[kstew43]

saw this on the MLS for $100k, thought it might just be interesting. Very nice home, designer, 3 bed 2 bath 2.5 golf cart garage, furniture and car.

3506 Cluster Ct, Fernandina? Bidgray.com, I'm in for $235,000. It ends August 3. We shall see..... The market value is $295,000.

Anyone every bought a home at a auction?

[kstew43]

I just found another auction home....2693 Halsey Terrace The Villages, FL 32162 in that same area. High bid is $235k. ends 8/2

[Madelaine Amee]

Where can you find these auctions?

[Retiring]

I don’t know if you can have it inspected prior to bidding, I suspect you cannot. Please be careful when bidding for a house you know nothing about. I can tell you many horror stories from a friend, who is a general contractor that is regularly hired by the banks to fix homes that have been deliberately trashed. Caveat Emptor.

[joldnol]

cluster ct is in dunedin

[Chatbrat]

Play stock market options--

[kstew43]

Bidgray.com or go on Realtor.com and check out the villages for homes for sale for $100. thats how I found them, or just google the address.

[kstew43]

Originally Posted by Retiring

I don’t know if you can have it inspected prior to bidding, I suspect you cannot. Please be careful when bidding for a house you know nothing about. I can tell you many horror stories from a friend, who is a general contractor that is regularly hired by the banks to fix homes that have been deliberately trashed. Caveat Emptor.

the home is 6 years old and at the open house, looked absolutly beautiful. there will be another open house 7/25 and then the house will be open all day the date of the auction. I can't see any problems, owners paid $295k in 2015, so if I get it for $235 it will be a steel. Current zillow is $300k.

[jmac1031]

This property is being sold at auction by Current Auctions - Grays Auction Service ON 8/3/2018 @ 12 pm BIDDING IS AVAILABLE ONLINE NOW ,Listing price is suggested starting Bid only. , download our free app for bidding. Email Page not found - Talk of the Villages to Auction terms and conditions. Real Estate is being sold to the highest bidder, subject to confirmation of acceptable high bid from the seller. OPEN HOUSE WED JULY 18TH 10 AM UNTIL 12 PM
Col. D. Frank Gray AB1214 Au1692 15% Buyers Premium

[Chi33]

100K? Doubt your could hand them cash for a 300K home with 100K. If you pay market for that junk, bad lot, bad landscaping, lots of car traffic, then good for you. It's a nice model home.. it was terrible taken care of (the trees in the back yard, ugh, the patches), but if you get it for 200K - 250K it is a win... any more than 250K then you can pick better.

[pauld315]

If you read the auction description it does list the Buyer Premium at 15BP. If you are unfamiliar with this it means that whatever the winning bid is, they will add 15% to your winning bid which goes to the auction company. Right now the bid is at $230500 so the premium right now would be an additional $34575 bringing the cost of the house to the winning bidder up to $265,275 so far.

This auction also has an unknown reserve so the seller can turn down any bid if they don't think it is high enough. The auction listing does not say how much they still owe on the bond but a simple tax record search shows they had to make a bond payment last year so it is doubtful it is paid off.

Best to find out and understand all the financials before making a bid on this house.

[VillagerFrog58]

Kstew43.... you mentioned if you could get the home for $235k that it would be a steal. Don't forget that there's a 15% buyers premium which if you were able to get it for $235k would add $35k to your actual price... $270k.

I see that the bid is now up to $238.5k. Hope folks understand this.

[kstew43]

Originally Posted by VillagerFrog58

Kstew43.... you mentioned if you could get the home for $235k that it would be a steal. Don't forget that there's a 15% buyers premium which if you were able to get it for $235k would add $35k to your actual price... $270k.

I see that the bid is now up to $238.5k. Hope folks understand this.

I did realize the 235,500 bid would ultimatly end up costing me $270,850. The home is in perfect condition, inside and out, may need a little painting. We went to the open house . The owners paid $294 in 11/15 when it was new, so getting it for $270 would be a steel. We have looked at comparables in the entire villages, excluding Fenny and Desota, and the cheapest home with 2.5 garage is $319, so we feel $270 is a steel. The sellers are paying the normal sumter county closing costs and the title is clear, its not a forclosure, so I am hoping for the best. We are stuck at $270 ,for our high bid, so if we get out bid, oh well. But if not us, somebody is going to get a fabulous deal.

As of this morning the bidding is up to $230,500 which I think would be $265K which means were still in this.

[valuemkt]

I've done it before in the Atlanta area .. placed a winning bid sight unseen .. worked out very well .. in fact after holding it for several years used it to do a 1031 exchange into the Villages. .. In many ways it is more flexible than buying at the courthouse steps .. And in this case you had the benefit of going through the house . Most non courthouse auctions give you a 5-7 days due diligence period .. sometimes with all earnest money returned .. sometimes not .. that should be somewhere in the fine print with the auction house .. also most of the time they also allow for a 30-45 day close, which gives you the option of obtaining short / long term financing if you don;t want to tie up cash . regardless of whether you'll be renting it out, flipping or living in it yourself .. good luck

[maureenod]

Originally Posted by kstew43

I did realize the 235,500 bid would ultimatly end up costing me $270,850. The home is in perfect condition, inside and out, may need a little painting. We went to the open house . The owners paid $294 in 11/15 when it was new, so getting it for $270 would be a steel. We have looked at comparables in the entire villages, excluding Fenny and Desota, and the cheapest home with 2.5 garage is $319, so we feel $270 is a steel. The sellers are paying the normal sumter county closing costs and the title is clear, its not a forclosure, so I am hoping for the best. We are stuck at $270 ,for our high bid, so if we get out bid, oh well. But if not us, somebody is going to get a fabulous deal.

As of this morning the bidding is up to $230,500 which I think would be $265K which means were still in this.

I'm confused. If you are bidding on this home, why would post this onTOTV so others would bid against you??