Do Online Foreclosure Auctions Work in Real Estate Investing?

Attorney - Do Online Foreclosure Auctions Work in Real Estate Investing?

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Online foreclosure auctions are gradually replacing the open-outcry system at the court steps that has been in place for practically two hundred years. The reasons for going to online auctions are a more efficient market and its ability to reach more bidders. However, the online auction may not be the place to get the best possible foreclosure deals.

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The open-outcry system of bidding for foreclosed properties has been dominated by small groups of wealthy individuals who operate the auctions. Many of these individuals rehab and sell the properties and others sell them wholesale to other investors.

These excellent groups operate the auctions by determined bidding against "strangers" at the auction and making the newcomers over pay for properties - essentially assuring they will not be back. The most common method they use is to bid the asset up until the competition stops and then they renege on their bid and it reverts to the previous bidder - at a price which the pros never would have paid. In most cases these pros even meet before the auction to rule which properties will go to which of the bidding group.

Because of the actions of these pros, many counties decided to go to online auctions so the communal had a best chance to buy properties at the foreclosure auctions. The process is easy with a bidder registering his information and complying with the requirements for his deposit. If he wins the bid, he will be responsible to pay off the asset in cash (wired funds or cashier's check) ordinarily the same or the next day.

The properties that come up for sale are not open to the communal to survey before the sale. If you see an auction sign on a property, it is a inexpressive auction and there is an inspection period. Pro bidders know that the health of the asset can virtually be estimated by a drive-by and looking in the windows. The real issue of these properties is the title issues (defective title or title gaps) that may make the asset unmarketable after it is purchased.

If you are reasoning about bidding on auction properties, it is imperative that you or a Pro (attorney or Title Company) do the title and lien searches important to rule if the asset is a good value at a distinct price and then don't bid over that price for any reason.

In reality, there are a few good to great deals at the foreclosure auctions. But there are many times more great deals that are Reos that were not purchased at the auction. These properties can be inspected and the title work can be gotten from the windup agent or the wholesaler prior to closing. There's more time to do the study and survey the property.

Ironically, the best deals on the online auctions are the inexpressive lenders who are foreclosing on their own profit and can't sell at the online auction. These individuals are excellent for contacting directly after the "failed" auction and making a deal with them on the property. The last one that a partner of mine did netted him over ,000 - by following up after the auction was over and before the lender listed it with a realtor.

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