Buying foreclusers at auction

[Yoni R.]

I am a flipper and have decided to start buying forclosuers at auction. I think this will give me an edge on local everyday investors that just purchase from the mls and are looking for a simple solid deal where everything is understood prior to their purchase.

I wanted to get members opinions of their experience from purchasing properties via auction and if there are any good tips to give me before I start firing away?

Also what is the best place to do a title search? There are two online sites that I was referred to:

http://www.fasttitlesearch.com/

http://easytitlesearch.com/

Thanks for all the help!

[Jonathan Greene]

@Yoni R. - if you think investors in Miami only buy on the MLS, I have to say you are behind the curve. The courthouse auctions are busting at the seams in most major cities and the deals are getting worse and worse (in my area) because inexperienced investors are pushing the prices up and making bad deals. I do think you can find deals there, but what I am saying is that your best bet is to find an untapped neighborhood near you and start mailing them consistently.

To win at foreclosure auction you have to have the back data on the property (history, amount owned, liens), know if someone is living there (tenant or owner), estimate the interior upkeep from the look of the exterior (no easy task) and knock the doors of the next door neighbors and the three across the street to get a gauge on what they know about the homeowner (not always well received, but you are trying to help them by turning a foreclosure into a flip).

I hope this helps.