house auction?

Question

So im going to a house auction. the house has mold and the garage floor is collasping. the starting bid is ten thousand dollars. do you think I can get it for 15 thousand? will anyone be there? will anyone even want this house. it was on the market for fifty thousand for ages. If I could get it for 15 and put 50 thousand into it it will be a really nice home.

Answer 1

It's really going to depend on who shows up at the auction. Investing in real estate is a big thing now. There have been times when only 1 person showed up at an auction and other times there have been many more people that have showed up. So you really can't say for sure until you actually go and see how many other people showed up.

You see the potential of the property and others might see the same thing too. But you'll never know unless you go - so go - you may get lucky and be able to purchase it.

Rose
Grant Basics 101
http://members.aol.com/Roseb441702/grants.htm

Answer 2

Auctions are a bit of a gamble. You can put a reserve on the property but it is just luck that the right person shows up to bid on the day. Most who go to auctions to buy are looking for a cheap property which needs modernising so they can do it up and make a profit. Good luck!!

Answer 3

Take the bidding slowly. See if there is any real interest in it. Do not go over your budget. Your real problem will be the mold. In some cases the house would have to be completely demolished, and carted away. Check all this out before you get stuck with a problem.

Answer 4

you cant do the mold removal on your own, it has to be done by licensed certified mold remediation compamies and that can be very expensive,so like the previous answer ,have the house inspected by the mold people as it mat have weakened the strucyure to the point where it is a tear down. contractor and part time house flipper.

Answer 5

maybe...and if your working there be careful, some types of mold can fatally build up in your lungs