car wash auction

[MikeV]

For those of you in the Houston area, there is an auction for a car wash tomorrow at 10:00am. It is a 7 bay s.s. with Coleman equipment. I went by it a few days ago...the wash sits perpendicular to the street, but looks halfway decent. Meter lids are push button, combo vacs all over, will need some repair and tlc. Unfortunately it is built in an already overbuilt area (Pasadena). I plan to go to the auction just to see what the bids are going to be.

 

[Whale of a Wash]

I bet that will be an interesting auction, Is there a reserve. Someone not in the business may pay way too much, or it may go for almost nothing. I would imagine you would need to be prequalified to bid, so someone with no money wins it with no way to pay for it. Maybe thats what i need a carwash with no doors, and no 6 months of winter. Will you please let us know the results.

 

[pitzerwm]

More than likely the bank will bid 1 dollar more than it is owed.

 

[Red Baron]

These things can be good. Just yesterday my dad and I bid on and got a foreclosed brick house near Fort Worth that came with 1.5 acres for $32,500. The bank called today and said they rejected it because their reserve was $37,000, which we'll agree to.

Here's best best part, there was a mistake on the property info and it actually comes with 3.4 acres of commercial-zone land on the highway. The realtor says the land alone is worth $35,000, and the house, with about $10,000 rehab, should bring around $92,000.

 

[MikeV]

No reserve that I know of, 10% Buyer's premium, 15% earnest money. I'll let you know how it goes. I made an offer to the bank that currently owns it some time ago to rehab it, operate it so it would show a profit history and make it easier to sell...never heard from them.

 

[Waxman]

I bet that will be an interesting auction, Is there a reserve. Someone not in the business may pay way too much, or it may go for almost nothing. I would imagine you would need to be prequalified to bid, so someone with no money wins it with no way to pay for it. Maybe thats what i need a carwash with no doors, and no 6 months of winter. Will you please let us know the results.

Whale; too bad you didn't find out sooner. Does your wife like Country Music?

 

[pitzerwm]

Mike V, that is because most bankers are morons and couldn't manage a lemonade stand in front of their house.

 

[MikeV]

You got that right, Bill. The car wash sold for 210k. Couple of ar... or shall I say middle easterners bought it. That's more than I would have paid for it. It will take about 75k to rehab it and get it all working.