We went to the auction this morning and as we expected there were TWO other bidders there. I was scared to death we would loose our dream home.
The auctioneer started by offering the property for sale for 81,000 (?) plus one dollar to buy it outright. What was this?
Then, I found it the time to make the comment "81K for a house with mold, I don't think so. Imediatley, the other bidders asked if I had been in the home and I told them that I had been and also know the owners and the home has a "major" mold issue (ok, so I exaggerated a little). The other bidders were then chatting while the auctioneer announced that he would start the bidding at $54,000 and is there any bidders. NO ONE BID - they scattered like bugs !
The auctioneer announced the property would be turned back to the lender. WOO HOO.
Now, we are 75% there...now, we try to get the lender to work with us. We would prefer to deal with the REO department direct BEFORE they hire a realtor to multiple list it. We are going to offer $30,000 in CASH, cover all settlement fees, and realtor expenses (I have a realtor and settlement girl ready and waiting).
EXPERIENCED FOLKS: How does this sound to you?
What was the deal with the $81,000 plus a dollar thing?
Do you think the lender will work with us directly because the realtor that does foreclosures here is a real booger and will hold for eternity to get the commission up.
PLEASE GIVE ME YOUR INPUT.........AGAIN
~~~~~~ Praying for our dream house ~~~~~~