Need some help with better understanding on this deal

2 Replies

Hi,

Newbie here so please help me analyzing this deal. What are the most critical thing to check when buying property at auction that executor is trying to sell it to ? As far as I know, 

1) Full Title search AND commitment is a must ...

2) I saw the house from inside and can deal with renovated cost... 

As it did not sold at auction, i would like to pursue realtor, title company and attorney to close the deal if that works out .. Any thoughts ?

@Bill P. Disclosure: I have never bought an auction. I have sold a few properties via auction.

Yes you want to have a title company conduct an extensive title search on any property you are buying no matter the acquisition strategy. I am not sure what you mean by commitment.

You do not need a realtor to buy at auction. I would advise you not to get a realtor (and I am a realtor) primarily because this will increase your acquisition costs. If paying a realtor's commission will not break the deal and it will make you feel more comfortable, go for it. Otherwise, there is no need. Title company and attorney should suffice. Fortunately, my title company and closing attorney is one in the same. You may be able to identify a closing/title attorney that also practices real estate.

If you have seen the inside, run your numbers multiple times and it makes cents and sense, go for it.

I wish you the best!

Sincerely,

Eric H.