OfflineShowed up at a real estate auction this past evening, to observe the sale, Only to find out I was the only person,to show up. Small towns in Iowa are really slow right now, besides farming, there's not much else going on here. A sign of the times no doubt, real estate in my town like a lot of small towns in Iowa is at a stand still,the market as hit the bottom here.
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What kind of property(ies) was it?
was there a minimum bid?
Probably not going to get houses any lower than being the only person at an auction
You say real estate is at a stand still where you're at, what if you're the only one that knows how to wheel & deal in RE there? The market would be all yours.
Greg Murphy is in a town of 8000-9000 people and he makes it work.
Try sandwich lease options?
Mark K.
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It was a SFR and there was a min bid, I was not there to bid, but to watch. I wont buy in this town, period, have owned property here in the past,sold everything off years ago.
"Action and Mistakes" always-outweigh "Analysis Paralysis"
...Just do It"
http://www.linkedin.com/pub/john-hoening/23/2a3/164
"Action+Knowledge=Success....$$$$$$$$$.....
www.WeFlipDesMoines.com http://facebook.com/desmoinesinvestmentproperties
www.iowarealestateflipper.com
I've found less and less attending auctions. They are waiting for it to go back to bank. REO or the smarter have learned to get to the owners b4 auction.
All in all, alot are sitting tight waiting for the bottom, since values are STILL DROPPING
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
I attended my first real estate auction today.
There were about 12 people there, but only three were actually bidding.
It was a commerical property that the seller bought at auction in 2007. According to the referee deed, he paid $100.00 for it. The flyer advertised that the bidding would begin at $1.00, but it actually started at $5,000.
The property sold for $31,000 (plus the 10% premium).
I'm learning...
Ladyluck
In New Orleans a couple of months back, the city needed to auction off 7000 homes. It made the front page and a bunch of people showed up, but guess what. Most of the homes were bid to and above fair market value. A lot of people were disappointed. But from what I understand there was a lot of people in attendance.
RENinja
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banks will send their representatives to the auctions to make sure their properties are not sold below their asking price; so the reps will bid for the banks until they get their minimum price met.
Once again... the banks never lose!
Learning and progressing every day,
Valerie
Valerie
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But if you have a big audience hungry for deals and willing to pay cash... You have a lot of buyers to work with!
RENinja
"Remember, success is a journey, not a destination.
Have faith in your ability."
Bruce Lee
send a rep with the opening bid - if it doesn't sell, it goes back to the lender and becomes an REO
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools