Buying Foreclosures at public Auction?

Foreclosures, Short Sales, Tax Foreclosures
1

Newbie question here…I would like to purchase properties via foreclosure auctions…We have cash on hand.

We have them here the first Monday of every month.

I also want to become a title abstractor, to know if any secondary liens or judgements exist on the property.

I know buying these properties can be risky, since you cannot inspect them before buying them…What other pitfalls should I be aware of, when buying these properties?

2

SunnyDT:

Are you referring to the purchase process of foreclosed properties or what you can possibly expect to find out once you’re inside of one?

If it’s the latter, then any of the following can seriously set you back when it comes to cash on hand for home improvements:

  • Termites
  • Roof shot
  • Foundation shot
  • Mold problems
  • Rotted wood

Basically the whole gammet of problems can arise when you’re not able to view the property. Just expect the worse case scenerio to arise when heading into any deal and you’ll be better prepared if/when it occurs.

Hope this helps?

Ray

3

Thanks Ray…Thats what I figured…

4

No problem SunnyDT! ;D
Good luck with finding and flipping that 1st property! :bigthumbup:

5

I found you some info on Foreclosures:

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Good Luck!

6

My, isn’t it interesting that you just happened to “find” foreclosure information and it just happened to be on your own site…??

Do NOT advertise your own website inthe Discussion Forums – it violates the Forum Rules (not to mention the “sleaze” factor!)…

Keith
Moderator