If they don't pay within the required timeframe, then I auction off the storage unit and wash my hands of it.

So Bank, when writing a loan, must ensure that property's worth is greater than the loan extended, so if and when borrower defaults they can foreclose on the property, auction it off and get back the money lent.

Buying through an agent may provide more transparency, while sheriff sales and auctions can offer deals but often come with risks, like limited property inspection or legal complications.

However, I have never used a realtor for auctions and tax sale purchases. 

Hre are the key things to knowWhat you are bidding on - often oddball properties that are hard to identify and have little value are auctioned offThe true as is value of the property, The tax assessment can be way higher or way lower than the true as is valueThe local laws and how they affet your total costs and returns

My understanding is in Jersey, the owner has a set period of time where they can force the property to go to auction.

We also went to an auction so we could learn the ins and outs and know how to be able to buy and be able to get the funding from his company within the 72-hour time period auctions sometimes give you to pay.

I've bought a ton of homes pre-foreclosure and at auction, happy to be a resource on that stuff, plus we just launched Bid Pirate, which is the one place online for NH, where you can see all the upcoming foreclosure auctions in one spot - you can learn a lot from the regulars at the auctions........ get after it, sister!

I just bought a 2300sq house at auction for 71k.

This property was a foreclosure auction purchase, so minimal information was known.