Correct me if I’m wrong:
I went to the hall of justice and wrote down the addresses of the properties being foreclosed and the date of sale. OK, then went and drove to the actual properties to see if they would be an intrest to me. Come to find out, people are still living in them, as if they weren’t moving anytime soon. I’m puzzled about that, any info on that , let me know.
Well tomorrow will be my first auction apperence. I’m going to sit back observe, take notes, and check out my competition.
I still have alot of questions, and learning alot as I dig deeper into real estate. I thank those who respond and try to share their experiences as well.
You will get all kinds of owners. Some of the buildings will be tenant occupied and the tenant may not know of the sell. Some the owners plan on staying and fighting tooth and nail and will not move out until the sherriff puts them out. A lot do not believe it is happening and if you ask then they will say what auction and a lot will say it has been taken care of by our attorney etc. Still some will declare bankruptcy on the day before the sale is to occur.
Keep in mind the banks are repossessing the property. The owners are not having the auction to see how much they can get for the property.
Most you find will have little or no equity. It is best to start looking at loans that are 10 years old or older and compare the original note amount against the appraised value to find equity.
Good luck at the auction. Lots to learn. Hope this helped a bit.