200 House Auction this week end

I was reading in the Kansas City Star this am that Hudson and Marshall will be auctioning off 200 homes in the KC metro on Saturday & Sunday.  Although according to the Hudson & Marsall Web site that will be Friday and Saturday 

These are almost 100 % urban core Kansas City Missouri homes, mostly vacant, a few rented and a few slated for demo with a few other area's thrown in.  Mayor Funkhouser is urging local area investors to come out in droves to buy these homes at mostly absolute auctions  (meaning they sell no matter what price offered) so that the out of state investors don't get a chance to buy them.

Does he not get that local area investors for the most part are purchasing these cheap houses, getting them as fixed as they have to to get a warm body in the house so they can sell it as a cash flowing rental to the out of state investor.  Everyone I have talked to that is planning on buying has this plan in mind.

If you are going to the auction, please take a drive by these houses today to find out what they look like.  ON the mailer I received many said "absolute auction" slated for demolition.  So if I buy a house for $50 and the city subsequently tears it down a week after I close on it, then they will attach the demo bill to the property, so when I go to sell I have to pay the demolition bill that may be around $8000 or so.  And what am I going to do with a vacant lot that I now owe $8,000. 

I bet a few people have ideas.

But please remember if you have a few $100 to spend at the auction on Friday and Saturday, to check out the property today before you go bid.

Click here to find out more about the properties and the sale