We attended an auction for a property that was a major fire rehab! Based on our due diligence our maximum bid stands at $10,000. It’s important to stick to your bid numbers based on all of the information you have on the property. Don’t let the stress or competition impact your judgement!
26 Comments
Is this in Canada or USA
100k for what an empty lot and some tax debt?
So the county is trying to get its tax money back which is 20,000 who got the other 80
What's the buyer's premium?
Lol. So the bank buys it back but doesn’t have to get up to date on the taxes when they ‘purchase’ it for an artificially higher auction number? Criminals…
so who is he, the banker?
So he’s spending a 120k on a house that needs to be rebuilt? And the house has been foreclosed for 3-4 years? Damn Banks are just scamming everyone.
Garbage banks
Guy got suckered into paying 100, not too bright.
PEOPLE !!! FFS HOLD OFF ON THE FIRST BID 🢂 FORCE A DROP!!! What an IDIOT!!! "Hundred Thousand I have" = "WE HAVE A MORON!!!"
Can u get a power of sale property with a mortgage? Or does it have to be cash?
😂😂😂😂😂
Show the house !!
Sewer charges 😮
The bank should have to be current on taxes or lose it via a tax lien foreclosure.
Yeah. My moms house didn't sell after her death. The city bulldozed it. Bank still hasn't paid property tax since 2013.😂😂😂
The whole system is a scam! You pay off the mortgage but you will always owe property taxes. If you don’t pay the property taxes, they can still take your home. You really don’t own anything
The system is indeed scam. Best is to buy land and off grid tiny home with wheels so the city can’t tax you for it.
The banks get no tax responsibility 😮
Well-aimed questions win difficult foreclosure cases. Know the rules. New York Case-Winning Strategies.
Do they always tell you the liens before bidding? I have been wondering how you find in that information.
These banks are delusional. Back in the 90s. The bank would start the bid at what was owed on the first mortgage if that was realistic. If they got that. Auction was over. Now they want to make a profit and often start the bid well over what is owed to them. During 2008, they were doing short sakes like there was no tomorrow. It looked like they were taking massive losses but behind the scenes the govt was supplementing the whole thing , the tax payers picking up the tab. It’s all a scam, they are taking citizens through the coals
Hi Kevin!
I bought a foreclosure for $29,500 and the bank had not paid the taxes in Six Years,, I had to pay the taxes which were about $1,100 Per Year,,,,, these Banks Scam people totally after a complete rehab I sold the house for $295,700 😮but be careful it cost me $32,350 to remodel 😮😮😮
For someone with no real estate experience whatsoever, it seems that the bank didn’t pay anything in taxes bc the buyer never even tried to negotiate that. The guy had no competition and still didn’t negotiate price or taxes involved at all, am i missing something?
😂 started at 20k then went to 100k this is a scam.