Buying a Foreclosure Property

They are auctioning off some houses at foreclosure at the courthouse. A couple are in my neighborhood and seem like good fixer uppers. Any advice on whether to participate and bid on one of these?
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On Sun, 20 Apr 2008 12:19:49 -0500, Duff2 wrote:

Learn of any special deed/title restrictions benefiting the current owners. In some areas I believe a person can recover their property lost to a tax sale for a period of up to two years. Knowing in advance might save you from sinking too much cash into something not 100% yours yet.
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Try to bid only on units that are unoccupied. It can cost a lot of time and legal expense to get the occupants out.
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Duff2 wrote:

Yeah...be dam'ed wary. There can be all kinds of other (besides tax) unsatisfied liens, unproved title issues, even possible environmental or other things you can get into.
While sometimes it's as simple as a single homeowner in default, usually by the time it gets to a tax sale there are a myriad of problems that have built up over a long period of time and may be extremely convoluted.
I'd strongly suggest consulting local attorney and some real estate folks in the area who have some experience for some help protecting yourself rather than just jumping in on your own.
--
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Have you rehabbed a house, often a junk is better torn down. Getting a junk to code can mean redoing everything. Talk to an inspector or someone in your area that does it. I would want to see what I am buying and know local codes.
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If you havent bought at auction before and you havent rehabbed before you may just learn a very expensive lesson. You need to know the hidden costs in the auctioning process particularly after the purchase. Next you need to know how much you will be putting into the fix up process. Then you need to know what the property will be worth after the repairs. Keep in mind that properties are not worth what they were just two years ago. Bubba
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