Auctions..how to get around cash only

[Jordy Lewis]

Husband and I plan to attend an auction soon and have listened and read that you can get around the cash only....but it isnt very black and white how?! Any ideas or suggestions? We have plenty of liquid cash but if we can invest in a few properties by spreading it out instead of pouring all our cash into 1-2 houses, that would work better!

Open for guidance and advice from those that have had first hand experience with this!

[Guy Raveh]

@Jordy Lewis If you are going to buy at the Trustee Sale Auction please be really careful!

1. Get a title company to do a summery preliminary report just to make sure there are no unknown liens, lis pendens, HOA etc. MOST importantly make sure they are selling the first deed of trust and not the second or third!!! In Vegas it happened more than once that uninformed buyers came to the auction just to end up with a second deed of trust in their hands which could be equal to nothing....

2. You would want to make sure your comp for the property is good. You need a really good Realtor to help you with this. 

3. Next you need to know if possible the shape of the house and whether property is vacant or occupied. If it is occupied there is a chance that it will take a very long time to get possession. 

There is more to watch out for but in summery do your homework before jumping in to the Trustee Sale Auction (also called Sherif Sale and other names). Good luck!