In real estate, timing is everything. That’s what David Elosegui discovered when he made an offer on the Lake Orion house he fell in love with in February for himself and his daughter.
“I went to make an offer and the bank said the house had just gone to auction,” said Elosegui, who wanted to offer Wells Fargo Bank — the home’s owner — $214,000. The house had been listed by a Realtor for $220,000 but had gone into foreclosure.
The following weekend, he walked away with his dream home from an auction of foreclosed properties conducted by the Texas company Hudson & Marshall. He had made the highest bid — $179,000.
“It was surprisingly easy,” said Elosegui, who divorced in May 2004 and had been living in an apartment since June 2005. “I knew I would be willing to bid a little higher than an investor.”