Can You Get Financing To Buy A House Bring Auctioned Buying a Foreclosed Property

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Buying a Foreclosed Property

I received an email today with questions and concerns about a foreclosure sale. Great questions, so I decided to post the question and my answer below.

What has been your experience with foreclosures?

Karen,

I have a question for you, I am not new to real estate investing, but I am new to the foreclosure auction process….
there is a property that will be auctioned next month at our courthouse.

I applied for pre-qualification with a standard bank lender, who won’t close until the repairs are done after an appraisal.

I applied with a private lender who won’t lend until they know the repairs….

BUT I CAN’T ENTER THE HOUSE!

I have to offer the view without seeing! How can I get financing? I can bid and put down a deposit in real money but can’t go out of pocket for repairs etc.

Also, how do I evict people when I don’t own the home, if I win the bid and can’t assess the repairs until they are done, how do I get out if I haven’t closed financing and can’t get financing until I can get them out and assess the repairs? back and forth…

Any advice would be helpful. You basically have to have 6 figures in cash to play these auctions…

Answer:

Through all the years, all the houses and all the investors I know, buying at a foreclosure auction is one of the worst ways to buy. There are a number of reasons, including the ones you mentioned:

  • You can’t go into the house to assess what needs to be done because the bank doesn’t have it yet.
  • You have to work with a bank (the worst) and the rules are constantly changing and never in your favor.
  • Don’t buy anything with a tenant in it if you can avoid it. When a house is foreclosed, the owners are often furious and want to bail it out, so they often destroy the property. That ultimately doesn’t hurt the bank, just the buyer. We bought one where the foreclosed owners had sanded all the drains. There’s no way to know that ahead of time.
  • Altered offer periods
  • Most foreclosed properties sell full retail at auction.
  • When they come to the auction, the good ones are picked up
  • There is a very real reason why banks don’t want to lend for you to buy these…

So my advice to you is to attend as many local investor meetings as you can to find better ways to buy properties than these auctions. If a house is decently priced in a decent area, we’ve found that end-use buyers put retail anyway. And, once your bid is approved, there’s a 10-day window for anyone else to add more.

There is nothing good about foreclosure auctions. How to make them? no It’s much better to let it run and then buy it from the listing real estate agent once you can.

What can you add? What has been your experience with bank foreclosures?

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