dealmaker
03-18-2005, 03:29 AM
Went to the live HUD auction tonight and what a fun time. They only had about 17 (of the original 24) properties left but there were easily 125 people there, although some looked like families and most had agents with them.
I had only checked out 3 or 4, big interest in 1, moderate in a second and after viewing it NO INTEREST in the 3rd. It was as rough as I expected, neighborhood was too, but there were pretty spots in the area. The funny thing was there's about 5 other MLS listings within 6 blocks that look like they'll be on the next auction.
Anyway it was on the MLS for $25K, agent suggested if I really wanted it (I didn't) to make an early offer of $22K. At the auction 2 guys got into a bidding war and one bought it for $28.5K, d'oh!
The good news is that I got mine. I had planned on only going to $23K as there is a 5% adder to the winning bid, but I had to go to $23,250. I think my agent glared at the other guy to try to slow him down, he had been increasing in $2K increments when he should have been doing $500s.
Nothing else went for too much. A couple of nice mobiles on 1/2 and 1 acre lots for the low 30s, the investor that bought one said it needed a max of $4-$5K to make it market ready. A real nice one on an acre in a pretty spot went for only $34, I figured it would go higher as it looked like it could be flipped for $60K or so.
Anyway a good time was had by all. I've got to finalize my plans of what to do. Hopefully I don't get too carried away and I can sell this place with only another $3-$4K into it.
Hardest part of the night was the 70 minute drive each way to attend. Other than my winning bid the next best part was getting to eat at Popeye's Chicken. We don't have one in the small town I live in so I really look forward to trips to the big city.
dealmaker
I had only checked out 3 or 4, big interest in 1, moderate in a second and after viewing it NO INTEREST in the 3rd. It was as rough as I expected, neighborhood was too, but there were pretty spots in the area. The funny thing was there's about 5 other MLS listings within 6 blocks that look like they'll be on the next auction.
Anyway it was on the MLS for $25K, agent suggested if I really wanted it (I didn't) to make an early offer of $22K. At the auction 2 guys got into a bidding war and one bought it for $28.5K, d'oh!
The good news is that I got mine. I had planned on only going to $23K as there is a 5% adder to the winning bid, but I had to go to $23,250. I think my agent glared at the other guy to try to slow him down, he had been increasing in $2K increments when he should have been doing $500s.
Nothing else went for too much. A couple of nice mobiles on 1/2 and 1 acre lots for the low 30s, the investor that bought one said it needed a max of $4-$5K to make it market ready. A real nice one on an acre in a pretty spot went for only $34, I figured it would go higher as it looked like it could be flipped for $60K or so.
Anyway a good time was had by all. I've got to finalize my plans of what to do. Hopefully I don't get too carried away and I can sell this place with only another $3-$4K into it.
Hardest part of the night was the 70 minute drive each way to attend. Other than my winning bid the next best part was getting to eat at Popeye's Chicken. We don't have one in the small town I live in so I really look forward to trips to the big city.
dealmaker