The LPS may be to seize the property, if so, you'll need to wait, the agency involved will have it auctioned off most likely. :)

I bought a house in KC at auction that needed work.

If tenant does not pay to pick up their stuff then it gets auctioned off.There are cases where the tenant just takes off and we have basically left all their stuff piled up outside.

Look at all kinds, go to open houses, auctions, wholesalers deals, FSBOs etc until you know your market.

A redemption period allows the original owner time to pay off the auction or foreclosure price plus interest.You could contact the original owner and have them use your funds to redeem the house and then transfer the title into your name.

So I'm stacking my cash and planning on hitting the auctions when I can.My last approval was 6 months reserves on all my properties and 40% down...even though I could use my 401k and just show the reserves...I still felt a bit bruised.

Are auctions a good way to acquire properties at all?

I am just starting out and I am going to the auction in Kendall county Il in November.Thank You in AdvanceJack Gebhardt

Now you can reverse wholesale to them, you know what they are looking for, now go find it.Good wholesalers are few and far between, if you prove your worth to a good cash buyer, they will be knocking down your door to get your deals.Networking: REIAs, BP meetups, county auctions, etc.

I just bought a property at an estate auction.