Live Auction Due Diligence & Bidding Tips and Tricks

[Adam Scheetz]

I'm looking at XOME.com and Auction.com and it got me to thinking, I've got a great prompt for a cool discussion topic!! 

What are some tips and tricks for conducting due diligence on properties going to auction?

As in;

• If the property is occupied, are there is secrets to getting them to let you inside without being intrusive? 
• When going to a live auction, what rules do you set for yourself?
• What are important things to consider if you when the auction and what to expect?
• Are there particular ways to work with a bank before, during, and after an auction?

I know there are some SUPER knowledgeable people out there on REO and Auctions who could crank this thread up to 11 by dropping some wisdom on us!!!!!!

Thanks in Advance!!

[Jay Hinrichs]

Most auction companies if the house is occuppied will tell you your not allowed to approach the homeowner.

I violate this everytime.. 

set max bid and semi stick with it though.. but one trick is its human nature to stop at round numbers IE 

I will bid to 205k and thats it.. I will always have a max number plus 500 .. many times everyone is backing into basically the same number and u can win the property by just spending a few hundred more. your not going to turn the deal down over a few hundred right.

if its on line auction winning the bid just means your now in contract to buy.. and its a normal escrow after that.

you will never work with the bank you work with the auction company.