Questions about buying a home at auctions that is in foreclosure?

BlackDahlia: Questions about buying a home at auctions that is in foreclosure?
1) Do we get to look inside the house or do you just bid and get what you get?

2) Is there an appraisal done, or can we have one done before things are finalized? I’ve heard of ppl buying one and then it’s condemned and they lost all their money and had no home.

Answers and Views:

Answer by PIE R SQUARED
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) Do we get to look inside the house or do you just bid and get what you get?
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2) Is there an appraisal done, or can we have one done before things are finalized? I’ve heard of ppl buying one and then it’s condemned and they lost all their money and had no home.
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NO APPRAISAL is done as it is not possible to get inside the home. These homes are usually trashed. Even if you are the high bidder at the auction, you MAY need to evict the people in the house. Count on attorney fees and court costs and a long wait to get in the house.

Answer by robert w
properties are posted . 30 days in advance.
u do ur home work by attending foreclose sales b4 u have money.

Answer by Star
If you are actually buying at a foreclosure sale (trustee’s sale), then the answers are as follows:

1) You don’t get to look inside the house; it is sold “as is.”
2) No appraisal is done. You can’t have one done before things are finalized? In order to do an appraisal, the appraiser goes inside the house (see answer to #1). You buy the house “as is.” You can do a check with the county/city where the house is located to see if there are any violations.

Now, if you purchase it at an auction AFTER the foreclosure has occurred (the bank already owns it and hopefully has evicted the tenants), the the answers are as follows:

1) Yes, you usually get to look inside the house but, as with purchasing it at a trustee’s sale, you are buying the house “as is.”
2) When you get the opportunity to go inside the house, you can have an appraiser accompany you. The realtor / real estate agent handling the sale sometimes has a checklist of items they have noted (but it is usually not checked because the house is sold “AS IS”). Again, you can check with the county/city where the house is located to determine if any violations exist.

Answer by xanaduloot
they are sold “as is where is with no warranties expressed or implied”

Answer by loslunas87031
i can see you have never been to any of the courthouse sales. You need to very carefully read the terms of sale and fully understand them.

Right now most all the foreclosure sales in my area is like a circus and are generally bidding more than a comparable property on a traditional sale. Pig in a poke they are

I am considering foreclosing on myself, my properties would bring more that way than if i tried to sell them normally.

think about this also.. none of the homes will have had any upkeep done in the past years and are generally stripped and trashed by the previous owners, roof leaks into the walls, termite and carpenter ant infestations are all yours free of charge