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Updated almost 6 years ago on . Most recent reply
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Bought a property at foreclosure auction! Whats next?
Just won a property at foreclosure auction after months of searching everywhere and going to auctions! I was given a receipt of deposit by the trustee at the auction and asked to call their company for further details. After calling the company, their representative asked me to mail them the funds and they will send me the deed to the property, which I can then record at the courthouse. This property is still occupied and I would need to get an eviction notice issued. For those of you who are familiar with the process. What should I look out for during this process? Any advice? Tips? I plan to fix and flip or use as a rental for some time and then resell depending on the numbers once I get possession of the property.
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@Rehaan Khan I hope they told you to wire the funds to an escrow/closing house and you a HUD-1 or closing document. I would not necessarily evict the current tenants. They have nothing to do with the previous owner being foreclosed on. Instead of fix and flip, maybe it is a turn key rental property.