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Updated about 7 years ago on . Most recent reply

User Stats

33
Posts
5
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Tierra Petersen
  • Rochester, WA
5
Votes |
33
Posts

county auctions foreclosures: worth the risk?????

Tierra Petersen
  • Rochester, WA
Posted

I'm in Rochester, Wa, 20 Minutes south of Olympia

 I'm tinkering with the idea of buying a foreclosure that's next door. I just wanted to get people's input. They are $15,000 behind on their taxes. It makes me sad to buy someone's property, potentially, because they were unable to pay their taxes. I really don't know how I feel about making a profit off of other people losses. I'd like to talk to the neighbors and ask them what's up. I think that would be a real awkward conversation and they might get upset.

I don't have any money, but I do have some property and a mobile home. It seems like if I bid at the auction, I could seriously mess up and get stuck with a money pit that I can't get rid of or I could potentially make a lot of money or have another rental.

It seems like there's a lot of risk involved buying a property without seeing the inside. So I joined this site to see if anyone had any useful advice on this subject. 

Most Popular Reply

User Stats

127
Posts
76
Votes
Tyler Blackwell
  • Rental Property Investor
  • Olympia, WA
76
Votes |
127
Posts
Tyler Blackwell
  • Rental Property Investor
  • Olympia, WA
Replied

HI @Tierra Petersen, welcome to BP!
No doubt it would be a little weird to be the one that snatches up the neighbor's property if they go under, but if you don't, who will? As investors we're supposed to put on our "impartial hat" and make attempts to act without much emotion toward properties, but it wouldn't be easy for me to do the same for a neighbor's property, especially if I knew them on some level. That isn't to say you shouldn't buy it!!. Actually, as sad/awkward as it may be, you kind of have an informational advantage in this situation that might be helpful. Then again, how do you bid on a property if you have no money?
Is this a tax-foreclosure sale? or do you just know they're behind on their taxes? How is it being sold? When?
I have been looking in the Rochester area recently, so if you'd like to chat about the deal or how to go about it, PM me and we can toss ideas around. 

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