I have purchased 6 foreclosures. One through Auction.com, and the others at live auctions. In all cases, I was not able to get inside the property to do a thorough inspection. You can determine some things from the outside, but generally speaking, you should assume the house will need significant work, and that the previous owners knew they were going to lose the house, and stopped maintaining it and often sabotaging it upon eviction. This being the case, determine what the fair market value of the home would be based on comparables in the area, and bid at least 20% below that amount. Yes, the owner is trying to get as much as they can. This is true of all auctions. When the bid exceeds what you are willing to pay, stop bidding. Don't get mad. Stop bidding. It's business.
Bottom Line: Yes, I would recommend this to a friend
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