buying foreclosure advice

[Evil Spock]

anyone in property investing with buying advice? i have experience buying and selling condos but ive never done this. if i am taking the risk of purchasing with seeing the condition what offer percentage for a condo should i throw at the court? 80%? i dont mind losing a bid but i can imagine the damage a upset home owner could do. ive heard of damages costing more than a full interior renovation. my research show floorplan , multiple estimates, what the current owner paid, current rental income.

 

[Sorbate]

My dad used to buy foreclosed houses or ones in divorces.
The foreclosed ones they take everything, even the lights sometimes, lol.

 

[The Old Guy]

Very risky especially now that you likely can’t do any sort of inspection. Most foreclosure offer little info except if it was used as a grow op. If you are handy and in the right market I think they could be good but better markets have more competition.

Stay away from tax foreclosures as they have to get approved by local government usually which can tie up your money for several months.