Buying at Forclosure Auctions (On the Courthouse Steps)

[Wendy Vaidic]

When you buy at Foreclosure Sales at the courthouse what is your procedure?

1. What's the most efficient way to find the property address as they are listed by a partial court case number withe the bank name and owner name?

2.  Do you research the property yourself or pay to have it done ( if you pay who do you use and how much is it)?

3. Is there a way to find out how much the judgement is for?

3. Have you ever been burned buying a home at the courthouse?

4.  How do you ensure that the loan being foreclosed is in first position (I've heard horror stories of second loans being bought at foreclosure sales when the buyer was told by a title search company that it was a first loan}?

5. If you can't see inside the home how do you decide on repair costs?

6.  There seems to be a "good ol' boy" network going on there.  Do they really bid too high against new bidders to scare them off?

Thanks so much for any input!  Anything that I haven't asked but you feel would be useful to me would be much appreciated.