Here's the important question, have you put it to use yet?

Glad it was helpful!

Thanks FItz!

You are welcome!

Commission depends upon the property. You have to read the details of the auction. Some offer a buyers side commission and some do not offer any commission. I always recommend buying your own title insurance so you have someone looking out for your best interests. Title is ordered once you have an accepted contract and you typically have about 30 days to close. I always tell my buyers to order a survey before closing so you know if there are any encroachments that could create an issue.

I haven't encountered too many situations where they counter after the bidding is completed. If the seller needs a higher bid, they will reach out right before the auction is complete to let you know the price they need you to hit. After the auction is complete, the seller will review the offer and either accept or reject it.

It is possible to buy a home to live in, but keep in mind you'll need to likely buy with cash and the home often needs work to get it in move-in condition.

@@FlossLawLLC I also fall in the category of buying a residence. Can I do this without a buyers agent?

Thanks for the kind words! A village or town where the property is located may have local restrictions. They may require you to pass a local inspection before issuing a transfer stamp that will cost money to obtain. They want to make sure all work is done to code and permits are pulled. Some may even require contractors to hold a special license with their town. It's important to do all your research.

Ardomis Aracena unpaid HOA fees.

Always assume the hoa has not been paid. Depending on where you purchase there are different rules on how that is handled. It's not uncommon for the hoa to be unpaid for a year or even two years. In Illinois, the buyer is capped at paying 6 months worth.

Sellers have to provide clear title, so if we discover an issue on title, we can use that to try to get earnest money back. I can't stress enough how important it is to obtain a survey.

You get everything back.

The bank won't have the foreclosed owners security deposit to transfer. To make it worse, you as the new owner are still liable to the tenant for the security deposit.

You have to pay attention to the terms of the auction. Some properties may not offer a Realtor commission, will require buyer to pay all closing costs, or other small details. If you've already won the bid, the terms have been set. I try to save a screenshot or save the details on the bidding page so I can refer back to it. You can request changes, but most of the time they will not change anything.

I’d recommend you use a seasoned Realtor instead of a lawyer brother

Right now I'm only in the Midwest but I've heard great things about GA!

I find people who talk down about auction.com didn't understand the process and got frustrated. You have to understand their methods and how to navigate it to succeed.

Since your attorney is doing the title work, he or she will set up the closing. Figures will be submitted for approval to generate the closing statement and let you know the bottom line number of funds you'll need to wire. If you call your attorney, he or she will help you pick a place and time for the closing.

He passed away

@@eduardodiaz9354 Oh wow that's unfortunate. Thank you for letting me know. The content he provided is and was a great resource.

@@eduardodiaz9354 what is his name?

Why is someone saying he passed away if you see his Facebook page it's current unless someone is posting instead of him.

Emily, if you look through my videos, I did a different video on Sheriff's sale and auctions.

For online bidding you have 30 days to close. If you go to a live auction, you'll need cash.

Take a deep breath. It depends entirely on the type of lien. If the lien is related to the property only, it will remain. If the lien is related to the previous owner, it may be removed. Remember that these properties have gone through the foreclosure process and liens will pop up, but they may be cleared out by the foreclosure. Your title company will be able to advise you.

I hope all worked well can we get an update on what happened with the property.

How'd you do? Did you end up stuck with the 20k lien?

Hi guys. So the owners name was Jose Garcia which is a similar name for a lot of folks in Houston & probably all over the US. The title search pulled names of every possible Jose Garcia so some weren’t even associated with the property. But it was the best purchase thank God, it was a 2016, with granite, nice cabinets. All I did was clean the carpet, patch 2 by 4 drywall & clean- total cost of rehab was under $1000. Rented in two weeks from closing & appraised for $215, purchase for $167

@@ChikaCheeks Amazing, always love a successful Real Estate story!

The $2,500 is typically a hold on your account or they may charge you if it’s your first time bidding. After you close a property, they typically waive the charge going forward. A lot of times they don’t end up charging the $2,500 until you send earnest money but I cannot guarantee it.

Absolutely.

