I'm going to be putting in a bid on a foreclosed condo through an auction site. Any things to be aware of about auction properties or anything to look out for? I currently own one rental property and looking to gain more knowledge about the auction process and strategy.... Any information would be greatly appreciated!
@Chris Lawrence - depending on which site you are on, you may be paying a 5% buyer premium on your purchase price. Make sure to look out for that as you need to factor that into your valuation. Also, be prepared to know your top number. Most auction properties in my area always respond (from an online bid) with a note that they are moving to highest and best offers and you must respond or leave your offer as-is.
Important: For condos, make sure to find the property management company that runs the development and confirm the HOA fees. BUT you must also confirm whether or not there are any pending assessment against the association (new decks, exterior redo, etc.) AND whether there is any pending litigation against the association. These are a MUST because they will not be disclosed and the auction company will not be liable for this.
@Jonathan Greene Its auction.com.... Thanks you for the information.