I am looking for advice from investors with experience buying at courthouse auctions. In Jacksonville, Florida I know that the bidding takes place online. What sort of things do you wish you had know when you first started buying at auctions? Any and all pointers are MUCH appreciated!
A lot of info on the subject has graciously been compiled by @Steve Babiak here:
A few things....
1. Be aware the majority of properties will be taken down from the list due to being paid in full. This includes properties still on there only hours from auction start time(delayed updates to the clerk of courts site). This is a MAJOR time sink when you drive 20+ properties to only see 2-3 go to auction.
2. Competition is fierce, don't over pay.
3. ALWAYS check the tax assessor website to check for county liens on the property. They add up fast on a vacant property. These survive the tax deed and will be passed to you.
I personally stopped bidding due to how long it takes for money to post to your clerk of courts account(basically ties up this money permanently) and too much wasted effort when 80% of the properties I am interested in are removed minutes prior to auction.
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