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Updated almost 6 years ago,
How to take possession of an occupied Auctioned Property
Hi everyone,
Am new in the real estate investment. I won a bid at an auction occupied property, I have not signed any contract yet. I can't inspect the property to determine the scope of work. My lender is insisting that we have to see inside of the property before closing. I am a licensed agent, and based on the market data available to me the house looks promising but the big challenge now is knowing exactly what is inside since it has been abandoned for a while now to determine the LTV. I went to the house like 3 times without seeing anyone, but eventually met one of the neighbors who told me that the property was foreclosed on. The neighbor said that the owner just disappeared over a year ago, and that the daughters were coming but also stopped coming like 8 months ago as well. Auction representative that contacted me told me that the POF must not be contingent on access to the property, bearing in mind that I am using hard money lender:
1. How do I get into the property since the place has been abandoned and no one is there to give me access to the property.
2. Should I still go ahead, or just walk away from the deal and lose the $2500 deposit, or can I get a refund from auction.com?
3. And if we eventual moves forward, how do I take possession of the property after closing?
Thanks in advance for your advice