Foreclosure Property, Concessions - Home Inspection ?

Foreclosures, Short Sales, Tax Foreclosures
1

Hi,

If I’m interested in bidding on a foreclosure property, but I want to place my bid with concessions, for example a home inspection, how would I do that prior to the auction ? prior to me bidding on the foreclosure property ?

Thanks !

2

I’m not sure how foreclosures work in your area but most auctions are pretty similar. If it’s an on site auction you will be allowed a walk through prior to bidding, if it’s on “the courthouse steps” you can drive by the property before the day of the auction. If you are the winning bidder, you usually have to pay a deposit of around 10% within an hour or so of your bid. Then you’ll have some time to do whatever you need to do such as a home inspection, financing, etc. prior to the formal closing which may be 30 - 45 - 60 days later. There is no way to know everything about a property before bidding, that’s the risk you take.

3
There is no way to know everything about a property before bidding, that's the risk you take.

Thats true but you can go to the local county office and look up the records on the home, right ?

Thanks !

4

Ofcourse, but you don’t get much from the county records.

5

Hi,

What do you do ? when it comes to investing in foreclosure property ?

Thanks !