Today's Roebuck Auction Results...

[Babyblue]

BB
What company did you have? Why did you decide to get out of the business? Seems to be pretty popular these days.

I was ahead of the time.

 

[Smiling JOe]

I was ahead of the time.

Seems to me that the best time to auction a property is when the market is filled with anxious buyers, not the other way around.


Goin' Coastal, yes, the same person did own all of these properties being sold at the Roebuck Auction on Saturday. I say the same person, but his wife is on the title to a few of them, I believe.

 

[SHELLY]

Looks highly unlikely that 1340 W Lake Dr will sell at $765,000 unless he had a boat load of equity in it. According to the Property Appraiser's Office, he paid $1,375,000 for the house.

The Bay front houses in Freeport were purchased under $200K each, several years ago.


I guess each lender will look at all of the sales collectively, so who knows, maybe if it all balances out to even or just a slightly less than is owed, maybe properties like 1340 W Lake Dr will sell.

Sold by JOE to previous owners 11/30/04 for $951,500; then flipped to seller on 01/27/05 (58 days later) for $1,375,000 Probably needed a little $ back to spruce up the wear & tear on the old place. That smell in the air ain't coming off the fish kill.

.

 

[Smiling JOe]

Sold by JOE to previous owners 11/30/04 for $951,500; then flipped to seller on 01/27/05 (58 days later) for $1,375,000 Probably needed a little $ back to spruce up the wear & tear on the old place. That smell in the air ain't coming off the fish kill.

.

That previous owner (flipper) is a local RE agent who got left holding the house on at least one other pricey one in WC, while trying to flip it.

 

[SHELLY]

That previous owner (flipper) is a local RE agent who got left holding the house on at least one other pricey one in WC, while trying to flip it.

Expecting to flip another @ a 45% price increase in 2 months as well too?

.

 

[GoodWitch58]

Are you all saying that one person or one couple owned all 60 properties?

 

[robertsondavies]

I attended the auction this past weekend - i enjoyed the chevre at least.

Can anyone tell me their view on the best way to go about bidding, at this late time, on some of the non-absolute properties being offerred. In my view, the non-absolute properties, were really a collection of "offers" not an auction, so what is stopping me from making a higher offer at this point on any of those properties? It sounds crazy making "higher offers" when the next year promises to be filled with auctions, on Tuesdays, of the sans food variety, however, just wondering for practical sakes, where to take my higher "offers" this monday morning.
I've used the pub. official records to look up current lien holders on the properties I'm actually interested in.

So should I take my better "offers" on these proprties 1) to those REO officers directly related to each property 2) to Roebuck, or 3) to the equitable owner himself. Would the answer be different if we're talking 30 or 60 days from now, as opposed to this Monday Nov. 19.???

Any insights appreciated.

 

[TN fan]

I attended the auction this past weekend - i enjoyed the chevre at least.

So should I take my better "offers" on these proprties 1) to those REO officers directly related to each property 2) to Roebuck, or 3) to the equitable owner himself. Would the answer be different if we're talking 30 or 60 days from now, as opposed to this Monday Nov. 19.???

Any insights appreciated.

It is my understanding that the banks have until November 30 to approve the non-absolute properties. In other words, the high bidders of these properties have signed contracts that are being considered. If you want to make a higher offer on a property, I would present it to Roebuck in case the current contract is not accepted.

 

[robertsondavies]

Sure, but does that mean that Roebuck has the exclusive until Nov. 30th?

Surely the banks and seller involved in this 'workout' didn't agree to give Roebuck an exclusivity beyond Nov. 30th?? In which case, wouldn't it be wiser to wait until Nov. 30th, and then contact the bank directly, but in the meantime leave a strong hint to these banks of my readiness, willingness and ability to close quickly, while I "mull over" my superior offers that I'm going to make December 1st???? If I want to trump the highest "auction offers" at this point, it sounds to me like if I wait 11 days, the "auction premium" of 10% disappears, and so an "Equal" offer is actually a superior offer. ..... and If I'm able to bid 10% more than the purported highest auction offer, then my offer is fully 20% higher to the bank of seller, in 12 days..

I think the worst thing I can do is contact the auctioneer at this point, because that probably puts me under a further exclusivity with them. No??

 

[Smiling JOe]

I attended the auction this past weekend - i enjoyed the chevre at least.

Can anyone tell me their view on the best way to go about bidding, at this late time, on some of the non-absolute properties being offerred. In my view, the non-absolute properties, were really a collection of "offers" not an auction, so what is stopping me from making a higher offer at this point on any of those properties? It sounds crazy making "higher offers" when the next year promises to be filled with auctions, on Tuesdays, of the sans food variety, however, just wondering for practical sakes, where to take my higher "offers" this monday morning.
I've used the pub. official records to look up current lien holders on the properties I'm actually interested in.

So should I take my better "offers" on these proprties 1) to those REO officers directly related to each property 2) to Roebuck, or 3) to the equitable owner himself. Would the answer be different if we're talking 30 or 60 days from now, as opposed to this Monday Nov. 19.???

Any insights appreciated.

Wow. Good idea, IMO. I don't know the best person to contact. It sounds as though the lenders were at the auction, so they may have already committed. I'm not sure of the agreement between Roebuck Auctions and the seller. The seller may be required to sell through Roebuck within 60 days from the auction date. I just don't know without seeing their contract. I think that I would first go to the lenders, but remember the original lenders may have sold the loans to other lenders. If that doesn't work, I'd then go to Roebuck. Roebuck is surely anxious to make the sales, but I'm uncertain if they are legally able to go around the bidders' backs to make the sale. They will likely go back to the winning and back up bidders if the lender turns down the bids. Perhaps they would then throw you in the mix.

Good observation about the non-absolute properties being more of a "bring us an offer day" rather than an auction. Until auctions are mostly absolute, I don't think you will see people at the auctions, except for a few curious locals. Notice we haven't heard back from P.A.G. on their non-absolute "auction."


Shelly, I don't keep up with that particular flipper, just remember her looking like she got stuck big time with one house overlooking the Pine Trees at Western Lake. (just looking at the mls and the property appraiser's records.

Goodwitch, yes, all of those properties were/are owned by a local attorney with a few of them having the attorney's spouse on the deed.