Welcome to the world of buying foreclosed homes at auction—a real estate strategy that removes the middleman, decreases your competition, and lets you buy at a discount. In the newest book by BiggerPockets Publishing, New York Times bestselling author @David Osborn and foreclosure expert @Aaron Amuchastegui give a full blueprint of the foreclosure-buying process, including the repeatable five-step method they have both used to buy thousands of properties.
If you purchase from the BiggerPockets Bookstore, your book comes with free bonus content, like a Live Q&A session with each author and an online resource pack for foreclosure investing—with worksheets, spreadsheets, sample documents, and more!
If you’ve been wanting to invest in foreclosures, now’s a great time to learn as much as you can about the process. Bidding to Buy is available now in all formats.
I have a foreclosure under contract currently in Baltimore, MD and 2 days before closing the bank came back to us and said they didn't have the title yet and it could take up to 2 months. Is this common or is the bank just taking their time for some reason? Also, would it be appropriate for me to ask for a lower price because now instead of getting a renter in during the busy summer moving season I now have to wait until possibly mid fall?
@Account Closed A thumbs up by an attorney or title agent is not a guarantee of anything - just a quick search by people who know what they are doing. Depending on the county, a full search would take 7-14 days and cost several hundred dollars per property - not practical for competitive auctions where on most days 50%+ will get cancelled or taken back by banks.
Once the ownership chain is officially verified and you have the certificate of title, a title insurance policy could be issued in your name, your lenders name or a future buyers name.
I have bought over 60 foreclosures. I currently am waiting for four sales to be confirmed by the judge. The bank is just waiting for the sale to be confirmed so the deed can be issued. Without this a sale can’t be completed. I can’t move forward and is very frustrating. It’s been 8 months now. My capital is tied up because auctions are cash only. Have patience. You are in a way better position than I with just little capital tied up.
I watched the podcast with the authors and just bought the book. I'm excited to add this skill set to my tool belt after I get a few traditional investments under my belt.