Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. 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 about 4 years ago,

User Stats

11
Posts
9
Votes
Preston Roper
  • Richmond Va
9
Votes |
11
Posts

Buying My First Foreclosure .... CONCERNS

Preston Roper
  • Richmond Va
Posted

I am looking into buying a Foreclosure to do as a potential BRRRR deal. I have a few reservations that i wanted to see if anyone on BP could shed some light on. I am looking into these mainly because the inventory in my market is extremely low i have been struggling to find deals. I figure that the requirement of having to have cash available will create a barrier to entry that will lower the competition for these foreclosed properties. I have listed out my concerns below and would love to hear some insight and opinions of others.

1 - One of the largest concerns that i have is buying a property that has multiple liens on the title. Is there a way to prevent this? Are all secondary leans required to be disclosed at auctions or is this something that needs to be researched at the court house prior?


2 - A lot of foreclosed properties are occupied. The risk here is fairly high because you are not able to review the property to understand the extent of work that it will need. On top of not being able to review the conditions of the inside there is also the chance that the occupant will refuse to leave leaving me responsible for evicting them it would think. Is there a way to minimize these risks?

3 - My final concern is finding / narrowing down the type of foreclosure that i should look into. I have looked at multiple different websites that list foreclosure but most require you to pay a subscription. Is there a website like HUD or Homepath that is more reputable that others? Do i have to go through a real estate agent to deal with the REO agents? I have a agent but he does not have much experience in foreclosures.