So on Auction site they listed a Duplex that is 3 doors down from my in-laws. It is a small 2 bed 1 bath on each side at 1400 sqft. What should I look for when it comes to the title. They do list the title on the site and it shows no liens but is that all I need to be concerned with. Is there something else I need to look up because what they have listed wont show it to me. There is also the unknown stuff like what the inside looks like and how good the current tenants are. I was thinking of going in for 10K-12K max bid. For this price I can handle a lot of unknowns. I am sure it will go higher during the bidding process but if I get lucky it could be a great start.
Thats a big square footage for a 2/1. Look at adding another bedroom if possible to increase value if you buy it. What auction site were you using? Good luck!
Sorry that’s 1400 total so 700 on each side.
It’s on auction.com
Auction.com usually does 2 types of sales around here anyway
1. Trustee sale where the bank or anyone else may bid on the property and you will acquire the interest of the bank basically..just make sure you are acquiring the 1st mortgage which is 98% always the case. You may have to pay any existing back taxes and city/county liens and any junior liens should be extinguished from this sale.
2. Online auction where the bank already purchased it back at the trustee sale. In this case you will usually get a warranty deed or equivalent and the bank will prorate the current taxes and have already paid any back taxes or city/county liens.
Normally either way is ok to acquire the property at least in the states I have done business. You might try knocking at the doors to see if the owner/tenant will let you in first and also ask if they have rental agreements or plans to move.
@Jon Johnson thank you for all that. Every time I drive by I look for somebody outside but have not been lucky yet. I did find the owners name and now that I think about it he has a phone number in his other rental I can call. Well I guess I know where I’m going after works today.
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