http://investorwealth.com/blog/2007/06/25/bidding-on-reo-properties/ Brought to you by InvestorWealth.com Tue, 02 Dec 2008 19:37:50 +0000 http://wordpress.org/?v=2.2.1 http://investorwealth.com/blog/2007/06/25/bidding-on-reo-properties/#comment-3443 Ed Lukonis Wed, 21 Nov 2007 19:25:33 +0000 http://investorwealth.com/blog/2007/06/25/bidding-on-reo-properties/#comment-3443 For North Carolina the 5% refers to a 10 day right to upset bid after the auction took place. Whether a bank or individual is a successful bidder anybody can bid again within the ten day period. A mandatory 5% is imposed by the clerk of court. Ive seen the bid being upset 4 x meaning 40 days till the clock starts to complete the title transfer and payment. For North Carolina the 5% refers to a 10 day right to upset bid after the auction took place. Whether a bank or individual is a successful bidder anybody can bid again within the ten day period. A mandatory 5% is imposed by the clerk of court. Ive seen the bid being upset 4 x meaning 40 days till the clock starts to complete the title transfer and payment.

]]> http://investorwealth.com/blog/2007/06/25/bidding-on-reo-properties/#comment-949 Michael Shane Wilson Sun, 19 Aug 2007 23:12:03 +0000 http://investorwealth.com/blog/2007/06/25/bidding-on-reo-properties/#comment-949 I have talked to some banks after an auction about buying properties but they were smaller more local banks. The larger banks will send them to Realtors. If you call they just direct you to the Realtor handling the property in my experience. Also I have no clue about what you mean by 5%. Are you talking about a commission to the Realtor? There's no set rule the price will jump by 5% when it gets listed. The listed price is according to what the bank believes the property to be worth from either an appraisal or BPO. They lower the price typically every 30 days it sits on the market listed on the MLS. Thanks, Shane Wilson http://www.georgiabuyer.com I have talked to some banks after an auction about buying properties but they were smaller more local banks. The larger banks will send them to Realtors. If you call they just direct you to the Realtor handling the property in my experience. Also I have no clue about what you mean by 5%. Are you talking about a commission to the Realtor? There’s no set rule the price will jump by 5% when it gets listed. The listed price is according to what the bank believes the property to be worth from either an appraisal or BPO. They lower the price typically every 30 days it sits on the market listed on the MLS. Thanks, Shane Wilson http://www.georgiabuyer.com

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