If you’ve been doorknocking, you may have been invited inside, or been able to glimpse the condition inside from the front porch. Or the house was vacant, and you had a chance to walk around and peer through the windows.
If you haven’t been inside, the only way to protect yourself is to make sure your maximum bid leaves you enough room to deal with major problems if they are revealed after the sale. Then don’t get caught up in a bidding frenzy and go over your pre-set maximum.
Posted by MsScarlett on February 12, 2005 at 18:36:58:
Hey gang. I’m a newbie to real estate investing but not to this site (which is great). My question is: has anyone ever bid on a foreclosed home via a sheriffs auction? How do you have any clue what condition the INside of the home is in? I mean, you could get into a real mess. Has this ever happened to anyone?
I realize its best to get to the property before it gets to this stage but was just curious if anyone had ever really purchased a home via an auction. There are tons of them listed here in Ohio weekly and someone buys them.
Just looking to hear anyone’s experiences.
Posted by Natalie Smith on February 13, 2005 at 09:18:06:
We buy quite a few of ours at auction, and you’re right, it’s VERY risky. You had better leave enough room for ANYTHING. We have gotten lucky and we have also gotten not so lucky. I guess everyone has to find their own niche.
Keep in mind that if the property is occupied, you will not be able to obtain traditional financing, because your appraiser and termite inspector won’t be able to get in.