The most important factor in bidding for real estate was the value of the property itself.
The first factor that determined the value of a house was that it was a livable house.
This was very important, as most of the houses that were up for auction were mortgaged or in dispute.
Americans did not have the sense of saving, but preferred to spend in advance. Therefore, family finances were less able to withstand risks. Sometimes they bought a house but could not pay the mortgage, and the bank would repossess the house.
There were also some houses that the owner could not afford to pay the property tax. The property tax in California was relatively low, about one percent. That meant that if the house was worth a million dollars, the annual property tax would be ten thousand dollars.
The price of the house was determined by the bank, which would evaluate it. For a manor like this, the valuation could easily reach tens of millions, so the annual property tax would be one hundred thousand dollars!
In short, there was definitely something wrong with the houses being auctioned. Most of the owners had lost their houses because they had no other choice.
They would not be satisfied. Why should they sell their houses to others at a low price? With the idea that if they could not have it, no one else could have it, many people would mess with the house.
For example, they would block all the sewers in the house with cement, destroy the wiring of the house, and some would stay in the house, and so on.
This was also one of the reasons why there were fewer people in real estate bidding than in storage auctions. Not only did one have to be rich, but one also had to be skillful and capable. Otherwise, many people would be helpless if the owner occupied the house and refused to leave.
Of course, this could be done through the police and the law, but if the other party was a persistent loser, the police and the court would not be able to do anything if there were children or elderly or sick people in the house.
There was no one in the manor. Li Du released the little bug to take a look. There were no problems with the electrical, water, gas pipes, and sewers. He could move in after tidying up.
After looking at the manor, Li Du left with satisfaction and went to the next house.
His first purpose in attending the auction was to find a place to live, and it would be better if he could make money. He found that the little bug was more suitable for this business. The condition of the house was more obvious than that of the storage.
The eleven houses being auctioned were all in Santa Monica. The one closest to the manor was a small villa with an area of about two hundred and forty square meters. It had two floors, an underground garage, a parking lot, and a garden.
When Li Du arrived at the villa area, the security guard stopped him. Lu Guan went down to pay the guard the old way, but the guard firmly refused and became vigilant. He took out his walkie-talkie and began to gather his colleagues.
Seeing this, Li Du gestured for Lu Guan to come back. Lu Guan said helplessly, "Looks like it's going to be troublesome to get in. I'll go check if there's anyone in the villa that I can contact."
Li Du looked at the security guards and said, "No need, watch me."
He went back and changed his car to a Ferrari supercar. He sped all the way to the entrance of the villa area and slammed on the brakes. Then, he arrogantly stuck his head out and said, "Open the door! Open the door! "
A security guard stepped forward and asked politely, "Hello, sir, may I ask …"
"F * ck, I'm not good. Hurry up and open the door!" "Don't provoke me. I don't want to hurt the innocent today. D * mn it, let me go home. Hurry up!"
The security guard looked at the brand new luxury car and hesitated for a moment before opening the electric door.
Li Du took out a hundred-dollar bill and shoved it through the window to the security guard. "At least you know your place."
The security guard smiled. It seemed that he really couldn't disobey these rich people. If he followed their temperament, not only would he not provoke them, he would also get a tip.
A hundred yuan was not a small amount for security guards. Their daily salary was only a little more than a hundred yuan.
After successfully entering the villa, Li Du found the house that was to be auctioned and released the little bug.
He stayed in the car and enjoyed the Santa Monica sunshine. Then, another car drove in. Two middle-aged white men got out and looked at him, then walked toward the villa.
Li Du was curious. Could they be the owner of the villa? However, according to the little bug's investigation, there should be no one living in the house. The villa was empty and had been badly damaged.
The owner of the villa was a ruthless character. He had blocked all the pipes with cement, destroyed all the electrical circuits, and soaked the floor with dirty water.
So, from the outside, there was nothing wrong with the house at all. In fact, the software was all ruined. To live in it, a lot of work had to be done.
The two men got out of the car and looked inside the villa. One of them looked at it and then went to the window. He leaned against the window and looked inside.
Seeing this, Li Du suddenly realized that he had met someone in the same industry. Obviously, the other party was also here to scout.
The villa was worthless to him. After buying it, there were too many things to pack and he could not sell it immediately. Even if he did, he would not get a good price.
After retrieving the little bug, he backed out of the car and left. When the security guard let him in, he gave him another hundred dollars, which made the guard very excited.
He memorized the license plate of the sports car and decided that the next time the sports car came, he would provide VIP service. He would definitely be able to get more tips.
It was a pity that the sports car would not come to the villa area again.
There was another villa. This villa did not have walls and was in an open environment. Li Du went to take a look, noted the situation, and then drove away.
In half a day, he drove around Santa Monica in the sports car. He checked the remaining eight houses one by one and made a simple valuation.
The real estate market was a complicated market. Li Du had just entered the industry and had to be careful. He was not sure about the value of the houses and the speed at which they were sold. Therefore, he made detailed preparations for his first auction.
Among the eleven houses to be auctioned, Li Du was most interested in the manor and a detached house.
Detached houses were the main form of houses in the United States. They were often used in American dramas and Hollywood movies. On the screen, they looked like villas, but in fact, they only looked like villas. They were not villas.
There were thousands of such houses. There were mansions worth tens of millions and dilapidated houses worth thirty to fifty thousand. They were all second-hand houses. In the United States, the main form of real estate transactions was second-hand houses. There were fewer transactions of new houses and new buildings.
On the last Friday in mid-July, which was July 20th, the Housing and Urban Development Bureau of Santa Monica would hold a real estate auction. As usual, Li Du rushed there early in the morning. However, he found that the office hall where the auction was to be held was deserted.
Lu Guan yawned and said, "Boss, I told you before, there is no need to come early. Everyone is familiar with each other. There is no need to investigate anything in advance."
Li Du said, "Are we familiar with them?"
Lu Guan shrugged and said, "You are the boss. What you said makes sense."
The house-pickers were indeed familiar with each other. As people arrived, they would greet and joke with each other. Li Du was the odd one out. He stood in the crowd and people ignored him.
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