Home Foreclosure Auction - A specific example


Now that we've been in our new home for over a month, and I'm a little bit distant from the heat of the buying moment - I thought I'd share a very specific example of a Home Foreclosure Auction.

Basically - we've heard about these, and we thought about doing this, but no one I know could give me specific details on how to pursue a home at a Foreclosure Auction.

So... in the end... we just let it go.

Essentially, this was the first home we made an offer on. I think we made the offer around the end of February.
Originally, we offered the bank $150k for this place. It was a little under what they were asking, but not too much.


They rejected our offer, and decided to put the home up for auction.

Our realtor, I don't think, was going to get any benefit from us buying at auction, so she definitely didn't advise us to pursue the place.

We were able to figure out that the home was going up for sale at the end of March.

Interestingly, we were able to find the actual auction listing and the final sale price after the auction.

Final price offered the bank - $127K.

2215 BLACKWOOD DRIVE MULBERRY, FL 33860 was the address of the home.

And here was the auction listing:

And here's the latest Zillow zestimate

I can't deny that it was a 'kick butt' house. And I would've loved to own it now - especially at the $127 price. But, now that we've been in this place a while, I've come to like it pretty well too. You can't be stopping and looking back at life full of regrets. You gotta play the cards you have, and go with them, and make the best of what you've got.

Anyhow, this is mostly just a personal FYI, to anyone who might be wondering how good, or how bad, the home foreclosure auctions really are right now.

All the best,


Jason V said...

Well, Here's what you do:
You call the bank manager of the location that you gave the offer to.
You show him a copy of your offer, you show him a copy of the auction results.

You get that lazy jack fired that had no common sense.

Why? Because he cost the company $23k plus Auction Fees and not to mention time. Or maybe there is something funny going on?
Who knows, maybe he had a friend who wanted to buy the house at auction? Maybe the Auctioneer gave him a kickback?

The Underwriters have made so many bad loans in the past 5 years, and they need to to clean house.

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