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Updated about 9 years ago on . Most recent reply
Buying short sale at auction
I have not participated in auctions yet, but I found a short sale I may want to bid on. What advise would you give?
Most Popular Reply
Andrew Syrios
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- Residential Real Estate Investor
- Kansas City, MO
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Originally posted by @Paul Tanso:
I have not participated in auctions yet, but I found a short sale I may want to bid on. What advise would you give?
You will usually need all of the money to buy it up front. I would check with the trustee to see what their requirements are. You should also run a title check to make sure 1) you're not bidding on a 2nd and that there are no tax liens (that won't be wiped out by the auction). Finally, set a strike price and stick to it no matter how much you get caught in competition and the heat of the moment.