Buying Foreclosures/at Auctions

[Stacie Lynn]

If you have experience with buying foreclosures at auctions,what would you say are some important tips? Do you advise buying your first multi-family home this way? Were you able to obtain financing from a lender ahead of time for this investment? Thanks in advance.

[Rich Kniss]

@Stacie Lynn, you need to research the properties before bidding. Find out if there are any outstanding liens. A fellow real estate investor I know got stung with this one. Learn as much as you can about the property, and set your maximum bid price before you go.

We've used auction.com as an alternative, but it is harder to get a deal that pencils these days.