In most cases, you won't be able to find this out before you bid/win the bid. Introduce yourself to neighbors, briefly explain why you're wondering about the place, and ask if they have any knowledge about the well and septic, eg.. heard the owner (or their kids or spouse) complain, seen any work done over the years, seen a pump truck come in once in awhile to clean the tank, etc.. County or township inspector may have records of when septic was installed and well drilled. They won't be able to verify condition, however. You're taking absolute risk/responsibility when buying foreclosed property. I'm a newbie, having never purchased a foreclosure (at sheriff's sale or otherwise) but almost did about a month ago, learning beforehand as much about the bidding process (online sheriff's sale) and property as I could. (Nice house, nice, small-town neighborhood of which I was quite familiar.) Since this was a sheriff's sale, I even went to the office in person and asked a few questions. Also, I'm not an investor or flipper. I wanted the house for myself. What kept me from bidding at the last moment? I talked to the neighbor and they said about six months before, someone came to pump water out of the basement. This confirmed my worst fear: a severe mold problem because the house hadn't been winterized (I contacted foreclosing bank to see if they had done so or not) and no one had lived there throughout the foreclosure process--about 2 years and went through two, northern winters. There may not have been mold. But I wasn't going to spend tens of thousands cash to find out if the house needed completely gutted or not. That wouldn't be a good surprise. Oh. Ask the neighbors about cats. I recently looked at a house listed by a real estate company. It looked decent enough from the outside and was priced cheap. I couldn't imagine what could be so horrible about the place--until my agent arrived to let me in. Cat urine odor was absolutely overwhelming. The agent wouldn't even step foot inside it was so bad. Truly I should've had a respirator on. I simply held my breath--a lot--as I walked through. I had a pocket knife with me and poked at the exposed, wood floor. Knife easily sunk in at least 3/8" at various places. Floors had been totally soaked with urine over the months/years cats were left in house. Neighbor verified house had been used by investor as rent-to-own property and the last sucker left the (multiple) cats there but came back to feed them only--no litter boxes. The house WAS the litter box. Right before house was put on market, investor had his guys come in to get all the crap out (feces and other stuff left behind)--several dumpsters full. Imagine someone's surprise if this had been a foreclosure with no access prior to auction, having no clue there was a urine problem! Anyway, damage by cat urine is the worst (other than mold) and can be quite expensive to remedy. In the case above, I would imagine not only the floor but also subfloor would need replaced. Cats had sprayed against walls (the stains were obvious), so wood molding would have to be removed and possibly the lower four feet of plaster (older house). That's a real shame because the house had beautiful, antique woodwork. All that will probably be destroyed. All that I've written is part of doing your due diligence. It's like being a detective--a dang good one. Online chat forums real estate investors/flippers use are a great source to tap into, also. You'll read all kinds of horror stories and learn what to look out for. You'll learn from the mistakes of others, in other words. Always check with your local real estate attorney, however, to verify or dispel what you read/hear online. Best of luck to you😊

Good question, did you ever get a solid answer?

@@ramonsmediablog yes, depends on the contract the bank sends back to you. Usually the purchaser is responsible for damage while under contract so be careful with the big escrow deposits.

If the liens are related to the property and not the seller, you would have to assume liability at closing. An example would be a village lien for building code violation.

Floss Law, LLC thank you!

Floss Law, LLC Thank You for clarifying

If the title comes back with a bunch of liens, can you walk or will you lose your earnest money?

I've never tried that for an auction.com property but I have used a 401K statement as proof of funds on other deals. I've found auction.com is pretty flexible with what they will accept, they just need to know you'll have the money.

Reach out to different banks in your area. It depends what you are using a collateral for your LOC application.

Once you register, most of the properties will have a preliminary title search available under the documents. It doesn't cover everything, but it gives you a rough idea. You still need to review the municipality for any restrictions or violations and do your due diligence to find any issues with property or association.

Appreciate your prompt replies. Thanks a lot. So let’s say I see a property and I’m interested in it. First is to register to bid Next, do I run a title search before bidding or I do that after winning the bid?

@@cliftonrental6175 After you bid, the property page will have a preliminary title search package available under the documents. After you win the property, you can elect to have seller provided title and they will send you a title commitment or you can obtain your own title commitment.

I discuss this in the video. Unless you are working with a lender that can do a drive-by appraisal, probably not. You will not have interior access to the property.

Jason where are you located?

@@husseinwarsame7235 I currently live in Washington and want to find a place in Texas.

@@JasonHall777 I am a realtor but I am in Minnesota. Good Luck!

I recommend using an agent so they can help with leg work and research. You'll always need a title company for closing.

If you are buying cash, you can easily set up a power of attorney and your attorney can attend and sign on your behalf.

When you purchase through auction.com, they will give title insurance at closing. They will have to deal with the issue of any heirs that can claim the property. However, typically the properties have gone through foreclosure and any claims by heirs would be wiped out.

@@FlossLawLLC Thanks for replying and sharing your knowledge.

But you said we need to buy our own title insurance right?

This sounds like the mortgage being foreclosed on, which would be wiped out by the foreclosure case. However, you should always review the foreclosure case do make sure all liens were noticed so none survive.

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