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Updated over 6 years ago on . Most recent reply

User Stats

27
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6
Votes
Mike Bitette
  • Marlboro, NJ
6
Votes |
27
Posts

Need Help Buying Homes at Auction

Mike Bitette
  • Marlboro, NJ
Posted
My partner and I are looking to get started in investing in Fix N Flips. I've been looking into buying homes at Auction. I was wondering if any of you with experience in this can tell me if what I learned so far is correct? 1. Get a Title search done 2. Bid on the property that is being foreclosed on by 1st lien holder because it wipes clean all the loans taken after that one. Unless 1st loan is very small and I bid on second lien holder foreclosure because numbers still look profitable. 3. If owner occupied either work a deal with tenant to move them put or evict them? I'm not sure about this particular situation. I've also read that they will move out once foreclosure is finished. ??? 4. What about back taxes? They come up on title search as a lien? Unless property is being sold as free and clear? I appreciate any feedback on this. Thank you

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