How to buy destressed properties

[Alejandro Sanchez]

Just trying to figure out how to approach buying houses off the court room steps in Phoenix? Is there a specific time and day of the week it’s help, is anyone allowed inside the facility? Looking for any information, I’m not familiar with this process. I’ve heard other say that they go and put offers down around 10-20k and get homes that are needing some repairs (some more than others). They repair them slightly and then reselling them. I’ve heard people make profits around 2-10k depending on the home. Anyone idea what this method is (if it’s even a method).

[Nathan Gesner]

If they are only making a profit of $2,000 then it's not worth the risk.

Homes are sold at the courthouse steps. Sometimes it is actually on the steps and sometimes it is held in a room. They present the property, people can bid on it, and the winning bid has to buy the home. You usually have to buy the home immediately and pay the price in full. If your winning bid is $35,000 then you have to have $35,000 right then.

You do not get a chance to inspect the home. You don't know what condition it will be in and they are usually in bad condition. You also don't know if it's vacant. If it's occupied, you may go through a lengthy and expensive process to get he occupants out. There may be liens attached to the property that you become responsible for after purchase so you need to known how to research these properties.

Money can be made but you need to educate yourself a little before jumping in.