Got Access to Foreclosure Auctions...What now?

Hi, my name is Teresa. I am so new to REI. I have been reading alot, but still feel a little out of place. I got access (today actually) to my local Foreclosure and Tax Lien Public Auction. I have no idea what to do with this information. Not so great credit, no business credit. Is there anything that I can do with this information with all of these known issues? The good news this list is updated weekly, so I can try and pull things together if need be, and search again at a later date. :slight_smile:

Do you have any cash? You’ll need some if you do pre-forclosures and/or purchase the house at auction. You won’t be able to go look around for a loan for these avenues of purchasing because you won’t have the time. You could get what they call “hard money” but it is usually at a very high interest rate. Or if you own a home you could get a HELOC for cash.

If you don’t have access to any of these things, you might start out “bird dogging” - that is finding deals and passing them onto those investor who have the cash - and you get a fee for finding the deals. HTH

Teresa,You should find out what the laws are in your state.I just bought a house at a foreclosure auction and there is alot more to it then just getting the house.If the person is still in the house it could be tied up for months or longer!Just find out all you can before you get into it.I hope this helps.Michele