Foreclosure Due diligence

[Eric Bender]

Hey everyone, 

Looking to buy a foreclosed condo in my area. Of course I am unable to access the home or get a home inspection. What due dilligence is available to me and Is there a standard  % or amount people set aside for repairs when looking into investing in a site unseen foreclosure? 

Are condos safer bets than homes?

[Andy Mirza]

@Eric Bender $50k for a $200-$300k condo sounds very unlikely even for an off-market deal with no competition. Buying at the courthouse steps involves an open market and competition, which means that you won't see bargains like this. Something's wrong. You might be looking at the opening bid not the winning bid. You might be looking at an HOA lien or 2nd mortgage foreclosure, which are subject to senior loans. Are you aware of lien priority and which ones get wiped out and which don't? If not, do a search on BP, all this info is already out there....