Foreclosure Auction : Narrowing Down Your List

[Kyle H]

Hello All, I am bidding on properties in Florida almost every day and looking for some insights to save some time. For those that are experienced you know that this is A LOT OF WORK! We get O&Es, drive the properties, look at comps and set a max bid prior to auction. So many of these properties are bid up over market value by the lender and/or cancelled the day of auction. Some auctions show the Plaintiffs max bid and others are hidden. If hidden we obviously do the due dilligence and bid.

ANY TIPS TO KNOWING THE LENDER IS GOING TO BUY THIS BACK REGARDLESS?
Tips on saving time in this process?

Thanks, Kyle

[Brian Burke]

@Jay Hinrichs weird system in FL...the auctions in many counties are conducted online by the clerk of the court. You have to have some funds on deposit with them in your account.  If you win a bid they take a deposit out of your funds on hold and you have to wire in the rest of the purchase price pronto.  The upside is that you don't have to deal with other bidders carrying gats (you know who I'm talking about), the downside is you can be bidding against guys across the country sitting in their offices (can you guess who I'm talking about?).

@Kyle H, one thing I've learned after 25 years of buying hundreds of houses at foreclosure auctions is that there are no shortcuts. No way to predict what's going to happen. And no way to outsmart the process. You just have to be fully prepared to bid on every property on calendar, every day, and hope to get one every now and then.  Believe me, that's much easier now than it was in 2009 when it wasn't unusual to have close to 100 properties on my calendar every day.