buying a house at auction - Posted by Traci

Posted by Natalie-VA on July 24, 2007 at 15:50:27:


I’m not an attorney, but I’ve bought many homes at FC auctions. If you are obtaining conventional financing, it’s not a good idea to bid on an occupied home. You can’t count on the occupants to let your appraiser and other inspectors in. You will have to evict them if they refuse to leave, and that won’t happen within 15 days. I would stick with the vacant ones for now.


buying a house at auction - Posted by Traci

Posted by Traci on July 23, 2007 at 08:27:19:

I’m going to bid on a home that is being foreclosed on at auction this week. Current owners are still living there. Bank has agreed to close the deal in 15 days. Assuming I have the winning bid, how soon can I enter the property to obtain a home inspection to close the mortgage? I would need to enter 2-3 days after winning the home, but is that legal with the current owners still there?

We’re planning to offer them cash to get them out quickly, but if that doesn’t work from the moment the auction ends and I win, when am I legally allowed to enter the home?

Thanks for any advice!!