April 07, 2009

AUCTIONS - IS THE POT OF GOLD OVER THE RAINBOW?

Posted to Mary Petersen

I was watching Nightline last night and they had a segment on Auctions.

Auctions are a great source for real estate at a deep discount. The auction segment was exciting to watch & hear. It did have loads of GOOD information and in my opinion, it also didn’t give both sides of the story.

A couple of things caught my attention. “Great deals” for the 1st time home buyer.

Maybe, but can a first time home buyer write a check for a hundred thousand dollars? I can’t and I’m not a 1st time home buyer. “CASH ONLY’ that’s an important piece of information to know.

Another story that left me with ???

The couple that purchased a home they had previously viewed before. This is the home they fell in love with and the home went to foreclosure and off to auction. They bid, won and seem so happy. My question is when was the last time they were in the home? Were they able to have a home inspection? Was their attorney able to read over the seller’s contract prior to the auction? Who guarantees the home if all the pipes burst due to winterizing? IS the electric on? Does the furnace and air conditioner function properly? Replacement costs?
*it wouldn’t be an uncommon reply * to hear “NO” , “NO ONE” or “DON’T KNOW.”

Posted By: Mary Petersen

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