Hey BP, I've been looking into the foreclosure auctions in Atlanta and I was wondering if anyone has had any luck with wholesaling from there?
Hey @Steven Stewart I'm not 100% sure I understand your question. Wholesaling generally means getting a property under contract and then either a) assigning that contract to someone else or b) doing a double closing. If you're submitting bids at the courthouse foreclosure auction, you are going to have to close with your own cash first before trying to sell to someone else. That doesn't even incorporate the admin time you have to consider when trying to get the deed and other things associated with the title.
If you're referring to online foreclosure auction sites like Hubzu and Auction.com there are ways you can secure properties but you will still have to close on them. Some require cash and some will allow you to use transactional funding. I personally haven't had a lot of success securing properties on these platforms for a variety of reasons. Usually the biggest reason is the properties are overpriced, there isn't enough margin, and/or the properties need way more repairs than the pictures show (because they are old).
One thing the courthouse foreclosure auctions are good for are for sourcing cash buyers who you can wholesale your properties to. You can go to the auction and basically interview them (preferably before the auction or while they have downtime) about the kind of properties they are looking for (e.g. price range, condition, location etc.).
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