From pre-forclosure to auction

2 Replies

Good morning! And thank you in advance for any replys :)

I am new to all this, and I just started using to find homes in pre-foreclosure and send letters. Within the past 2 weeks, most of the pre-foreclosures I had contacted now appear in the "auction" status with dates set in the next couple of weeks. They are properties I am still interested in, either to flip myself, or acquire as a listing. 

I don't know a lot about how auctions work--is financing for auctions pretty cut and dry? Or is there room for creative financing? What are some pros and cons of why you do or don't purchase at auction?

Thank you!!

@Casey DeStefano Most or all foreclosure sales in Auctions are cash only. When you purchase through an auction you purchase the property "as is" and assume all or any violation, liens, tax delinquencies if any. You would need to do your due diligence before bidding on these properties. If you want the real list of pre-foreclosures you should check your county website and search for lis pendens. Hope this helps!