I am a first time investor. 31 years old , own my personal home and looking to buy my first foreclosure at a trustees sale at my local courthouse. I live in central Nebraska and very few people attend these auctions in my area. I have attended and watched but never been brave enough to buy. Recently I have found a house that was originally bought in 1992 and refinanced once in 2005 on a 30 year note for 86,500. No other outstanding Liens that I saw. Ran an estimated atomization table at 5.5% interested and believe the remaining balance to be in the $50k range. Last years taxes have not been paid.

So here is where I am and what I have done.

Step 1: got a title report from my local title company which came back with a single lien and nothing outstanding other than last years taxes

Step 2: transferred money around to ensure that I am prepared to pay cash for the house the day of the sale.

Step 3: have checked other homes in the area and believe that the house is worth approx 135-145k without much work (assuming the inside is livable)

Step 4: have gotten a real estate lawyer and have him verifying that i will be buying out the fist lien and will get possession of the property upon close of the auction. Also have him looking into how to remove the previous owners from the house.

My question(s) are

The previous owners are still in the house currently. What would the process be once I own the property to remove them from this property

If I have to go through an eviction process and they end up being forcibly removed without their property. What is the process to remove their property.

How important is home insurance on a house that you buy with cash?

What are the top things that I need to look out for with an auction such as this?

Appreciate everyone’s input!! I’m a newbie so please don’t assume that I know anything. Corrective criticism is very welcome here!!!

Depending on condition of this house it will either be a rental or a flip. Not yet decided.