| Just like most investors you are looking for the best | | | | good idea to include the worse case scenario in your |
| real estate deal that you can find. In order to do this | | | | estimates so that you can conservatively come to a |
| you have to look at all real estate marketplaces. I | | | | estimate that keeps you, as the investor, financially |
| have found that in my experience the real estate | | | | safe. The reason that I take the conservative |
| market place that has the most confusion is the | | | | approach is the fact that you are not able to see |
| sheriff sale. There is not a lot of information on the | | | | inside of the properties that are on the sheriff sale. |
| sheriff sale and it can be pretty frustrating to a | | | | You will be able to drive by the properties but there |
| investor who is just starting out. I wrote this article | | | | is no showing like you would normally see in a |
| to clear up a few concerns that a new investor may | | | | property that is for sale by a real estate agent for |
| have. My experiences may help guide you in the right | | | | example. |
| direction or at least identify the right questions to ask | | | | So basically you are bidding blind. You will not know |
| when you start to look into sheriff sales. | | | | what is in the property until you actually buy the |
| You are bidding on foreclosed property that went | | | | place. I have been both pleasantly surprised and |
| through the whole foreclosure process and it is now | | | | disappointed in properties that I have bought on |
| available for auction at the courthouse. The | | | | sheriff sales. Some properties that are bid on may |
| properties that you are bidding on have usually taken | | | | have people living in the property. They may be |
| some time before the foreclosure process is | | | | tenants or the previous owners or the actual owners |
| complete. That means that most properties have | | | | of the property. These people are a great source of |
| been vacant and depending on the area may or may | | | | information to you as the real estate investor. In |
| not have been winterized. In a lot of cases these | | | | most cases I found that they are more than willing |
| properties will have been vacant for a considerable | | | | to talk about the whole situation. In some cases the |
| amount of time. In some cases a year or more. In a | | | | property owner may even work out a deal with you |
| year a lot of things can happen to a property. It is | | | | before the property actually goes through the sheriff |
| not a bad idea to assume the worse when figuring | | | | sale. This is a great situation for you because you |
| what it is that you want to bid on a particular | | | | don't have to bid against anyone to get the property. |
| property. | | | | In summary you may not know exactly what you |
| For example the lack of winterization can completely | | | | are bidding on in a sheriff sale. I found that it is a |
| destroy existing plumbing in cold weather climates. | | | | good idea to keep all estimates conservative. This |
| And the fact that a property stands vacant can ruin | | | | way you will have at least have a buffer zone to |
| landscaping and other features of the property | | | | work with if there are any unforeseen problems that |
| without the proper maintenance. I find that it is a | | | | may arise. |