Homesearch Auction
BP,
I'm looking at purchasing an REO going to action on Homesearch.com. It's a 4/4 duplex that will need some moderate rehab work done (about $37k), but it's on a pretty decent block. I'm confident in my ARV calculations, so I know what my MAO (including the 5% buyer's fee the auction site charges) will be however I'm unfamiliar with the auction process, and could use some guidance.
The property will only come with a Special Warranty Deed. I'm working on getting my financing in order (FHA 203k), and was wondering if that will cause any major hang ups. Because there is no financing contingency, I need to make sure all my bases are 100% covered before I bid.
Just from doing a basic search on the property appraiser's website, I see there are nuisance leans on the house. Should I go ahead and pay for a full title search before the auction?
Finally, what should I expect from the bidding process? The house is listed on the MLS for $99k. Is what it's listed for typically the reserve price?
Any advice would be appreciated.
Thanks,
Jordan