Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 6 years ago on . Most recent reply

User Stats

117
Posts
57
Votes
Rehaan Khan
  • Investor
  • USA
57
Votes |
117
Posts

Bought a property at foreclosure auction! Whats next?

Rehaan Khan
  • Investor
  • USA
Posted

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. 

Most Popular Reply

User Stats

2,285
Posts
1,995
Votes
Anthony Dooley
  • Investor
  • Columbus, GA
1,995
Votes |
2,285
Posts
Anthony Dooley
  • Investor
  • Columbus, GA
Replied

@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.

Loading replies...