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Updated over 2 years ago,
Attempting our first Auction property
Afternoon BP Community.
My wife and I are going to venture into our first RE property purchase. The house we found will be auctioned off on an online auction due to a foreclosure. The history of the previous owner is very "clean" and was not a forced eviction and was an elderly owner who passed away. The auction site is allowing a walk through of the property (very rare from what I understand). We have our contractor meeting us to get a first look and get a good estimate to do a fix and flip. My question is, should we also have an inspector meet us at the property as well?
Also, if we win the house, we have 30 days to do our DD and close on the property. Am I mistaken in thinking that if we don't get an inspector to do a walk through with us then, we will do it if we win and if something is found we are allowed to back out? The auction site webpage says there is a deposit required to be allowed to bid, but does not say a "non refundable" deposit.
Thanks BP.