Foreclosure/Trustee

[Melissa W.]

Hello,

Has anybody purchased properties successfully at an Auction?  I am attending one later this month, and I have a few questions.  The properties I am looking at are Foreclosure/Trustee with a total estimate debt amount attached to it.  My understanding of the total estimate debt is that if the bid does not meet that criteria, then the winning bid could be rejected.  

My questions are: (1) Is it possible to get the private lenders, hard money lenders or banks to upfront money if I present a good deal to them?, (2) Is there a way to find out if the properties have leans on them by calling; or do I need to go directly to the county?, and (3) How do I make an accurate repair cost report if I can not see the inside of the properties?

Thank you.

Melissa

[Chad U.]

1)  No, you will have to pay all cash

2)  You need a title search, or do yourself to determine liens

3) The best you can do is look in the windows, or try and convince current occupant to let you in.  

@Steve Babiak compiled a list of Q&A posts over the years wrt Trustee Sales, in the attached link.  Well worth the read and a good primer to auction sales.

http://www.biggerpockets.com/forums/41/topics/6897...