Due diligence on courthouse steps forclosures

[Adam Philpot]

Evening BP’ers, I want to start going to the local courthouse to find potential foreclosed properties. I understand the need to look at Liens, 1st vs 2nd mortgages, taxes, etc... but I want to make sure I know the ins and outs of this process before making a bid. I was thinking of offering a real estate attorney $$$ for their time to teach me due diligence process/everything to be aware of before bidding. Does anyone have any other advice on how to go about learning the courthouse auction process?

[Jay Hinrichs]

most states will have their foreclosure statutes on line. read those first. but confirming with an attorney is a good start. 

keep in mind each state is vastly different.. then sometimes each county in the state are quite different .. and maybe right down to the city  etc etc.

However do keep in mind its a business and in each venue there are usually 10 to 20 companies or investors ( larger MSA's ) that do this for a living have been doing it for years and are very stiff competition.

One thing is certain you just cant hone in on one property.. if your going to do this you need to be looking at 20 to 50 properties that are coming up because only 1 to 3 of those will actually get all the way to the end and be sold off.