Belt Auction

Buying a home at Us Home Auction?

Anyone purchase a home through this auction? Is their financing fair? Any advice would be appreciated. This will be bought for a rental property. They use Countrywide.

Public Comments

1. My experience is only with Countrywide and they have been a fair and competive mortgage lender. Not experienced with them as auctions, but would assume they would not change. Countrywide stayed afloat when many others crashed during the housing crisis. I would trust Countrywide. rates will be higher on investment properties than if it were a primary residence, so keep that in mind. rates are higher because the risk is higher on investment properties.
2. I was not happy with the auction. After my bid, no one raised their hand when the auctioneer asked for a higher bid. But the auctioneer yelled and pointed like he had another bid. But there was no bid. One experienced person said that i was "bidding against the back wall". I think that is what happened. The auctioneer later told the newspaper that he was not going to sell the houses for the $10,000 minimum bid that was advertised in the newspaper. The auctioneer told the newspaper that there was someone bidding against me. It was a telephone bid. I didn't buy anything and won't go back. I also tried the Hudson and Marshal auction where you can bid online prior to the auction. If you buy the house online, the house is removed from the live auction. They rejected all my bids as too low. I understand that they can't sell the house super-cheap. If they do, the banks won't hire them in the future. All the houses sold for more than they were worth. I didn't get any financing so i don't know how they treat you..