Daily Auction Foreclosure List

I have recently been blogging a lot about buying homes at auction because, well, that’s what I’ve been doing. It’s no secret that if you want a smoking deal on a property for investment or end-use that the best deals are found at the auction. You can click the image below for a pdf of today’s foreclosure auction list.

There is a lot of risk involved, however if you can find the right deals you can net an additional 20% compared to a traditional foreclosure or REO on the MLS. Some of this risk involved includes having to evict the previous homeowner and not knowing the full extent of the property’s condition. For example, with the home I bought yesterday, I didn’t know what the home looked like on the inside. Before bidding on the home, I scouted the exterior and looked through all the windows. It wasn’t until I met the locksmith at the property to gain access that I knew exactly what I bought. It’s kind of like opening a big Christmas gift! Luckily on this home there was no major damage…just your typical paint, carpet and clean-up. Check that… a lot of clean-up!

Other risk involved include any liens not found on a preliminary title search (note: we always do a prelim title search before bidding on a property…don’t want to buy the second mortgage!). More than likely if they haven’t been paying their mortgage, then you will have to pay back taxes on the home. Moreover, there is probably HOA dues as well and maybe any municipal fees owed.

Well, that sums up most of the risk involved…a little scary right? Yes indeed, however due diligence and some business savvy can save you a lot of time and money.

If anyone is interested in learning more about the auction process and wants the list of auction properties, please let me know. Just FYI: I only get the auction list the morning before, because there are A LOT of postponements. Also, I spend about 4-5 hours each morning previewing homes and running comps so it’s a little more manageable this way.