

Quote:

Originally Posted by plainpat

I've been seeing houses for sale, adv on line or in the newspaper.It gives basic info,along with a few pics.
Then a few days later it says have your best bid in by 5pm today.You don't see that property again,so have no idea what it sold for.This just something new to us,never saw property sold in that way.
They are not re pos...or at least,not mentioned in the adv.Does anyone know what this is called? Want to find out for a friends DS who will be looking to buy 1st house in the Spring.

Pat, those are auctions. Possibly homes that have been for sale with no serious offers; then the owners simply tell the agent or an auction co. to advertise for the highest bid. When your friends get ready to look around, it is important to get an experienced Realtor as their buyer's agent to help them through the current maze of buying and selling in this economy. The Realtor will give them accurate information on sale prices and what to pay, and a buyer's agent represents the buyer only.

10-22-2011, 06:39 AM

#19

Zephyr

Senior Member

Join Date: Sep 2009

Location: Dothan, Alabama

Posts: 914

We re-do older homes and most often buy them through auction sites on the internet. If he is looking to buy in the Spring he needs to go to a bank or loan office and get prequalified. Then he needs to find a good Realtor. Shop ahead of time and learn your own market, they are all different.
We have a house for sale that qualifies to go with any loan program....however, we must have a buyer who qualifies to buy. Restrictions have changed.

10-22-2011, 07:18 AM

#20

maryann in Indiana

Member

Join Date: Oct 2009

Location: Valparaiso, Indiana

Posts: 22

I am a realtor at Keller Williams in Northwest Indiana and what you have described sounds like a Sheriff Auction which the bank arranges after the house has been on the market as a short sale. If no one buys the house at the auction, the bank gets it back, puts it through the foreclosure process cleaning up the title of liens and judgments, and then after 1-2 years, that property, which has been sitting vacant through summer heat and winter cold, is put back on the market as an REO...Real Estate Owned property. Please feel free to contact me personally and I can help you find a realtor in your state and answer any other questions you have...219 241-8220.