Guest Finn Posted May 6, 2008 Report Share Posted May 6, 2008 Anyone ever buy a house through an auction? I'm very interested in a home coming up for auction on 31 May. Just one concern.....$5,000 non-refundable earnest money at the time of the auction. Any advice is appreciated. Quote Link to comment Share on other sites More sharing options...
Texan_Til_I_Die Posted May 6, 2008 Report Share Posted May 6, 2008 Who is auctioning it? Is it a government auction for failure to pay taxes? Quote Link to comment Share on other sites More sharing options...
Guest Finn Posted May 6, 2008 Report Share Posted May 6, 2008 no, not a foreclosure. It was listed last year by a realtor and didn't sell. Here's the property: http://stlouisauctionrealty.com/053108_Brantwood.php Quote Link to comment Share on other sites More sharing options...
Texan_Til_I_Die Posted May 6, 2008 Report Share Posted May 6, 2008 That's a standard deal that I wouldn't be concerned about, unless you don't have the $5000 readily available. If you plan to finance that portion of the purchase, you'll need to already have all of that arranged in advance. One thing to keep in mind - it's easy to get carried away with an auction. Decide in advance what your maximum is and stick to it. BTW - It looks like a really nice place from the ad. Good luck. Quote Link to comment Share on other sites More sharing options...
Guest Finn Posted May 6, 2008 Report Share Posted May 6, 2008 Thank you very much. I don't have to finance the down payment, just the mortgage. Quote Link to comment Share on other sites More sharing options...
aksheephuntress Posted May 6, 2008 Report Share Posted May 6, 2008 ...That looks gorgeous!...and the price is incredible... -I would check to see if the area ever floods, also...-but looks great to me! Quote Link to comment Share on other sites More sharing options...
stevebeilgard Posted May 6, 2008 Report Share Posted May 6, 2008 That's a standard deal that I wouldn't be concerned about, unless you don't have the $5000 readily available. If you plan to finance that portion of the purchase, you'll need to already have all of that arranged in advance. One thing to keep in mind - it's easy to get carried away with an auction. Decide in advance what your maximum is and stick to it. BTW - It looks like a really nice place from the ad. Good luck. looks great, finn. good luck. i'd bid if i wanted it. but, follow the above advice. BUT FIRST, get your financing in place. if you bid and don't close, you lose your deposit. . so, make sure your banker is ready and willing. and don't go one cent over your max bid... Quote Link to comment Share on other sites More sharing options...
mike Posted May 7, 2008 Report Share Posted May 7, 2008 looks great, finn. good luck. i'd bid if i wanted it. but, follow the above advice. BUT FIRST, get your financing in place. if you bid and don't close, you lose your deposit. . so, make sure your banker is ready and willing. and don't go one cent over your max bid... once again steve is right on with great advice craig. if you don't have the funds in place to cover your bid don't bid:cool: Quote Link to comment Share on other sites More sharing options...
Guest Finn Posted May 7, 2008 Report Share Posted May 7, 2008 Thanks everyone. I won't be bidding if my financing isn't set and there's a chance of losing 5 grand By the way, this is where my Great Grandparents lived....so it would be neat to own Quote Link to comment Share on other sites More sharing options...
unioncountyslayer Posted May 7, 2008 Report Share Posted May 7, 2008 Craig, it looks like a mobile unit to me. Might want to check into that before pulling the trigger on the 5 grand. Quote Link to comment Share on other sites More sharing options...
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