Government car auctions md

Government car auctions md - Government Car Auctions

Government car auctions md

welcome back to making money now here on
Power Lunch ever wondered what happens
to real estate seized from drug dealers
or IRS liens involved or simple mortgage
foreclosures we’re going to talk about
that right now once the government no
longer needs the evidence or banks have
Government car auctions md
eventually find their way back onto the
market usually via an auction why you
should listen up is that they usually do
so at a discount to their actual value
so a maybe sometimes you can get a steal
on distressed properties joining us a
man who should know about this he is Ian
Aaronovitch who’s the president and CEO
of government auctions dot-org he joins
us today from New York Ian thanks for
joining us thank you before we get to
the specifics and I’m fascinated by this
because I’ve been invited to many of
these auctions assess the risk level we
should say that upfront how much risk
are we talking about well the risk is
always what you are what you make it if
you do your due diligence properly and
if you research the value of what you’re
buying you’re gonna go about it in a
much smarter way and you’re probably
gonna lessen your risk there is no clear
way to say that there’s a 20 30 % risk I
think it differs with every particular
situation and surely there is a risk
especially if you don’t use your head
the two kinds of auctions one the
government auctions tell me about those
well the government auctions government
auctions come in two different types one
is the seized property auctions then the
other one is the surplus property
auctions deceased property auctions as
you mentioned are the ones that are a
result of the drug seizures IRS seizures
and other ill-gotten gains well
essentially the government would sell
the property or it would have a third
party of third party auctioneer sell the
property and the average the average
person the public would be able to
attend these auctions and bid it up and
then the property would go to the
highest bidder right and you know a lot
of this is cars electronics jewelry and
so on and so forth but there’s a lot of
real estate also yeah well and in that
regard there the other kind you go
through the foreclosures tell me about
those well with regard to foreclosures
those are actually private well I
shouldn’t say that the bank is involved
or some kind of a lender right well yeah
the bank or some kind of lender or some
kind of leather and

Government car auctions md - Government Auctions Cars For Sale

Government car auctions md guide
surance agency is involved and what
happens there is the bank forecloses
based on a contract that you signed with
it when you did when you essentially put
your mortgage together it forecloses on
your property in order to cover its
security interest which the security
interest in this case is the property
you put up when you took out the
mortgage to cover the loan how do I find
out about these I mean you can get
auction notices you get a notice of
default right well yeah there’s a bunch
of different ways that you can find out
about it the two most common ones are a
lot of times these auction sales and
foreclosure sales are advertised in the
legal journals in your local papers and
so on and so forth because there are
statutory requirements that make the
bank or the trustee advertise these
particular auctions for anywhere between
three to five weeks before the actual
sale sale takes place right the other
thing you can do is obviously you can go
to places that aggregate the information
such as we do and we’re at government
auctions that or we and there’s the
website right there right now let me ask
you this I I found fascinating you can
if you choose when you find out about a
particular property you can go to the
owner before the auction and try and cut
a private deal to begin with yes well
yeah there are three stages in their
foreclosure during which you can
actually buy the property at a discount
then the first one as you said is
approaching the owner and this is once
the notice of default is served by the
bank it is also recorded with local with
the local recording office or the town
clerk and how risky is that if you’re
gonna go cut a side deal like this well
it depends it’s essentially what you
make it you’re approaching the owner and
what happens at a foreclosure sale is
the owner would lose a property in
addition to that if the auction didn’t
fetch enough of a price right then the
owner would be responsible for anything
under and and the and basically the
banking officer for a deficiency
especially when if you go to auctions
sometimes on these foreclosure auctions
the lender is the first bidder right
well yeah in all of these auctions
essentially the lender will be the first
bidder because the lender has a what you
call a a lien on the property and it’ll
put up its lien
right off the bat in a credit bid so as
to first of all to keep the price the
bidding price above it and second of all
if no one else bids the lender will
simply take it off their hands and put
up its lien instead obviously we’re not
going to cover it all but it is
something that you absolutely absolutely
absolutely must know all the variables
before you get into something like this
but the is fascinating could be a way to
make money as well and if you go to one
of these aggregate websites like
government auctions org that’s probably
pretty good place to start there
Ian thanks for joining us thank you very
much Ian Tirana Mitch president CEO of
government auctions dot org you can
check out that website as we said for
more information