Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Real Estate Deal Analysis & Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 7 years ago,

User Stats

284
Posts
137
Votes
Pat Jackson
Pro Member
  • Rental Property Investor
  • Reno, NV
137
Votes |
284
Posts

Considering buying my first deal on the courthouse steps

Pat Jackson
Pro Member
  • Rental Property Investor
  • Reno, NV
Posted

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!

  • Pat Jackson
  • Loading replies...