How to sort through foreclosure auction list?

[Bennet Sebastian]

Hi BP Community,

I've recently started getting serious about buying SFRs at the county courthouse auctions. I've spent hours reading a lot of the related posts here on BP which was very helpful. I've got a list of about 20 properties this month in the Orlando area out of about 200 that look somewhat interesting on the surface. However, the plaintiff's max bid is hidden from view so I don't know what they are willing to bid up to until auction day. In most of these cases the judgment is significantly higher than the assessed value. Each property will take me several hours of due diligence (title search, drive-by, checking out comps, etc.). So how do I figure out which ones will have a higher probability of going to a 3rd party bidder so as not to waste a bunch of time? In studying past auctions I can't seem to find any one particular factor that correlates highly with 3rd party winners (vs. bank taking it back). I know there is no magic solution, and in time I'll probably be able to figure this out but I just don't want to waste hundreds of hours in the meanwhile. I know the good folks here on BP will come to my aid in my time of need.

Thanks!

Bennet

[Wayne Brooks]

@Bennet Sebastian

As you've discovered, it's hard to predict.  I tried tracking by bank, looking for a pattern of just bidding the FJ verses some realistic take out number....to no avail.  Maybe it depends on the individual asset mgr....sometimes they don't have a value and just bid the FJ, and sometimes they bid a reasonable number.  If you figure it out, please let me know....but no one else!