County Foreclosure Auctions

[Alexi Meshkoff]

Hello

My first post and just want to thank all of you guys / ladies here. Learned a lot. 

My question: I've been bidding on some properties on county foreclosure auction sites with no success. The final judgement is always higher than the property is worth and it looks like mortgage lien holders, bid on every property up to the mortgage amount. I tried to bid exclusively on class b properties. Does anyone have any success with this kind of strategy? Are there any specific things you are looking for before bidding?

Thank you

[Chad U.]

@Alexi Meshkoff

I'm assuming you're bidding broward, dade or west palm counties?  You'll find that, on average, out of every property scheduled for auction 2/3 get cancelled or postponed, and from the 1/3 left over, 2/3 of those go back to the bank with 1/3 going to a 3rd party bidder.  Therefore, only about 1 in 9 or 10 go to a 3rd party.  This is a numbers game.  The only way to truly conquer it is to filter your list down to the properties of interest to about 10 weekly or even daily.  Then be prepared to bid on every one.  There is much DD that goes into each and every one of these which takes immense resources.  That is why so few are successful at it.