All Forum Posts by: Tito Luna

@Ron - thank you.

Follow up - Another drawback that can happen is if a property up for auction cancels which is what happened to that property and another property that had also looked at. We also looked at a partially burned property but had to pass; for our level of experience (zero) of renovating homes we might have made a profit or it would have sunk us. We will keep on truckin' and hopefully we will find a property soon.

Thank you Wayne, Ned, Bob, and Chad for answering my question and for some sound advice. It was a question I could not get a definite answer to around my circles. These little gaps can amount to big barriers.

If we proceed, we will proceed with caution and analyze the heck out of this property. We definitely do not have deep pockets. A trip to city hall and a title search is in order. On the surface this property looks like a great deal from my preliminary analysis and if there is no other major competition, I'm optimistic we can win the bid at 60% of the property's value (no more than 70%). 

If not, it will be a great learning experience going to the courthouse and seeing the process.

Hey this is my first post and it is a question: Is the winner of an auction responsible for the estimated debt on the property?

I have been looking on foreclosure sites such as auction.com and getforclosedhomes.com and I see two numbers. 1) opening bid and 2) estimated debt. The estimated debt is how much the current homeowner still owes on the property. So, will the winner of the auction for that property have to also pay the estimated debt?

I am seriously considering going to the courthouse steps to bid on a property but am concerned that a bank will go after me for the debt still owed on the property when I win the bid. I am hoping it doesn't work that way.