First Auction Property

[Ian Hooper]

February 4, 2017 Successfully bid on an estate auction property. Property to sold as/is, and will close in 30 days. The clock is ticking. I have 30 days to either: a. Find another buyer, and arrange a double closing b. Secure financing through a hard money or other private source. c. Secure bank financing. House, at the very least needs a serious paint/nicotine removal job, new carpet/flooring throughout, some junk removal in garages, new refrigerator. More will be revealed during inspections. Big questions for the day: How can I get useful inspection & repair quotes with utilities turned off? How can I present a useful scope of work to a bank/hard money lender without an inspection? How can I get utilities turned on in a property that I don't own? Can I just call and put them in my name, like I would if I was a tenant?

[Patrick Wheeler]

@Ian Hooper You talked about more being revealed during inspections. I'm not sure if auctions vary from state to state, but are you typically able to get an inspection done before you close on the property?

If I am correct, here in Mass, winning bidders do not technically own the property until they close.

I like foreclosure auctions so I continue to try and learn more about them. Have been attending them for a few months now.