Please share your experience buying at a foreclosure auctions

[Francisco Cimon]

Good day! I recently finished David Osborne's guide on buying properties through auction foreclosure. Can anyone here share their experience buying RE through foreclosure auctions?

David'guide also discusses the option of hiring local people to bid at auctions for you (long-distance bidding : )  ). Does anyone have experience with that?

Thanks for sharing!

[Francisco Cimon]

Quote from @Michael E.:

 By David Osborne's guide did you mean the book Bidding to Buy?

I recently finished this book and watched an auction just a couple of days ago. It was rather uneventful. Of the 15 or so people there, about half were also there just to watch. The "trustee", a police officer in uniform, read, one at a time, the address and opening bid for 6 properties that he had on a paper list. No one bid on any of the properties. The whole thing was done in less then 10 minutes. At the end, the officer began letting people take a picture of the paper list, so I did as well.

When I got home I looked up all 6 of the properties. A couple of them seemed like they would have been a great deal for the price. However, being completely new to this and having done absolutely no other research yet, I couldn't even guess as to why no one bid on them. I'm going to try to follow what happens to those properties as well as use them as practice for my research.

They are holding another auction this Friday and I'm planning on going.

I hope this information has been of some help to you and good luck.

 Yep, that is the book i am referring to. Thanks for sharing your experience. And good for you to take the first step by attending an auction.....  And 15 people showed up and no one bid on any of the properties!   : )