What exactly are these? How are they different from other sales? Can owner re-claim property? Any info would really help.
2007-07-27 09:02:15 · 1 answers · asked by michigangutcrush 2 in Business & Finance ➔ Renting & Real Estate
All Ca. auctions require full payment at time of purchase. I have seen some embarrassing scenes at various auctions when the price has been bid up and the buyer does not have the money. The Auctioneers hate this and sometimes ridicule the unlucky buyer. If you haven't been to an auction before you are in for a surprise. Many times the properties in question have been withdrawn from the sale or Taxes paid on the property. This used to be a wonderful way to get rich but too many people figured it out and now it is generally not cost effective. To many people and to many uninformed people help to push values to retail and sometimes over retail. Watch a few auctions before you jump in and don't let the bidding frenzy get you. Good luck
This answer was posted from another similar question. The base question answer is that in some cases the owner can come back and reclaim the property. If he does, he owes your rent and interest for the use of the property in the time you held title. Hard to collect though so be sure of the details before you jump in. There are many types of Sherrif sales and Tax sales. Do your home work.
2007-07-27 13:23:53 · answer #1 · answered by Traveler 7 · 0⤊ 0⤋
In some states, the owner can reclaim the property. You need to check with an attorney in your state.
This is high risk investing. Leave it to the pros.
2007-07-27 10:32:48 · answer #2 · answered by Anonymous · 0⤊ 0⤋