What do the homes usally sell for at Auction

[indy]

Quick summary,

own 3 houses in cali, 2 investment 1 main home.

2 investements now in F/C with HELOC on one of them.

Main home is now 1 month late.

I owe 290k on 1st and 250k on second = 540k total

Current value of house is 300k

Filing ch 7 may 1st. I will have to let my main home F/C as paying 540k on a home worth 300k makes no sense.

I stil want to get the house back, but without the 2nd, so the only way now is to let the house go to sale at Auction and have someone i know try and buy it, let me rent it until I get qualifed after bk then i will buy it back from them. They already denied my HELOC mod.

At Auction about what would the asking price be?

I know that things will vary, but just wanted to get an idea so i can plan.

do they usally take the value of the 1st (287k) and start from there, or do they usally start with the value of (330k) and start from there, or do they try and get the (540k) to start or do they just start low like 200k or something.
I know that F/C are super cheap compared to other houses on the MLS, but with my F/C i will know what i am buying

as always thanks for the inputs.

[indy]

We also have 41k in CC

Our Total BK is 1.1 million

We really like our present home and want to keep it.

[relief13035]

I've been to tons of home auctions. The last one I attended, I saw million dollar houses sell for $200k. Granted, this is in California where foreclosed homes are everywhere.

Depending on who the auctioneer is, most homes do not have a starting bid. The crowd starts the bidding. The best auctions are REDC or Hudson & Marshall.

Also at the last one I went to a house in Barstow, CA sold for $16k - I about died. I paid more than that for my car. If you are the only one bidding on the house you could get a great price, but sometimes several people want the same house and the price keeps going up.

[indy]

I am going to have some go with me to the auction and try and bid on my own house in thier name.

I have a few people i could try asking. If I could get my own house back that i owed 540k on for less than 200k I will be estatic, i may go as high as 250k.

Is there any place on the web that you can see what the houses did sell for at auction.

So you think we have a shot huh?

I am in cali (central valley)

[relief13035]

Depends what state you are in?

[Brighterdays]

generally the first auction(bank foreclosure) is only about 15% to 20% off of appraised value. The bank in most cases buys the house back under one of their other corp names. Then they can expense the cleaning, repair and fees(agent and auction).

Tax sales are where the major deals come from. They may amend their procedure if foreclosures keep rising(and it seems like they will).

[indy]

i live in CA Central Valley,

How do you know what company is going to auction the house? Will i jsut get the notice on the door and then go to that address the notice at the date and time?

[indy]

15-20% of 320k puts the house at 250-280k

Still a decent deal hence I owed 540k

But the ? is can i get someone who would qualify for that loan.

[Brighterdays]

15-20% of 320k puts the house at 250-280k

Still a decent deal hence I owed 540k

But the ? is can i get someone who would qualify for that loan.

I guess its all relativity. In toledo ohio our median home prices are around 140k so 20k off isn't that big of a deal.

The foreclosures in our area are done through the sheriffs office. Beware, most banks won't let you buy your own house back. Some even check if the last names are the same. I was a mortgage broker for the last 8 years and have seen a lot of dejected people when they found that out the hard way.

[indy]

Ya i know they wont let me buy it back, that is why i would have someone buy it for me, then give them some money when i buy the house from them. Heck 10-20k cash would be cool with me. If I could get my home back for 250k vs 540k of what i owed.

hey who wants to earn 10-20k in a year or 2, if so IM me.

[Brighterdays]

Ya i know they wont let me buy it back, that is why i would have someone buy it for me, then give them some money when i buy the house from them. Heck 10-20k cash would be cool with me. If I could get my home back for 250k vs 540k of what i owed.

hey who wants to earn 10-20k in a year or 2, if so IM me.

Yeah, I dont think anybody here has the fico score to help you


40k isn't worth it to me to stay here in toledo. we are laying off 20% of our cops just to balance the budget. this pot hole infested cesspool can rot in hell. The unemployment rate is like 14% and getting worse. Of course Toledo is about 45 minutes south of detroit(the anus of the USA). I am going back to columbus. I figure 2 years after bk(after building my credit) I can qualify for a FHA loan.

[indy]

ya you can get the FHA loan.

good luck to ya

[Brighterdays]

ya you can get the FHA loan.

good luck to ya

actually if you have clean credit with no derogatories or collection for 2 years, an fha loan is pretty easy to get. Plus the rates are real competitive with fannie and freddie prime rate. I wuz a mortgage broker for the last 8 years and I have seen it done