Bidding For 1st Time And Scared

Dear friends,

We have a foreclosure auction in our county in FL tomorrow morning. Ive done my homework on a property and have the necessary funds. Im concerned about two things:

1. My personal safety. Im kind of scared of confronting the current owners if i win. I know for a fact that they are still living on the property.

2. What is the best way to bid. We have an investor that constantly seems to out bid anyone.

Any advice is appreciated.

:-?

Comments(5)

  • flinvest17th January, 2005

    Bob,

    Thank you for responding. I think you are right. Im just worried that the owners will destroy the property. Some the stuff I read suggests to approach them with a cash incentive to leave in X number of days. So far, they have been non responsive to any preclosure solicitations.

    Another issue would be, how would I be able to insure the property while this was going on.

    Thanks,
    reda

  • BOBFORDD17th January, 2005

    There is no need to confront the people in the home. Start an eviction immediately if you are the high bidder. Let the sheriff do the eviction. Don't even think about doing it your self.

    BOB FORD

  • CashCao18th January, 2005

    Good Luck with the bidding tomorrow. Hope everything goes well for you.

  • flinvest19th January, 2005

    Thank you so much for all your replies. I didnt get the property, it was pulled the last time. That's the way it seems to be Central Florida right now. The market is very hot. Unless they are in a bad neighborhood, properties dont make to the sale. It's almost a waste of time. :-(

  • longinwoo18th January, 2005

    I bought a property at sheriff's sale here in Ohio in 2003. I never came in contact with the residents. The sheriff handled everything.

    I paid 10% down the day of the auction and had 30 days to close. During those 30 days we had a freakish "tree top tornado" zip through the area. Some houses just up the street had major roof damage. Luckily my project house only had a few soffet panels blown off. Anyways I was operating under the assumption that until I took title someone else was insuring the property. So if you win the auction it would be a good question to ask the sheriff's people while you are signing the papers.

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