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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] You need to know for sure rather than guessing. Posted by Ward-CA- on May 17, 2003 at 5:49 PM In Reply to: Buying at sale...why do the math? posted by 2nd Fred on May 17, 2003 at 11:37 AM : Hi Ward, : I've spent the last couple of months at auctions. After comparing my numbers with what properties are being bid at I've noticed that doing my homework has been mostly correct. The winning bid has been very close to what I've chosen as my maximum bid. : My question is, why do all that work? It seems that the auctions pretty much take care of that. All the people that bid seem to know what the property is worth, they all pretty much work off the same profit structure, and most know what the the maximum bid should be. What would keep you from just going down there and bidding until you won the property? You're going to be pretty close to what you would have come up with after doing all the homework. And I would think that the bidders aren't going to bid a piece of property up just to be vengeful. : With so few properties being sold at auction now (most get postponed or cancelled), and the ones that do get sold have been postponed for up to a year, I've found that I don't even have the info on the majority of the properties. : But like I said, does it really matter? Everyone else has the info. I guess the ones you'd have to worry about and not bid on are the ones no one qualifies for. : I'd love your input. : Fred =•=•=•=•=•=•=•=•=•=•= Fred, Let’s say another person had the same idea you do, and that’s to bid up until the other person stops. Then neither one of you would stop would you? He’s bidding because you’re bidding and you’re bidding because he’s bidding.! So common sense should keep you from bidding just because someone else is willing to bid. Success in foreclosure investing goes to the party who knows more about the property going to sale (value, rehab cost, title record info, etc.) than anyone else present at the sale. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Hi Ward, : : I've spent the last couple of months at auctions. After comparing my numbers with what properties are being bid at I've noticed that doing my homework has been mostly correct. The winning bid has been very close to what I've chosen as my maximum bid. : : My question is, why do all that work? It seems that the auctions pretty much take care of that. All the people that bid seem to know what the property is worth, they all pretty much work off the same profit structure, and most know what the the maximum bid should be. What would keep you from just going down there and bidding until you won the property? You're going to be pretty close to what you would have come up with after doing all the homework. And I would think that the bidders aren't going to bid a piece of property up just to be vengeful. : : With so few properties being sold at auction now (most get postponed or cancelled), and the ones that do get sold have been postponed for up to a year, I've found that I don't even have the info on the majority of the properties. : : But like I said, does it really matter? Everyone else has the info. I guess the ones you'd have to worry about and not bid on are the ones no one qualifies for. : : I'd love your input. : : Fred : =•=•=•=•=•=•=•=•=•=•= : Fred, : Let’s say another person had the same idea you do, and that’s to bid up until the other person stops. Then neither one of you would stop would you? He’s bidding because you’re bidding and you’re bidding because he’s bidding.! : So common sense should keep you from bidding just because someone else is willing to bid. : Success in foreclosure investing goes to the party who knows more about the property going to sale (value, rehab cost, title record info, etc.) than anyone else present at the sale. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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