I am looking to purchase a home through auction for my family and I and the details are as follows:Wells holds the lien and there are no junior or other outstanding liens.It was established in 2011 at 175k and the property owner stopped paying over the summer so I think it's in the 161k range for what's left on the mortgage.In talking to Wells they said that they were not listing the property for auction but the owner was... yet Auction.com lists this as a foreclosure property.My father would partner with me on the cash for this deal until I can grab my traditional financing but he is worried about being on the hook for more than we expect.If I have checked with my recorder of deeds for any extra liens or overdue taxes, sewer bills, etc, can I be on the hook for anything more than my bid price if I win? 

Hello, I am a first time homebuyer looking to finance with either a 203k loan or standard FHA loan I have pretty decent credit but not enough cash down payment for conventional loan which is why I'm going the FHA route..my goal after I receive my preapproval is to buy a foreclosed fixer upper in the price range of 60k-80k(either duplex or single family) and use the 203k to add value i.e add rooms upgrade kitchen etc then after a year of primary residency (required for FHA loans) I plan to rent out the other half (if duplex style) and hopefully create some kind of positive  cash flow after expenses etc.

The fee amount is determined by the PM without any justification required or need to provide a receipt to the payee, it ranges from $0 to over $1,000, has little if any relation to “claimed” work performed, and if not paid the home can’t be sold.

Much respect to you.  

Yes, I say 8 on the upper range because I avg 6 (gross) on one down the road.

I own a handful of properties in my name, my wife has one, and I have a few in various LLCs (ownership ranging from 10-50%).

Feel free to message me to connectJasln HawkWith all due respect, responses that have nothing to do with the OP's post do not contribute to the thread.

This is my only property right now,  I have seen homes in the 80k range that would make good rentals, I have occasionally saw  flips at 60k in your opinion is the 250 monthly is not enough for this property I own?

So, I'm expanding my search out to 30-minute drive, and Claremont is within that range and seems to have some less expensive multi-unit properties that may have potentials to cash flow.

If these folks are good friends who trust you... think in the range of 8% to 11%, and possibly a couple of points as a kicker to pay for some costs.