5 Real Estate Auction Websites NO ONE talks about!

what's going on youtube welcome to my channel money moves with kay i'm kay and today we're going to talk about five real estate auction websites that no one talks about if that's something that you're interested in please stay tuned for the video before i get into the video i kind of want to discuss and roll out my new mastermind group if you are interested in real estate but kind of need to know where to start and you want some mentorship coaching on real estate live q and a's and all of the above and also you want to join a community of go getters like yourself go ahead and click the link below and go ahead and sign up for um us to send you various emails on the group and how to get started all right before i get started i kind of want you to know some things about these particular websites that i'm about to outline um one thing is that you should always always do your due diligence number two none of these particular websites offer financing it's typically for the folks who have the cash on hand and are ready to purchase if they are the winning bidder i also want you to make sure that you go in person to look at these properties i can't tell you how many times i've looked at a property and thought that i would do so many things with the property however um it's far far away so make sure that you actually physically go to these properties and not buy blindly okay also these properties are sold without a warranty so they're sold as is which means that that's another reason why you should go in person to see these properties if you decide to bid on them okay lastly if you really really decide that you want to move forward with the property i highly suggest that you may even go as far as getting a title search for these properties so that you know what you're getting yourself into okay so you don't want to get a property and then it has tons and tons of taxes attached to that property which we call real estate encumbrances okay so an encumbrance is basically anything that is attached to the asset in this particular case the asset is the home so an encumbrance can be a mortgage tax liens property assessments etc so if you purchase a property or you're the winning bidder of a property that was two thousand dollars let's say a parcel of land for two thousand dollars however there is a tax lien associated with that property or an encumbrance that is worth fifteen thousand dollars well you if you're the highest bidder and you bid on that property for two thousand dollars you not only have to pay the two thousand dollars to one of these particular websites but you also will be responsible for that particular tax which in my example is fifteen thousand dollars so you really don't want that to come back to bite you in the butt make sure that you do your due diligence so that is my uh disclaimer for this video so let's get into the countdown and number five is the treasury.gov treasury.gov lists properties from the department of treasury internal revenue services and this basically is properties that were seized by the irs for folks not paying their taxes a pro to this website is that they list their encumbrances but of course you still do your due diligence they also have a mail-in bid option as well depending on your location that you're bidding on you may be able to mail in your bid and lastly for a pro in my opinion which was a pro is that they don't have any buyer premiums a lot of these websites that i will list have buyer premiums but this particular website doesn't so one of the major drawbacks or cons to this website is that owners or heirs or anyone with a pr interest in the property has 180 days of a redemption period to actually redeem the property so let's say you bid on the property you won the bid and you pay your money okay so let's say it was two thousand bucks you pay the money uh the owner has 180 days pretty much to come back and say nah i want the property back now with that they have to pay what you pay for the property plus a interest fee of 20 if after 180 days no one redeems the property you win the property you can successfully move on accordingly how you want it or how you wish to move on with the property and you will be issued a quick claim deed if this video has given you any type of value go ahead and like comment and share the video it allows this video to get out to more people so that they can also learn and we can all be lifetime learners all right without further ado let's get back to the video the next website i will mention is govdeals.com i've actually mentioned this website in the past in one of my other videos that i'll link below in which i purchased a parcel of land and acre of land um for four thousand dollars and i kind of discussed in that video what we're going to do with the land but um i didn't necessarily purchase from gov deals i purchased directly from the county however i do want i did want to mention my story with this because it was still a surplus property so gov deals housed um a lot of real estate land uh actual dwellings multi-units i've seen everything on this particular website schools i've seen a school on this website so they have a ton of ton of um different types of real estate on this particular website and it's really really awesome another pro to the website is that you can ask questions publicly and also see other people's questions publicly and also see the response from the person conducting the sale on the site so it's very helpful and beneficial to kind of get some a feel for the property and to ask your questions on to the cons so with govdeals.com just like a lot of these other sites that i will mention later they do have a buyer's premium and also they may have um some bid minimum so they will have a minimum which they start the bid out you kind of have to go from there bidding up so if you're really trying to find a cheap really cheap property they're on there as well but just know that most of them do have a bid minimum that they you have to meet or threshold you have to meet in order to even start to bid on the property the third website i'm gonna give to you may sound like the first website however it is a different sector of the same website it's treasury.gov however we're talking about the us department of treasury sees real estate public auctions that's a mouthful but these particular properties were seized by the government because well let's just say the owners were involved in illegal activities so the government swooped in and seized the properties and now they're up for auction some pros to this website is that they have a variety of real estate i've seen a boat slip sublease mansions multi-units condos you name it it's there also they have a variety of locations in which these properties are i've seen properties as far as puerto rico so all over the country these are properties that are accessible to you some other pros to this site is that there are designated open houses so you can do your inspection also there are no buyer premiums no reserves and you can either mail in your bid or have someone else bid on your behalf as long as that person has a temporary power of attorney they can bid on your behalf so i think that's pretty cool as well for this particular site some cons to the website is just like all the other websites the properties are sold as is and also these particular properties tend to be on the more expensive side so if you don't have 400 500 000 100 000 cash to spend on a property this website may not be for you the second website on the list is publicsurplus.com this particular website is very similar to govdeals.com in that they house a lot of surplus properties from counties all over the country so once you go on the website it's very straightforward and that's a part of my pro for this particular website very straightforward and it's easy to navigate this particular website has properties from various states different styles and types of properties like i mentioned earlier with a lot of these websites and also you can ask some questions once you register okay speaking of registration registration is fairly easy to sign up and get started a con to this website is that there is a buyer's premium typically of eight percent and also there may be a redemption period um depending on the state that you are bidding on the property for um there may be a redemption period in which the original owner and heirs and those folks that i talked about who may have interest in the property may redeem the property so keep that in mind when you're bidding on publicsurplus.com the last website is gsa auctions.gov gsa stands for general services administration and these particular properties were once used for federal government missions some pros to this website is that there's no reserve price and also they have various types of real estate in fact i've seen lighthouses on this website commercial building vacant land it's all here so this is a great website to have some of those alternative real estate options one major con to this website is that a registration deposit is typically needed prior to you bidding on the property if in the event that you are not the highest bidder you will receive that registration deposit back that's the end of my video thank you so so much for sticking around to this point of the video until next time you guys stay blessed peace

Channel: Money Moves With K

Views: 1,140,766

Keywords: real estate auctions how do they work, online real estate auctions, real estate auction tips, real estate foreclosure auctions, real estate investor, real estate for beginners, real estate off mar, off market real estate deals

Id: QiuuRl3VfO4

Length: 9min 24sec (564 seconds)

Published: Wed Apr 27 2022