I am a brand new investor, ready to make my first deal. I found several OK deals that will be foreclosed at the courthouse steps, but the best option is a property set up for online bidding with Auction.com. Does anyone who has used them have some feedback or stories? I'd appreciate any advice!
#1. Look up previous forums on BP about this.
#2. I'll summarize some of that advice for you. Don't bid early as the people at Auction.com will bid it up to drive up the price. You will likely be the only person bidding (sometimes and on average) so don't bid against yourself. Others have said that they make 1 late bid (last 5 minutes) and sometimes they offer it too you even if the reserve isn't met and sometimes they will try to negotiate with you. There are great deals on paper (or virtually anyway) but buyer beware. Sometimes the realtor key box remains on the property and you can still walk through it. I highly recommend doing that if at all possible. I won't buy unless I can get in it because I want to fix n flip. I visited a property last weekend that's gone through at least 1 auction already, had a bid, it fell through and its about to be listed again. I'm hoping they are more desperate this time. GL on auction.com. Remember even if it looks like a property has been through an auction don't give up on it as there is a good chance it will go up for auction again. GS
I echo this advice. The best two things to do are be prepared in advance and be patient when auction day comes.
@Gavin Sronce & @FrenchBroad - Thank you for the advice! I will check out BP blog history too.
good luck your in a great area to invest.
Lets keep the thread going has anyone tried foreclosure. com?
@SteveHaight - thank you - I think it's a great area as well! It sure is growing :). I have not seen foreclosure.com but was recently instructed by a very successful investor that he never buys on these auctions. The risk is too great for him. It seems like without these listings that it's a bit hard to find a deal! How do you look for deals?
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