I am starting out in Phoenix and interested in doing a rehab /flip. This will be the first one i have not lived in myself. I have general questions about buying from the standard mls listings vs auctions... any advice?
Auction purchase takes 10k at the time of the bid. Cash balance due in 24 hours.
Thank you... what if i want to inspect the property ?
It depends on the type of auction. Many when the speak of auctions automatically think of foreclosures. however in many if not most areas there are lots of properties that sell by public auction and you are free to inspect before the auction.
I sell most of my properties via public auction. Many investor to investor properties trade via auctions.
Now which way should you buy? Wherever you get the best deal.
If you are buying a foreclosure auction there is no inspection period. You have to get enough of a discount to deal with any surprises. The auctions may allow for some inspection.
does anybody knows about the title search, open permits, liens on the property?
If a win a bid how can I look up these things, and not find a disaster once i have the title.
You have to do that before you win the bid. Otherwise, you are stuck with what you have bought - good or bad. Good luck.
If your buying in Arizona check out AZbidder.com. You can do title searchs, get drive-by reports and other good stuff. Tell Debbie I said "hi"