Foreclosure questions?

[Dan O.]

Alright so i'm attending auctions with equity.
What are the pitfalls of buying at auction?

1) Title issues?
Have any of you lost your deposit due to not being able close with hard money due to title issues.
has the Attorney ACTUALLY said "I'ts over 30 days' and now we keep your deposit, haha now we can auction it again....

2) Occupants?
Have you had the occupants not leave, not talk to you and actually cause you enough damage that you had to let the property get foreclosed on?
Did hard money lender give you rehab money even if he could not get in for appraiser to tell YOU how much rehab work needed to be done?

3) Successfully Conventional Financed?
Have you used a bank and if so how did you get around the appraiser not being able to get into the property if that was the case?

I have seen 2 properties go in my town in which netted the investor close to 1 Million dollars on a 2 part fix and flip.

Spoke to HML tonight who basically said Auctions are too difficult and that reos are the way to go. Why would I use hard money for an REO??

Thanks for the responses I appreciate it
:mrgreen: