Biding on Foreclosure

3 Replies

Does anyone have any experience in purchasing property foreclosures that go up for auctions online??

I'm interested in a unit that is going up for auction in a few weeks and dont quite know what i need to do to prepare myself.., or how long it would take for bids to process., HELP?!

Originally posted by @Salee Starbuck :

Does anyone have any experience in purchasing property foreclosures that go up for auctions online??

I'm interested in a unit that is going up for auction in a few weeks and dont quite know what i need to do to prepare myself.., or how long it would take for bids to process., HELP?!

I keep up with the properties on Realtor.com and Pensacolamls.com.  If I see one I am interested in you can usually click on the property and it takes you to all the info, it will have the listing agent and their website, you can click on go to website and usually find out what you need to know, I notice they have reserves that have to be met on the ones up for auction, it will tell you if reserve has been met and if it has not I am pretty sure you can put in your offer there. If reserve is not met the bank or will usually put the property on the mls at close to what they foreclosed the property on and then if it dose not sell within a certain time about every month or two they will lower the price, I have seen them lower the price almost every 30 days or maybe 45 usually at least $5000 or more. I believe you should be able to figure it out after you look at some of the properties on those sites and you will see what I am talking about on how often they lower the prices, If you are looking at one that dose not need any work, don't expect to see the price take a big drop. You don't get to see what the other people have bid on the properties that are being auction, it will just tell you if reserve has been met and how much longer the bidding has to go. I see that most people wait until the last minute to bid hoping they will be the best bid. Make sure you check on comps of properties in the area so you will know what other properties similar too the one you are interested in has sold for.  Don't worry it not as scary as most people think it is. Good Luck and God bless. 

I'm an "Instant Gratification" kind of guy. I prefer the real time in person experience of bidding at the court house steps. I've inspected the property, I’ve done my due diligence, I’ve prepared my funds and bid what I’m willing to spend. When (if) I win the bid, I take the receipt over to the property and knock on the door to let the occupant know who the owner is. If there is no occupant, I bring a drill and change the locks and post a "No Trespassing" sign with my contact info. Has worked out well so far.

Join the Largest Real Estate Investing Community

Basic membership is free, forever.