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I've been contemplating of bidding and buying at online foreclosure auctions, such as https://www.miamidade.realforeclose.com
The best deals seem to be the HOA foreclosures, on the surface. However, the buyer is on the hook for the outstanding mortgages, which make these terrible deals.
I've been scanning through a few weeks of historical auctions and it does not seem that 3rd party bidders are getting bargains. If they are, it must be rare. What kind of discounts are others getting? Is it worth taking the risks of buying at auctions?
I found a title search company who will provide reports on auction properties (http://www.titlesearchflorida.com). This way, I know if there are outstanding mortgages, liens, etc., before bidding. Should I be using an attorney instead?
Will I need an attorney to close the deal and evict the homeowner? How long and how much will it cost to evict the homeowner?
What is the range and average cost to rehab these auction homes?
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I agree with the earlier responders. One note I'll add to this is make sure you read the fine print for the auction houses (I'm not talking about purchasing at the courthouse steps). There are often hidden fees you don't know about until you've "won" an auction and then they hit you with them. I've seen some add as much as 5-7% of the purchase price to your total.....plus you have all the risks these other agents have mentioned.You are better off to go with a Realtor in your area and let them guide you through the sea of foreclosures and possibly short sales (provided you have time/patient to wait on those). Best of luck!
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