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The Definitive Guide to Buying Properties at Auction
Buying investment properties at auction is an art and a science. And now you can even do it in your underwear.
In this post, I’ll highlight a few great resources to get you up to speed fast.
First, this article at auction.com is a stellar step by step guide that includes how to buy at live and online auctions.
According to RealtyTrac, as of March 2015, there were close to 850,000 homes in some stage of foreclosure in the United States and nearly 42% of them were up for auction.
There’s a great insight from the article regarding title insurance.
This is a question we get a lot here at the Investor Insights.
Cynthia Baidey writes (and I agree 100%)…
Title insurance. It’s a good idea to purchase title insurance. Here’s why: The properties in an online auction often have quit claim or special warranty deeds that will transfer the bank’s interest in the property to you at closing. The problem is that any undiscovered liens will transfer to you as well! Title insurance protects you from these risks. For some homes, you can buy title insurance through escrow; for others, you can buy it after closing.
Next, Bid4Assets.com is a very cool site. Not only can you bid on properties, they have recently teamed up with one of the largest tax lien servicers in the US to offer over 1,000 recently tax-foreclosed properties at auction.
With minimum bids of $1.(yes, really)
And finally, these two videos will help you navigate two important things…
Proof of Funds
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