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Old Yesterday, 01:15 PM
 
112 posts, read 46,179 times
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I know it is all cash deal. and the previous owner can still redeem it after the sale.

Nowadays, how attractive is the price from such auctions? And other legal and financial issues behind?
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Old Today, 06:52 AM
 
Location: Cape Coral Fl /Randolph NJ
12,254 posts, read 22,143,539 times
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The only thing I know from people who have done it, is it's not for amateurs.

Yes previous owners have a certain amount of time to redeem.
In addition if it is owner occupied or tenant occupied you need to go through the court system to evict them.
You need to do your due diligence to see if there are any liens on property you can inherit.

If your are just venturing into this I would suggest a realtor/lawyer well versed in this type of sale.
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Old Today, 06:58 AM
 
1 posts
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Oiiiii
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Old Today, 02:41 PM
 
12,726 posts, read 7,966,831 times
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Quote:
Originally Posted by bluewin888 View Post
I know it is all cash deal. and the previous owner can still redeem it after the sale.

Nowadays, how attractive is the price from such auctions? And other legal and financial issues behind?

You pays your money, and you takes your chances. That is pretty much the sum total of the foreclosure game. That and you'll be running with some pretty big dogs, as such you need to really do your homework before jumping in; people can and have been very badly burned buying foreclosure properties.


Biggest obstacle often is you cannot see/inspect property before bidding, thus are taking things sight unseen. The "big dogs" have their own ways/connections; but a naf often has to go it alone.
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