Hello BP family....I am here to seek advice and hopefully get some best practices from some of you that are already in the business of buying and selling homes. It has always been my desire to do this full time. I started buy buying a piece of land from a friend of mine and value went up 13k in only a few months. I am in escrow now and should have about 20k cash to be able to attend an auction.
I went to one this Tuesday and everyone seemed to have the same list in hand where they were marking off the properties that were being sold. I asked around and got some info on where to get the lists from prior to the auction date. Now i do have a couple of questions over the whole process....i have looked around in several forums but dont know if same things apply in Texas. Any help or guidance on the below questions would be greatly appreciated.
1. Is there a minimum time frame you have to wait before you are able to resell the properties?
2. What are sheriff auctions and are they better than say the bank owned?
3. On a tax lien auction, if you buy the house for the past due taxes are you still responsible for any bank liens on the property? (i know, this might be a dumb question).
4. Where do you find out if you are bidding on a second mortgage or if there are any other liens on the property?
5. If there is someone living there after you purchased the property, how do you ask them to leave or whats the procedure for that?
6. Are there any fees associated after they property is sold to the highest bidder?
I think these are the major questions i have right now. I plan on attending the next auction in Hidalgo on March 7th. Any info to help me make a safe and profitable investment would greatly help. Thank you all in advance and i wish you all a very successful 2017.
