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I am interested in finding out a step by step procedure to purchase a home on the Courthouse steps

Lots of homes showing up in the newspaper to be auctioned on courthouse steps. I'd like to know what I need to do to be ready to bid. And any suggestions you have for inspecting the property, finding out the unpaid mortgage (if not listed), and any other liens or obligations. Also anything you know about asking the occupant to leave and the time frame that family has to quit the premises (if they are still there).
Thu May 8 2008, 20:17 - All locations - Foreclosure - 2 answers
 
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Jill
Home Buyer
in Savannah
Jill, Home Buyer in Savannah in Savannah
Answers (2)
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Mark Formsma was FIRST TO ANSWER
Banks will usually outbid you. These are cash only sales.

Fri May 9 2008, 05:50
Web Reference: http://www.foreclosuremillionaires.com
 
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FIRST ANSWER
Whatever you might buy at the courthouse steps, find out first is a reputable title company will issue title insurance or not. Most courthouse steps sales have redemption periods, arcane timelines for statutory processes to occur, etc. On top of that, there may very well be lenders who will outbid you in order to protect their investments. Unless you have lots of time and patience, go instead for investment proiperty with positive cash flow.

Thu May 8 2008, 20:29
 
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