Every month I build and maintain a list of props going to auction.

It ended up selling at auction for about $63K, less than my $67K auction.

I haven't even received an auction date yet.

Buying properties with large profit margins is certainly good.Some downsides to buying at the auction:- May have to evict an occupant- May have other liens to clear up- You may be buying a second mortgage- Limited ability to inspect before purchase- Some states have redemption rights- You must pay cash on the spotAll that said, if you can find the right deal, and you have the cash, it could be a way to get a good deal.

I concur.I also want to point out that tax auctions in some states allow a right of redemption as well, but the homeowner then has to pay interest to the new seller.

Once the financier has taken back the property it will go to auction where they will accept less than what is actually owed.

a guy I know has had great success getting foreclosure and hud houses in detroit for a couple thousand and auctioning them off on ebay and such before closing.Quite often for double of what he offered.

I talked to the broker who is saying that there will be $1.9 Million attached to the property in debt to be taken over by the winner of the auction.

The bank and I have reached a verbal agreement on the sale price, but now they want $2,000 non-fundable to stop the auction.

If I buy a second mortgage at auction, must the lender holding the first (same bank as the second) let me reinstate and take over payments on the first?