Buying a house at auction

Real Estate Investing Through Foreclosures: Buying a Home at Auction
By Lori Kimble

As a real estate investor, purchasing a foreclosure home at auction can offer a great deal of equity for a small amount of money. Finding these properties is not always easy, but the actual auction is fairly straight forward.

So what should you do to prepare for an auction? First, you need to find homes up for auction. Purchasing an auction home is not like working with a home owner to prevent foreclosure - an auction is the lender actually selling the home to try to gain its mortgage money back.Click here to read the rest of my article

New offer!

Just received another offer on the house. This one is actually better than the first one, so fingers are crossed that it will move along without issues!

Fingers crossed

Had an open house over the weekend, and two more showings to come this week. There is a party that has requested the seller's disclosure sheet, so I have my fingers crossed.

We put up a thin plywood sheeting between the trees and the fence to keep the next door neighbor's dogs from scaring people. The dogs are very nice when you meet them, but are scaring people away. One of the dogs managed to create a hole big enough in the wire fence to push her head through, so that is why we put up the plywood. The trees are too close to the fence to be able to put up new fencing, so we just wove thin plywood around the trees and fastened them to the existing fence. That at least blocks the view of the dogs. The neighbors are very understanding about it, new owners are going to have some nice neighbors here.

Deal is dead

Well, that was fast. The deal fell through. Apparently when the buyers came back to do a separate inspection for the heating system, they got into an altercation with the neighbors. I still do not have full details on what went down, but the buyers are backing out of the contract. They are still in attorney review, so they can do this.

House is back on the market! Gotta love it.......

Inspection done, waiting on results.

The inspection was done on Monday. These buyers are not wasting any time at all! Now we are just waiting for the laundry list :)

There are some things I am assuming they will ask for, as I had a few projects I was going to work on while the house was on the market.

Offer on the house

We received an offer on the house friday which we are very happy with, so we are going to move forward on the sale! It was on the market for 14 days.
Just need to get through the inspection and mortgage final approval. Conditions will be fulfilled by the 21st of August, and closing is set for Sept 13th.

Have all toes and fingers crossed!!