Rental Property Investor · Member since 2020 · 3 posts · 0 votes
Im interested in buying properties cash without financing, through foreclosure Auctions in Arizona.
However I'm a US citizen living and working over seas, this provides an obstacle to obtain cashier checks and be physically present to take part in a bid at the courthouse steps.
Which brings about the question, How then can one appoint an official representative,to bid, pay and collect a title in my name, and on my behalf while im overseas to conclude the deal bid to finish all 100% remotely from abroad?
Flipper/Rehabber · Tyler, TX · Member since 2019 · 58 posts · 41 votes
6y
@Khalid Al-Rasheed I know guys who work the auctions who have foreign investors as partners. They do the work to find, fix, and flip the deals, splitting it 30/70, 70 to the cash investor. Sounds like you need to find a partner.
Real Estate Broker · Portland, OR · Member since 2019 · 4k+ posts · 2k+ votes
6y
Called limited (by the amount and permission needed) POA (Power of Atty). You'll need to give them authority/money for a hefty down if you win. Then you'll need to get the remaining cash in a tight (depends on the auction) timeframe.
Main thing is you need to trust someone with 100% control of your funds used.
Paradise, CA · Member since 2015 · 1k+ posts · 871 votes
6y
Not difficult to overcome with you being overseas at all. You do have two issues though. Trust is one, experience is the other. In theory, attorneys and brokers have a duty to represent you and /or look out for you so, you could hire one of them however, we all know a lot of bad attorneys and brokers. The other issue is experience. Do they have experience bidding at auction on your behalf. Do they know how to qualify for the bid, when to open, what to open for, when to stop, how to take title, etc. That part is pretty important.
Find someone you trust and someone that has experience. Some entities can be hired as proxies on your behalf (Like title companies, brokerage houses, auction houses, etc.).