Online Auction houses:
If you are in the market or going to be in the market to buy a house, would you try to buy a house that is up for auction? It would be a way to get an otherwise out of your price range house is what I am thinking.
This is a house for sale by auction with a starting bid of $89,000. That’s a slap-happy price for this home that is in a nice western suburb of Chicago. It is a 4 bedroom, 3 bathroom, 2,748 square foot Colonial. The auction site Auction.com where it’s listed has financing available links, house details, open house days, etc. It shows the house available for bid for four days as of the date of writing this post. Source for above house: Auction.com
Houses Up For Auction Now:
Were houses up for auction before the housing crisis? I guess auctioning a house off with limited bid days is sort of, kind of, like placing an offer with a real estate agent and hoping the owner will accept your offer. Using a real estate agent seems safer as far as “let the buyer beware” goes. But, do your homework on the house you want to bid on, and you may get a huge or more beautiful house you otherwise would never qualify for, and if the price is low enough, you’ll have money to invest into the house to resell it at a profit, which is a problem these days. That’s my idea about auctioned houses or foreclosure houses.
A 3 bedroom, 2 bathroom, 1,550 square foot house in Homosassa, Florida with a starting bid of $9,000. It was previously valued at $169,900. Imagine winning a bid at say….$15,000. That’s what happens in my magical, dreamland mind.
What price does the owner of the house up for auction hope to sell it for, is it owned by a bank?, how little will they let it go for?, is there a reserve price on the house, meaning a set price the seller will accept. There is a lot to know before buying an auction house I am learning. Let’s look at a couple more houses for auction.
This cute house in Janesville, Wisconsin (that needs a paint job) is 3 bedrooms, 1 bathroom, 2,060 square feet and is also a $9,000 starting bid, but is listed as non-financeable, so Cash Only please. It has a previous value of $92,800. Opening bid of $9,000, I will pay at the max…..$25,000 and then I am out of there, so I am a cheap-o and would probably be out-bid. Seriously, if I truly wanted the house, what price would I bid with stating out at $9,000, how high should I go? It’s not all that lovely to look at for starters, but if I wanted it to live in or for investment, what is the max amount I should pay? My max bid if I get caught in a bidding war…..$38,500.
Are you thinking bigger? This house in Mount Crested Butte, Colorado is huge with 5 bedrooms, 4 bathrooms, 5,919 square feet and designed for two family living and additional guests. In other words, there are two full functioning residences in the single house, plus, two studio apartments over the garage. No interior photos are available and the outside looks like some work needs to be done. The starting bid is $359,000 with a previous value of $1,595,000. And, it is also a Cash Only sale. Woot! My max bid is……$500,000- LOL,
I am ending with a middle of the road house in the heartland of Iowa. This is 3 bedrooms, 2 bathrooms, 1,856 square feet with a starting bid of $15,000 and a previous value of $144,500. It is – ouch – Cash Only. It’s got some curb appeal with a front porch, hardwood and carpeted floors, and an updated kitchen with lots of cabinets.
While I did not show you the most beautiful homes available for auction, I wanted you to see the possibilities out there. I imagine investor companies have a ball buying houses up for auction. I remember Donald Trump saying his company was buying them. Let’s hope they leave a few gems for the single home buyer to get one, especially during these uncertain financial times we are living in today.
So, would you try to buy a house up for auction? I would. You are now at my make believe auction and you’re bidding on the last house so leave your bid in the comments section. No winners, it’s just for fun.