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Updated over 7 years ago,
New guy questions about Auctions
Hello everybody,
I am new to real estate investing and looking to buy foreclosed property in the SW Washington area. I have never been to an Auction and don't really know how the process works or what to look for. I don't even know if I have the cash funds to be able to compete on that level (107k in bank).
The starting bid says 60k and 76k total debt. Do these lower starting bid properties normally go way above starting bid? If the property is purchased would I have to pay the unpaid property taxes separately or are the taxes taken from the purchase price? Also the website says no trespassing on property, so I'm assuming I can't take a peak inside before purchasing. What kind of do diligence should I do before attending one of these Auctions?