Buying Foreclosures at the Courthouse

[Wesley Owen]

Hey BP Community! I am planning on visiting my local courthouse foreclosure sales this upcoming week to learn how the whole process works. For those that have purchased properties this way, I would love to hear your success stories and/or learning experiences! Any advice you could share on the process would be super helpful. Do you find that it was worth it? Are you really finding better deals this way? I am wanting to flip a few properties this way if possible. By the time foreclosure deals hit the MLS, they are certainly no longer the deals they used to be. Thanks so much for the input!

[Steve Morris]

Visit and watch what happens.  Odds are, unless the prop is a real mess, it will not sell for less than debt + lawyer fees + penalties.  The bank will send an agent to bid that amount to make sure.

Then again there are the death-bed revivals where the owner redeems the prop night before the auction.

Cheaper/better to get hold of the owner BEFORE the auction.