What does the transaction process look like on Auction.com if you win the bid?

When you learn to partner with professionals who are well-versed in this segment, most distressed property transactions are quite straightforward.Myth 5: Distressed Properties Are Not Obtainable with FinancingThere is this perception that distressed properties are cash-type deals.

I would absolutely use an attorney to facilitate this type of transaction.

Hi Chris, if I understand the transaction it sounds like you will receive a 1099-S for the full amount.

Without a firm base and working familiarity with these three areas the investor will not have the knowledge to analyze, negotiate and close advantageous real estate transactions. 2- Experience - the first few deals are likely to be smaller, harder, with more “surprises” and not as profitable as the investor imagined.

Its been a wild ride though doing all this through massive inflation and supply chain issue and Covid..  

Do they require payment on site or do they give you a certain number of days to close the transaction?

@Dwight HenningRecommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

HOWEVER - it may be difficult for the appraiser to access the true value if a large percentage of transactions are not in the MLS.  

Most transactions between friends or loved ones fail.