Hi there. First time posting in biggerpockets so really excited. I want to participate in a live foreclosure auction this Tuesday in DeKalb County. I'm specifically looking to bid on one particular property. However, I will be out of town that day and have been looking for a proxy bidding service. Any suggestions? Know of how much I can expect to pay for the service? Thanks in advance!
Welcome to BP! There's threads here on the risks, education and due dilligence needed to successfully (not get screwed) at trustee auctions.
I'm in a local REIA that has many experienced investors. A few buy for the hedgefunds. 100% certain one of the funds will bid your house up to a crazy price! There are no -hidden- deals at the 1st Tue metro area county auctions, certainly not for new folks.
You may accidentally bid on a 2nd or even 3rd mortgage. If you don't know what this means, this what I mean that you need a lot more education to research WHAT exactly is being auctioned, has liens that come along, is the house in decent shape etc etc.
FWIW auction.com has lunch and learn events at typically the Fulton and Dekalb auction. Starts 11:30 1st Tue. See the Auction.com site and look for lunch and learn events signups. Good to go to a few of these, then join a local REIA of active investors!!!!
You certainly don't want to give a strainger a fist full of certified checks for $100k (+/-) I don't even recommend you go and do the bidding yourself! Least not yet. you need to learn how to research liens, if its a first being auctioned or a 2nd...
Best of luck on your path to a Masters Degree in real estate. :) I recommend you increase your network to be 50% more experienced than you in the local market. I've been around, the REIAs are where those folks hang. A few read here, but face to face REIAs are where we find the most value.
FWIW I've bought about 12 deals off auction.com on-line auctions. These are post trustee auction REOs bank owned being sold off by the banks via an on-line auction.
Auction.com displays the trustee auction houses listed as "live auction". They usually show a current owner title search which is a great searvice for new folks! But this won't help the big money folks over bidding houses at the court house auction.