After searching the MLS for months, researching where to find deals, and attending a foreclosure auction, I've decided to go to a foreclosure auction in Tucson and actually bid on a property. I know I have to do my due diligence and do a preliminary title search to ensure there are no secondary, tax, or any other liens on the property. I won't be able to see the condition of the house so I will budget for floors, paint, appliances, roof and A/C depending on the age of the house. I know not to get emotional and bid higher than my predetermined number.
I plan to BRRRR the house and hopefully attend another auction after and continue this process. There are a bunch of people there with bigger pockets than myself so it will be tough to get a property. After I do get the property, if it's occupied, I know I will have to start the eviction process to get the old owners out or pay cash for keys.
In your auction experience, are there any recommendations for me or is there anything that I have missed? Thank you.
The auctions are mainly dominated by a couple of buyers....I can also tell you for a fact that everyone of those buyers knows exactly what the inside of thoses houses look like and their condition.
@Michael Leung yea I noticed the bidders were mainly two or three people. How do you know they see inside of the houses?