Good luck to you in any case,
Isaac Real Estate Team
Champions Real Estate Services
TriStar Finance #MLO-107799
Office: 425-483-6849 Cell: 206-841-9976
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I'll tell you, Konak - to my mind, the most important question to ask yourself on the courthouse steps is this: "how come all of these other smart savvy investors are letting me outbid them for this property?"
All the best,
if you like my answer, best answer, thumbs up me, thx!
As you've likely gotten the impression here, we don't think a first time buyer should mess with an auction. Your brother has some good ideas, but unless they are active buying a home in this market, let me give you some advice. Find a great local Realtor to work with.
Learning all you need to learn to find the perfect house, make the right decisions regarding offering strategies, looking out for resale issues, learning everything there is to know about financing, inspections, escrow and title issues is too much for you to do on your own.
I don't know your understanding of what an agent/broker does for the buyer, but let me tell you, it's a lot more than a taxi driver and door opener.
As a first time buyer, a smart agent will see you as a buyer now, a referral source soon and a future seller and buyer. Your transaction represents multiples for a great agent who takes good care of you and helps you get a great deal on a home you'll love.
My consistent advice is to find a great agent, work with them, listen to them and learn you can trust them. Not all agents are great or trustworthy; I wish it were the case. So rather than put your energies into esoteric buying strategies find a great local agent and work with them to obtain your goals.
(Note there's an update to a recent example within that blog piece).
Tim is correct that there is generally no redemption period--assuming we're talking about a non-judicial foreclosure auction. There are exceptions, however such as the IRS possibly having redemption rights. If it is a judicial foreclosure auction, there may or may not be a redemption period, and the original owner of the property may get to live in the property during that redemption period.
This answer is not intended to be legal advice. To obtain legal advise a person would need to hire their own attorney and have that attorney review the facts of the specific property involved.
To answer your questions there are too many considerations to cover in a blog. Buying at foreclosure auction is a very risky investment, and where experienced investors venture. If your not familiar with the many rules of due diligence you could lose your $ very quickly. The "hidden points" again are many and if you are only purchasing a home to occupy you need to work with an experienced foreclosure expert, there are several on the Eastside I could suggest. It is not difficult to find good deals at auction and If you wish to acquire good investments or multiple rentals you must educate yourself on how not to lose your life savings, a good place to start is join your local REAPS group http://www.reapsweb.com
Feel free to contact me for deeper discussion on foreclosures.