| A foreclosure auction is a unique forum in which to buy | | | | Tip #2: Inspect the property or properties |
| a property. Here are some tips for getting the best | | | | It's highly unlikely that you'll be able to inspect a |
| possible deal at a foreclosure auction. | | | | property being auctioned. The home owner is hardly |
| Tip #1: Do your homework | | | | going to be agreeable to a bunch of people assessing |
| Before attending the auction, it's crucial to do your | | | | their home, which they are being forced out of. |
| homework. When you bid on a foreclosure property at | | | | However, you have nothing to lose by asking for an |
| a public auction, you cannot retract your bid. Therefore, | | | | inspection. If it's not possible, be sure to drive to the |
| do as much research as you can on the properties | | | | property and assess it to the extent you can. The less |
| being offered at the auction. Ideally, focus only on one | | | | you can find out about the property, the more you |
| property, or just a small number of properties, so that | | | | should assume the worst! In other words, assume that |
| you have some idea of their market value before | | | | the property needs significant repairs and |
| bidding on them. | | | | improvements, and budget accordingly. |