One of the main reasons for buying foreclosed properties at a Sheriff’s sale is the possibility of making a large profit by fix up and quick resale.  When the final judgment sale of the property is a big difference in market value then the chances of a big win is much more likely as the profit of  course is the difference in your acquistion cost and the final resale value minus the repair costs that must be done.

There is a large profit to be realized when the this sort of investing technique is correctly applied.  In most cases, the foreclosure Sheriff sales are advertised at least 4 to 6 weeks prior to the actual auction which is normally accomplished on the court house steps.  This 4 to 6 week notice gives you sufficient time to thoroughly check out the property in regard to outstanding liens and in some case property condition and to include the home owner.

Why on earth would you be interested in the home owner, as he will have nothing to say about the situation..Right?  Wrong.. hey if you can work out something appealing to the home owner you might help him/her avoid the auction.  Even if you cannot apppease the owner and work with him to retreive the property, it might give you a chance to view the actual property condition. This preview will give you a leg up on the other bidders, as you will know if the property is totally run down or in great condition. This allows you to make a more accurate bid in case the bidding gets out of hand.

In my opinion, its a good idea to visit the courthouse frequently prior to actually beginning to make bids. This will give you a competitive edge as you will be more familiar with the bidding process before you actually make a real bid.  For best results, the more familiar you are with the bidding and auction process, the better.  Only in a very few areas is the competition very high for properties that show up at the auctions. If your area is competitive, I suggest that you find another area to begin you foreclosure empire.

In a few cases there might be times when you are the only one who shows up for the auction. Sometimes its too cold or inclement weather or many other reasons. However this is of course to your advantage.  This low turn out provides fantastic purchase opportunities for you the avid investor.

Don’t forget to get full details on other properties for sale, visit http://www.vahud.com and click on the MLS button.

This entry was posted on Thursday, June 21st, 2007 at 12:08 pm and is filed under Foreclosed Homes. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.