Updated almost 9 years ago on . Most recent reply
Court confirmed today!!
My husband and I bid on a foreclosure last month and it was confirmed with no problems today. So, I have 10 days to make the payment and it is all ours!! This is only the second foreclosure we've bought and it isn't any less scary the second time around. This one though, we literally decided about 30 minutes before the auction that we were interested. Fortunately we own 2 other properties on the street so I know the area well. However, I did not research anything else and took a huge gamble. I was fairly certain it was the first mortgage (although I wasn't 100% sure), knew the taxes were paid and that the owner hadn't been fighting the foreclosure. But, I thought the owner was still occupying (she isn't) so I was thinking I would have to take on that fight. I was also fairly confident there were no IRS issues either and there isn't. Our intention is to keep it, fix it up and rent it out. Buying at foreclosure auction seems to be the only way to get any kind of reasonable deal on real estate in our area right now that makes it cash flow to rent.
Most Popular Reply
Holy $#!T. Good luck.
My philosophy is to stay disciplined. You obviously didn't do your homework. Courthouse bidding without doing research is like eating out of a dumpster. Both can make for funny (good?) TV, but why would you do it in real life?
I hope it works out for you.