How can I find a foreclosure bidder?

Question

Hi there,

Has anyone had luck looking for and hiring a bidder who will represent them at a county auction?  I've been to these auctions before and I've seen bidders bidding on behalf of clients.  Are these guys simply real estate agents dressed in shorts?

Would like someone to help me sniff out good deals, walk me through the process at first, and help me physically bid for the properties.

Is that too much to ask?

Jason

Ramon Allones · Answer

most of those people are not agents, but employees hired just to bid.  Here in los angeles you need about a 4-5 man team minimum to do forelcosure sales.   2 bidders, 2 office people and a couple drivers ( you can outsorce this to agents). and this is just the acquisition portion.  not the rehab and retail selling part of it.   some of my larger competitors have "war rooms" of significantly more.  gone are the days where it can be a one man show.  this to me is a significant barrier to entry for new people.

Jason Mak · Answer

Rob - that is good advice.  At this point, I should be looking for a mentor or someone who can guide me through the process.  I will look on this site for more ideas and guidance.  I'd love to hear about your system sometime too.  thanks for your response.

Jason

Rob Gillespie · Answer

Jason,

I hear ya, but that is not somehting I would outsource to a team. What it going to happen if they over pay? What if they buy somehting that you do not approve of? Unless you are buying just hundereds of homes, you should be the one there in my opinion.

If you are looking for tips on how to bid at an acution, post it on here, and I am sure you will get great advice. I have a system that ROCKS at auctions! :mrgreen:

Jason Mak · Answer

I'd like to form a team around me.  I figure an experienced bidder would be able to help me navigate this tricky process (courthouse bidding), and hopefully help me avoid the pitfalls.  Lastly, sometimes, I simply physically can't be at the courthouse to bid.

Rob Gillespie · Answer

Jason,

Why do you need a bidder?