Looking for advice on buying a property at auction

Looking for advice on buying a property at auction

Bonnie LowPro Member
Lender · Asheville, NC · Member since 2016 · 1k+ posts · 1k+ votes

We've been scouring the local MLS and have even looked at a few properties brought to us by our Realtor before they hit the market, but so far, we haven't been able to buy anything because the foreclosures we've looked at have all been bought during the owner-occupied phase or we've just plain been out bid on other properties. So we want to branch out a bit and are interested in looking into tax auctions, but it's a bit scary. Can anyone recommend a really good resource for advice on what to look for and how to do your best due diligence on tax auction properties? Many thanks!

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  • Professional Auctioneer · Baltimore, MD · Member since 2015 · 1k+ posts · 1k+ votes
    10y

    Owners who are back on their taxes are motivated - they have a problem - you could send them a letter - this is passive marketing - that's OK - but if you really want to get a better return on a tax sale lead and make an equity or cash flow profit --- be Pro-Active. 

    Call or knock on their door - offer them some options to solve their problem - get a loan - raise $ to pay their taxes - a joint venture or sell their home to you or sell to you with an option to buy back while remaining in their house as a tenant until they can exercise their option to regain ownership of their home - you create a great return by paying their taxes. 

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