"BUYING HOMES AT PUBLIC AUCTION, BUYER BEWARE"
ANOTHER BILL OF GOODS BE SOLD TO THE AMERICAN PEOPLE
BUYING HOMES AT AUCTION
Got your attention? Good, then here’s the scoop, I am a realtor and maybe a little out spoken for my own good but I cringe every time someone walks up to a microphone and says, “American’s could come out ahead after this property is sold by auction”.
Let me tell you folks, this is nota, no, not true and nope. Let’s review the things that these people aren’t telling us. First, there are extreme expenses incurred when a property is taken back. You have court costs, lawyer fees, and of course that old thing called interest. Not to mention home values have dropped by thousands since 2005.
But, this is only a small part of it. On top of everything else, the people may be allowed to live in these properties for months because of the backlog of paperwork we now have in our court system. In my area alone more than 800 cases go into foreclosure every month, about half reach that foreclosure status. This means 400 homes more or less per month are being foreclosed on in just one county!
In the meantime, let’s think about what’s going on. There could be maintenance that needs to be done on these properties like, mowing the lawn so “our government” won’t get fined. If you’re in a deed restricted community, there could be Home Owner Association Fees that will need to be paid. And, oh yes….did anyone think that soon the property taxes on all these foreclosured homes will be do? We’re talking thousands of dollars right there! Needless to say that this is of course, an added expense to the cost of the home.
Let’s review here a home that may go to public auction. The people have lived in this home for several months before being evicted. Knowing so, they have decided to “take” with them everything they can. Hence, the lighting comes down, ceiling fans, all appliances, even bathroom and kitchen sinks. One last thing before we leave lets make sure we put cement down the toilet…!!!! That is if they didn’t take the toilet.
Now, I’m not saying that everyone may do this however; this is exactly what has been going on in homes around my area. In fact, I even know of a home where they took all the cabinets, including the center kitchen island. I’m sure there has to be many other horror stories out there that haven’t even reached my ears yet. And at a public auctions, many times you are not even allowed in to "preview" the home prior to auction!
All said and done folks, if our government thinks they are going to make some money off purchasing these homes and selling them at auction they definitely are out of their league of expertise. Oh, but I forgot, they can just make more money to cover these expenses too right?
When you buy a home at public auction, the term “BUYER BEWARE” shouts to me out loud. More so now then ever. What you think may be a good deal may actually be disaster with a capitol D!
Katie Creek
727-415-4669
email: kdsrealestate@yahoo.com
www.FL-WaterFrontProperty.com
www.katie.listingbook.com
Florida Luxury Realty is no associated with the governmen and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage you could lose your home and damage your credit rating.