to buy at auctions or not - Posted by rich

Real Estate Investing Auctions
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Posted by Kevin IL on January 26, 2004 at 14:45:59:

You do not get to inspect foreclosure auction properties before the sale unless you can get the homeowner to let you in. You will have to evict if the homeowner doesn’t leave.

Good deals can be found at auctions, however you really have to perform your due dilligence. I would recommend attending (NOT bidding) at least 10 auctions before you ever purchase.

Do you know the difference between bidding on a 1st mortgage versus a 2nd mortgage? Do you know how tax liens are treated at a foreclosure auction? What about IRS liens? Don’t even attempt to bid at the auction until you know the answers to these questions AND have the ability to figure out if it’s relevant to the property you’re interested in.

Hope that helps.

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to buy at auctions or not - Posted by rich

Posted by rich on January 26, 2004 at 12:33:42:

I am looking into buying properties at real estate auctions however there are two big problems. First you do not get to look inside the properties. How am I suppose to have an idea of the condition of the house and how much it is worth so that I can make intelligent bids at the auction. Also I hear that most of the time you have to evict the owners. This can take a long time and some money. This would ruin my plan of buying and selling the property within 3-4 months. Do these problems make auctions not a good way to get good deals or can you still find good deals even with these problems?