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noobdog1 and landchasers thank you for so much information. Every bit helps a ton i am finding out.

I forgot to say that this was a deed of trust auction at the courthouse steps.

So far its been a struggle to find a person who seems trustworthy enough to help me out. Heck, its been hard to find an attorney that will call me back within a few days.

I cant beleive that people buy properties at auctions without knowing whats really owed.

Oh and there is a lot of competition here, but both properties i have gone to buy nobody showed up. That scared me big time. I thought...what do these guys see that i dont? But there will be 4 or more people in a bidding war for a 4/3 with MAYBE 20K to make.....I dont understand.

But im learning. :)

Well I am a First Time investor. I have been looking for a property to buy for months. Finally a property came about in the foreclosure process i had to have. Researched it, researched it and then researched it some more. I went and watched the bidding process, nobody came to bid except me. I did not bid on it either but i saw what it went back to the lender for. So i planned to make an upset bid after more research.

So today i go to make an upset bid and put my 5% deposit down. I ask someone to pull the file. I sit down and go through the papers one by one and i see dollars here and dollars there that i didnt account for. 8K worth of Interest and late charges on the small loan. I started going through everything i read on here and other sites talking about how long this or that takes and how people stall, I scared myself out of it. I stood up and gave the file back to the clerk and walked out. I am so pissed, relieved and dissapointed that i did that. I think the foreclosure process is not for me, just to many unknown numbers to deal with.

I just wanted to tell someone that would understand more than most.

Anybody else ever been scared to go through with the first deal?

Well what a site!

Well I am looking into a few properties in NC (Wake County) that are about to go to auction or have gone through auction and I am thinking about placing an upset bid on one. Problem is i am sure i dont understand the entire process like I should but I am trying to learn as fast as i can. Here are a few questions i have about this:

1) If i place an upset bid on the second mortgage on the property....and say in 10 days i am the highest bidder. I am responsible for paying off the second mortgage right away with cash? Can this be financed?

2) After i own the second mortgage i inheirit the first mortgage aswell. Which needs to be paid off like the second mortgage.

3) What should we be worried about owing on this property besides the 2 mortgages....They are not behind on property taxes we know.

4) What else do you investors worry about owing when buying a foreclosed home at auction?

This may sound bad but does this sound like a good or bad deal.

First Mortgage: 69K
Second Mortgage: 46K
Home in good condition as of now: YES
Home would sell for: 178-190K (with some work)

Would you consider a deal like this to be good?

Thank you!