Foreclosure County Auctions

**zatanaz** · 08-08-2008, 02:23 PM

Hello everyone,

OK, so I've been going to the monthly auctions at the county court for about 8 months now. I've purchased 2 houses with good equity so far but this past Tuesday something caught my attention.

First, they were a couple of houses that started very low in price and nobody bid on them. Why???
I was outbid on the ones I could research but it is impossible to research every single house especially if I get the foreclosure list just 2 weeks before the auction.
Also, what happens to those houses that nobody bid on????
Is it possible to contact the banks to make them on offer directly even though the house did not sell at the auction???

Lastly, one of the trustees said something that bothered me a little bit.
She was almost done with the second group of houses and had only 3 left to go but then she said this: "I have 3 left but let me just make sure there are no bids on them" and then she made a phone call. She was on the phone for about 5 minutes and when she came back only 2 of the 3 she had left were auctioned.
Am I missing something????
What bids was she referring to???
Does that mean that people are buying these houses before they make it to the auction???
Can someone please explain???

Thanx in advance for your answers.

**zatanaz** · 08-12-2008, 01:03 PM

Anyone???

Come on investors...... doesn't anybody here goes to the auctions????

Thanx.

**Greg** · 08-13-2008, 06:38 AM

Originally Posted by zatanaz

Also, what happens to those houses that nobody bid on????
Is it possible to contact the banks to make them on offer directly even though the house did not sell at the auction???

Lastly, one of the trustees said something that bothered me a little bit.
She was almost done with the second group of houses and had only 3 left to go but then she said this: "I have 3 left but let me just make sure there are no bids on them" and then she made a phone call. She was on the phone for about 5 minutes and when she came back only 2 of the 3 she had left were auctioned.
Am I missing something????
What bids was she referring to???
Does that mean that people are buying these houses before they make it to the auction???
Can someone please explain???

Thanx in advance for your answers.

If nobody bids on the houses they go back to the bank. If you can find your way through the banks bureaucracy you can buy directly from them but more than likely they are going directly to the bank's REO agent.

The other bids she was referring to might have to do with short sales. Banks have lost a lot of money by foreclosing on properties that had short sale offers on them, so maybe they are trying to prevent this.