Updated almost 9 years ago on . Most recent reply
How to auction for houses as a wholesaler
Hey Everyone!
I have a few concerns as a new real estate agent and new wholesaler in the field. I've been researching about auctions in my local area for houses that are in foreclosure. How does the auctioning process typically work (in Long Island NY- if able to be specific). I was under the impression that the banks usually want to satisfy the liens owed on the homes. But I see houses in auction that have liens higher than the value it's worth in resale. For me as a new wholesalers what are some strategies I should focus on? What do I usually need to bring to an auction to get the house if I do win a bid? Should I have my lawyer give me contracts that are assignable? Do I bring proof of funds letter with me? What should I do? I'm thinking of going to a local auction this week to see how it works.
You help is always appreciated guys and gals!