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Updated about 5 years ago on .

User Stats

538
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542
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Jon K.
  • Rental Property Investor
  • Perry Hall, MD
542
Votes |
538
Posts

How to evaluate a property up for foreclosure auction

Jon K.
  • Rental Property Investor
  • Perry Hall, MD
Posted

I'm on plenty of wholesaler's lists and I've noticed that a few of them buy properties at foreclosure auctions. They seem to buy them for a reasonable price based on the condition of the property. In theory, you cannot see the condition of these properties prior to the auction. I realize that they could price them based on the condition after the fact but I was able to see the contracts when they were assigned to me and in those cases that wasn't the case.

My question is this: What am I missing? Is there a technique they may be using to evaluate a foreclosure auction property prior to an auction? Some method of tactfully approaching the current owner for a glance inside? Any insight would be greatly appreciated.