I am in the Jacksonville area and would like to get into real estate auctions. The problem is i dont have a target due to the lack on knowledge about auctions. If anyone could help with what to look for it would be greatly appreciated. I am currently using Auction.com as my resource.
I purchased a home with Auctions dot com, about 5 years ago, so not sure if the process has changed. It was a great deal, the bank had it, had a lien on it as well (but there are ways to have them removed). I purchased the home for $29k, I had to escrow up to 10%, then I had to use their crappy title company and all they would give me was a "Special Warranty Deed", so I had a local title company run a title search to make sure there was nothing else funny with the title. Still one of my best ever deals, property is worth $160k now and still going up. Auction takes control over the whole process and email/phone was all I could do, but the closing took 2-3 weeks, you are at the mercy of whatever crappy title company they use that week. Still a great deal, I'd use them again to find another deal. Good luck!
Thanks Jack we are currently trying to figure out the process because of stories from people such as yourself who find a great deal. There is just so many unknowns when it comes to auctions.
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