When bidding on Foreclosures whats the key ?

[Rodney Hunter]

Hi BP! I want to get to a point where I would like to go to the foreclosure auctions and begin bidding on houses, however, I would like some advice in order to have a great out come. Of Course, I know I would do my due diligence, title search , Arv under 200k 55-60% rule over 200k 70% rule, check for tax liens , or liens in general . Is there any other tips on getting the properties ?

[Jesse Rivera]

1. Find out what liens survive the auction in your state, you are responsible for those
2. What is the ARV of the property
3. What is the min bid from the bank?
4. Drive the property, knock on the door if you can. If Vacant, peer through the windows. Estimate your repair price. Add 25% to that for surprises.
5. Run your numbers. Include holding costs (insurance, utilities, Money costs), repairs and closing costs.
6. If good deal, run a title report.
7. Make sure it is a 1st lien (unless you want to buy a 2nd).
8. Determine your max bid (set in stone)
9. get your cashiers checks from the bank.
10. bid