Foreclosure Auctions From start to finish already funded.

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If there was a Foreclosure Auction checklist that one must do for a successful clean transaction, how would it look like?

from finding the property, evaluating property , to making sure the paperwork is clean with no surprises at the end. 

I was hoping to get more specific lol.. Some feedback from experienced auction buyers maybe even a good strategy , tip and tricks,

are there contingencies on auctions allowed? how to i check for liens, taxes or any other paperwork that could potentially ruin the deal? whats the biggest red flag ect..

Luis, judging by the people who have bid on my foreclosure sales.. it seems like the experienced guys have someone that run title on the properties they are interested in.

The problem is each county is different, so you have to figure out how your county is. For example in my county the records aren't even electronic. So when I've gone to local foreclosure auctions, I went to the register of deeds' office and looked through the books to see the liens attached to XYZ house. It's not that complicated, but if you don't know how to do it would be better if you made friends with a local closing agent who can teach you, or that you can pay to do it for you. The issue is it's going to add up because you're not going to win a lot of the auctions, especially if the reserve bids aren't announced in advance.

For the taxes, obviously you go to the tax collector's website / call their office. Make sure to check both city and county, a lot of people forget that a lot of houses are double taxed.

Originally posted by @Luis C Ceniceros :

If there was a Foreclosure Auction checklist that one must do for a successful clean transaction, how would it look like?

from finding the property, evaluating property , to making sure the paperwork is clean with no surprises at the end. 

Here is one that I developed a few years ago when we used to bid at Florida auctions (Can't get formatting properly):

1

Property Search & Filter Search properties a minimum of 5 days in advance, valued between $XXK and $XXXK

2

Review Crime Reports

Avoid high crime and high vacancy areas

3

Determine ARV

Make an informed decision of the Fair Market Value/After Repair Value based on comparables, tax assessment and physical condition

4

Enter Property Data into System

Record ARV, Assessed Value, Sq Ft, No. Beds/Baths into spreadsheet/software

5

View properties

Drive by properties, take pics and view inside windows (if not occupied)

6

Is Property Occupied?

Determine if property is still occupied, research if tenant or owner

7

Estimate Rehab

Estimate approximate rehabilitation costs based on drive-by (and can view inside windows)

8

Research Title

Search title making sure that the deed being bid on is for a first mortgage, not 2nd or HOA or Tax Lien. Do CODE VIOLATION SEARCH.

9

Calculate MAX Bid Price

Once the properties are filtered with the above criteria, set the max bid price between 60% and 75% of Fair Market Value or ARV

10

Bid Strategy

Determine the low starting and maximum bidding amount, to be agreed by GENERAL PARTNERS

11

Bidding

Ensure 5% of max bid price is in County bidding bank account 3 days prior to bidding

12

Property Win Bid

Ensure funds are wired to County bank within 24 hours of WIN

13

Send File to Lawyer/Title Search

If property is still occupied, have Legal file a “Writ of Possession” to get former owner removed, Perform Extensive Title Review, Negotiate any existing Liens

14

Receive Title

Receipt of Certificate of Purchase, Certificate of Title to occur within 3-4 weeks from date of winning Bid, continue follow up with County until received