Buying Foreclosed at Aunction

[Riteash Tiwari]

Hello All

Requesting feedback and help on buying foreclosed house. I am newbie to real estate investing. I am interested in the 1971 built, foreclosed property in my area Howard County MD.I read some stuff on buying foreclosed property and few of the articles scared hell out of me. For this property, no prior visit etc, is allowed one hour before auction starts. Could experienced folks please advise and provide any feedback for buying such property. What are the major things to check into for go / no go decision, knowing that I will not have enough to do check all? 

[Jon Schoeller]

As someone who buys a ton of auction houses, this is not something I would suggest for an inexperience investor. Especially not on your first one. Unless you are getting a house that appears to be in great condition in a great neighborhood for a no brainer price. Meaning you have accounted for every repair/expense possible and then some and you can STILL make money. This is something you need to develop an eye for. Now what you could do is hire a contractor to go to the auction with you as a consultant. Let him/her advise you on repairs and cost. I am sure one of them would do it for 50/hr. Or bring a friend or family member that knows for free. Hope this helps. Good luck!