Master Commissioner's Sale

By
Real Estate Agent with Elite Realty Group

Today I went to the McCracken County Master Commissioner's Sale. It was held at 1:30pm inside the courthouse at the steps going upstairs. This was my first time attending one of these so when I had always heard someone saying "courthouse steps" I always thought they meant outside. Turns out it's inside.

Up for auction today were 11 properties. Four properties were removed from the list as a sale or something had enabled their removal from the list. Properties ranged from around $23,000 to $229,000. There were probably 30 to 40 people there. I noticed a couple of other agents there. I assume with clients. There were at least a couple of attorneys there representing lenders.

I had many reasons for attending. I wanted to learn if it was really possible to get a great deal at one of these auctions. I wanted to experience one for myself as hearing it from someone else doesn't include all the details. Details are good.  :-)

I don't totally understand all the possible circumstances a property would be auctioned off. I assume foreclosure but I wonder if bankruptcy could be related to some homes getting on this list.

Of all the properties auctioned off today, all properties except one were purchased by the lender that took action. These are the ones I assume were foreclosures. The one property not involving a lender was between two private individuals. The newspaper said it had something to do with a suit involving the division of property and to recover the costs of the sale. The commissioner stated the appraised value was $40,000. A bidder started the auction at $5,000. This property ended up selling for $19,600. Several bidders got involved. This property did not include a right of redemption.

One question I have is regarding the properties the lenders purchased. I assume these properties were foreclosures and that the proceeds of these properties go to the lender minus any legal fees. The lenders then sell the properties to recover their costs? These properties will likely be available or being sold by another agent in the near future?

 

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Location:
Kentucky McCracken County Paducah
Groups:
Kentucky Professionals
Realtors®
Tags:
mccracken county
paducah
kentucky
foreclosure
master commissioner
bill flynn
mark ashburn

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Anonymous #8
Anonymous
Barbara

I am interested in bidding on property at a Master Commissioner sale.  I have never done this. I read that I could purchase the property from the owner, even though it is in forcloser. Is that true?

February 04, 2013 07:18 PM
Rainer
22,845
Bill Dunn
Elite Realty Group

You may be able to purchase the property from the owner if time permits. However, it is unlikely you'd want to pay the amount required to obtain the property.

February 04, 2013 07:28 PM
Anonymous #10
Anonymous
Barbara

How would I know what the amount was? Would it have to be the amount owed to the bank or whatever amount the owner and I settled on? 

February 04, 2013 08:30 PM
Rainer
22,845
Bill Dunn
Elite Realty Group

The amount would depend on the owner and the lender. You'd have to discuss it with the owner.

February 05, 2013 05:53 AM
Anonymous #12
Anonymous
Barbara

There are two names listed as defendants. What does that mean? One of them has the deed for the property. Why would another party be listed that doesn't have a deed?

February 05, 2013 06:48 AM
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Rainer
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Bill Dunn

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Blog of Bill Dunn, Paducah KY, Realtor Elite Realty Group