General Real Estate Investing

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Tyler Santos
  • Realtor
  • Chanhassen, MN
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Buying at Auctions - What is the Process?

Tyler Santos
  • Realtor
  • Chanhassen, MN
Posted Dec 5 2019, 17:11

So I am new to real estate investing and when I’m searching for properties on Zillow ,or any similar site, I find myself scrolling past the Auction/Foreclosure homes, or not including them in my search at all, because I don’t know enough about them. How do auctions typically work? Can anyone bid on the house? Are there certain requirements? Also, if anyone knows of any good books/websites/podcasts related to auctions or foreclosure properties I would really appreciate that!

Thanks in advance!

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Marci Stein
  • Rental Property Investor
  • New York, NY
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Marci Stein
  • Rental Property Investor
  • New York, NY
Replied Dec 5 2019, 17:45

Not all auctions have the same
process , but they usually describe their process on their  site . 

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Lynnette E.
  • Rental Property Investor
  • Tennessee
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Lynnette E.
  • Rental Property Investor
  • Tennessee
Replied Dec 5 2019, 18:26

Most often, but not always, houses bought at auctions are bought sight unseen.  It might be best for you to stay away from them for now.  They generally have numerous issues that have to be fixed before they are habitable.

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Tyler Santos
  • Realtor
  • Chanhassen, MN
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Tyler Santos
  • Realtor
  • Chanhassen, MN
Replied Dec 8 2019, 02:40

@Lynnette E.

Thanks @Lynnette E. I think I’ll stick to less complicated deals for now.