Baltimore, MD · Member since 2015 · 22 posts · 2 votes
Hi !! I am new here and a newbie to real estate. i wanted to know for newbie with a little bit of money (1k - 2k) , which would be the better option bidding online OR waiting & doing the OTC. I concern is that I may get outbid during bidding OR get a junk proper if I do OTC.
Also, do I need the bid price upon winning in certified check OR do I just pay the tax amount & pay the bid amount if the property is not redeemed by the owner?
Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
11y
@Kenda Bell the full bid price is only paid when you complete a foreclosure and record your deed. as the new owner. The day of the sale you only pay the lien amount and depending on how high your bid is, a "high bid premium" which the city holds without interest until the owner redeems and they you get it back. In most MD online auctions you pay by an ACH debit to your bank account.
Well you would only get a junk property if that is the one you choose! Choose well. There are good properties left over but you have to weed through a lot of junk