Tax auction?

[Meghan54]

Not a problem. I think it's actually not legal to have a sealed bid only auction for property being sold for taxes, would leave too much room for skullduggery.

I'd be at the live auction and forgo the sealed bid crap. Just don't get "auction fever" and get carried away. Have seen it happen more than twice.

 

[alkemyst]

Dr. Pizza, wouldn't you rather attend the public auction for the property vs. doing the sealed bid process? From what I've read about your county's tax auction on May 3, the sale will be a public auction with sealed bids being accepted for those who cannot attend.


This was taken from the instructions for the sale on May 3rd, in what I believe is your county. Personally, I'd attend the auction live vs. doing a sealed bid. You'd be in much more control of your situation and bid.

Definitely! Some auctions are total sealed bid and IMHO those are the worst for the buyers.

 

[OutHouse]

Anyone ever buy any property at a tax auction before, or know what's done to do so?

i have but it was for the assets of a Heidi's Deli that did not pay their colorado state tax. I scored nearly all of their kitchen utensils and 3 huge food grade plastic cutting boards for under a hundred bucks. The state auditors were sitting at a booth with a laptop keeping tally.

i really wanted some of the kitchen appliances but they were 220

http://www.heidisbrooklyndeli.com/

if you have one near you, i highly suggest you get the "Hells Kitchen"
egg salad, bacon, swiss, cajun sauce avocado on ciabatta bread.

 

[alkemyst]

I'd be at the live auction and forgo the sealed bid crap. Just don't get "auction fever" and get carried away. Have seen it happen more than twice.

Another great point...happens on eBay way too much with things selling over MSRP.

Property has a more 'emotional' pull and this gets way out of control in auctions esp if there are two passionate buyers. Sometimes there is a value in this though like a property right next to yours.

 

[alkemyst]

i have but it was for the assets of a Heidi's Deli that did not pay their colorado state tax. I scored nearly all of their kitchen utensils and 3 huge food grade plastic cutting boards for under a hundred bucks. The state auditors were sitting at a booth with a laptop keeping tally.

i really wanted some of the kitchen appliances but they were 220

http://www.heidisbrooklyndeli.com/

if you have one near you, i highly suggest you get the "Hells Kitchen"
egg salad, bacon, swiss, cajun sauce avocado on ciabatta bread.

We were talking land here, bro.

Not left over commercial kitchen utensils.

Do they even look good in a residential kitchen?

 

[DrPizza]

We were talking land here, bro.

Not left over commercial kitchen utensils.

Do they even look good in a residential kitchen?

I buy tools for my kitchen all the time at the local restaurant supplier. It's amazing how much better quality I can get on a lot of simpler types of things, at a fraction of the price of the regular retail stores. Not everything in a commercial kitchen is appropriate for a home kitchen, of course, but, well, since I like stainless steel, a lot of it goes well.

 

[NuclearNed]

Sweet! Thank you so much for finding that. Not sure how I missed it. I guess I simply presumed that with sealed bids, that it was only a sealed bidding process. I knew that in the past, it was a public auction like that. Of course, that opens up the possibility of a bidding war if there's someone else, but I'm rather experienced at auctions & don't get sucked into spending more than I want/know how to play other people like it's a poker game.

I seriously wish that you & the other ATOT auction regulars would put together an "ATOT Auctions for Dummies" guidebook. The wife & I attended a house foreclosure auction a few weeks back and felt pretty lost. We're mulling the idea of flipping a property if we can get the right place cheap enough, but the whole thing was pretty confusing (if not entertaining).

 

[alkemyst]

I seriously wish that you & the other ATOT auction regulars would put together an "ATOT Auctions for Dummies" guidebook. The wife & I attended a house foreclosure auction a few weeks back and felt pretty lost. We're mulling the idea of flipping a property if we can get the right place cheap enough, but the whole thing was pretty confusing (if not entertaining).

There is actually a Dummies book on this subject.

There is not an easy way to figure this out sadly.

If there was it would pretty much upset the economy.

Something for next to nothing is rare.

 

[DrPizza]

I seriously wish that you & the other ATOT auction regulars would put together an "ATOT Auctions for Dummies" guidebook. The wife & I attended a house foreclosure auction a few weeks back and felt pretty lost. We're mulling the idea of flipping a property if we can get the right place cheap enough, but the whole thing was pretty confusing (if not entertaining).

I don't think there's any substitution for experience. Go to auctions where you don't intend to buy stuff. Observe the people. Observe their habits. See if you can tell when someone's going to bid again. See if you can tell when someone has just made their last bid and won't bid again if outbid.

Every auction is different. Some auctions, very crowded, everything sells all day long for more than it should have sold. Eventually you learn when to not waste your time sticking around. Other auctions, plenty of potential for good deals. And deals you can't pass up on items you don't need. And other auctions, everything goes for a fair price. There isn't a lot special to know or do for the latter type of auction. But, those auctions where there are good deals and great deals to be had - they are the auctions that require a bit of savvy on the part of the buyer.