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Updated over 7 years ago,
Considering buying my first deal on the courthouse steps
I apologize if this should have started in the general discussion.
I live in Reno, NV but grew up in Missouri. A house in a nearby town to my hometown is about to be auctioned off on the courthouse steps (literally).
I'm interested in this property and have a few questions.
1. From my initial conversation with a real estate agent in this small town, the house can be shown. At a minimum I'll have my dad who lives nearby do a walk through. Ideally I'd also have an inspection to know exactly what I'm getting into. However the auction in 7/25, I don't think requesting an inspection and getting the report is a realistic scenario. Is it?
2. Being an auction property, I'll have a title search done for any outstanding liens. I haven't made up my mind on which service to use, but is it a realistic scenario to get this report back in a week? I believe it is. Does anyone have any recommendations on which title search company to use?
3. I've never done this. From what I've read, a cashiers check is required at the end of the auction. I can have the funds all in one account in a week (the maximum amount I'm willing to bid based on what I find out about the property and the amount of risk I'm willing to take). Can cashiers checks be filled out on the spot? With an auction, obviously I won't know the exact price until it's over. How have actual courthouse auction payments worked for others? I intend to call the courthouse tomorrow, but wanted to double check here.
4. My dad will be the one doing the bidding. Should I have him do the bidding as my proxy, or have the funds in his name, get the house in his name, and transfer ownership to me at a later date?
I intend to wholesale or flip this house in a fairly short period of time if that matters. Thanks a ton!