Tips and Guidance to bid on properties on Auction com

welcome back to floss law today we're going to talk about auctions but i'm going to split up auctions into two categories the first being when you go to a judicial sale or sheriff auction that we're going to talk about a different day it's a whole separate category today what i want to talk about specifically is auction.com it's a website that's become incredibly popular has become probably one of the best sources for finding properties to either invest in or flip in at least the chicagoland area i can't speak for other parts of the country um so i want to go over with you what goes on when you bid on a property register for propertythroughauction.com i get questions about it we get contracts in through them constantly so it's becoming a big source of uh investor properties right now so when you go to auction.com you're gonna be able to see on their website you can search in your specific area and you can set a location that you're interested investing in it'll give you the properties that are coming up it'll categorize it into the live auctions um or you still have to go to a location to the sheriff to the courthouse to uh another auction body whatever that may be this could be the properties you can actually bid live on auction.com you could sit at home sit in your office and bid on the property let's go over step by step what to do what not to do because there are several things you don't want to do so you're going to locate that property you're going to register for it initially when you're doing it for the first time can be a little frustrating you're going to register through auction.com you have to give them all your name your information one thing of note when you it's going to ask you for your broker information uh if you know someone who's an agent absolutely you always want to put their information down on there it doesn't really affect anything as far as the bidding process goes but what it does is when your contract is accepted it'll either have no agent on there it'll have an agent on there now i can tell you from experience you could have a property worth several hundred thousand dollars and after the process is over they decide they're not going to have any agent commission in that case whoever you're using isn't going to get anything from part of the transaction you could have a transaction where you're bidding on a property that's worth forty thousand dollars and they'll give a commission to an agent so you really don't know based on the price point what they're going to do um all you can do is put your agent's information on there you'll need their licensing number uh and their information their brokerage information you're gonna put it on there and then wait and see what happens next um if you're the first time doing it there are going to want um like a retainer from you you're going to have to put information in there put some credit card information in there and you are going to have to pay to be able to bid on the property the reason they do that is they want to make sure if you're bidding on the property that you're a a serious bitter and b you're actually going to go through with actually purchasing the property so they want you to have skin in the game so they make sure you're going to perform it's very important because all of this is for nothing if you have a bunch of people bidding on a property that they can't buy once you've started buying properties through auction.com they'll take that away meaning you can go on there and once they've established that you are serious an investor that you're going to buy properties through the website you can register for 100 properties and it will cost you nothing they'll they'll waive that registration fee so it's always important that first one you have to get under your belt pay the registration fee if you don't buy the property you don't keep the money it's it's only you know it's a conditional thing it's a deposit basically but they want to know that you're serious um once you once they know that you're serious once you've done some deals with them then that is taken off the table you don't have to worry about it anymore so that's always helpful when you get to that point you just register for as many properties as you want um obviously you still have to have the money to buy them when you're bidding on these properties um so when the day comes the auction is going to last for about three days there a lot of times there's a period beforehand where they may post how much they're looking to get if you decide that that amount is what you're willing to pay for the property great you can contact them say i'll give you that amount of money and they'll take it off the auction if you're willing to do that a lot of times the price isn't worth doing that it'll go live for a really low amount and typically the auctions go for like three to four days um there'll be almost no bidding the first couple days and then the last day there will be a few bids and then obviously the last hour there will be a flurry of bids and activities what some people can get frustrated with is auction.com is their service as the as the provider it's going to try to get that price up as much as they can so under their seller instructions if you think a property's worth five hundred thousand and the opening bid is a hundred thousand you think this is the deal of the century and you bid a hundred thousand and ten seconds later all of a sudden it bids up to 150 000 so you say okay so then you put in another bid and then the next thing you know it's up to 200 000 you can't figure out what's going on there could be another investor bidding against you that also thinks it's a fantastic deal you also could be getting bid up by auction.com because they're under instructions from their seller to move the bid up so what they want you to do is get you enticed in it get you bidding on it get you involved with the property and then bid the price up and see how far you'll go to get you to what their number is that's really part of it um obviously that's not going to work 100 of the time people aren't going to bid up to whatever the seller wants for the property they have a number in their own head and that's as high as they're willing to go so then how do they get rid of the properties well a couple different ways every single time a property comes up for auction you need to bid on it so the first time it'll go up usually they don't get the price that they want unless it's a really hot property and then they immediately reschedule for another auction maybe a week or two weeks later and they'll keep doing that process until they get their number or what usually happens most the time is they lower their number so no one will be willing to pay x for it after maybe six seven eight times a round on the auction block they'll say okay we're asking too much money for it and then they'll lower their price now here's why it's important to bid every single time the property comes up for auction you can't skip them sometimes they don't do that sometimes maybe it's the sixth or seventh time they'll see that you're keep bidding on a property and they will call you i've had this happen before this happens they will call you and say listen we're about 30 grand apart from each other can you come up just a little bit and if you can the deal is yours and you can either say yay or nay to that you can say no that number that you want me to come up to is still over my max bid i'm not going to move on it or you can say yes i'll give you that amount of money let's lock it down right now that does happen so be prepared you can't if you miss a single auction you can miss a property that you've been on eight times which i've also had happen because someone else is there at the time when the seller decided listen what can we get for right now to just be done with this process and not do it again now they also could just do nothing and then re-up the auction and maybe the eighth time the you know the previous time the seventh time the seller only wanted to get 250 and now the eighth time it comes back up now the seller's willing to take 220 but you don't know that so it's important every time it comes up you're registering for it every time it's up you're bidding on it if you miss any time you can miss out on the property it requires diligence it's it's really wearing down the seller and diligence on your part as the investor to make sure you get that property so now you've won the bet congratulations you said you have a winning bid now it happens this is where people get frantic because they don't know what the process is and you're going to get a lot of calls and emails from auction.com you're going to not know what happens so initially auction.com is going to call you immediately and say congratulations you won the property here's the process i'm going to send you a whole bunch of emails you're going to get emails and unfortunately some of them are going to be a little conflicting with each other as far as what you're supposed to do number one auction.com is going to want their earnest money right away they're going to be hounding you almost immediately whatever their earnest money was for their property they want it now like tomorrow send the wire right now um do you need to do that yes and no you need to get the earnest money in as soon as possible um if you're kind of running around you're busy i've had people sometimes win a property bidding on their phone while they're traveling and go oh my god i just won the property i'm on a plane what do i do now um you can buy yourself a little bit of time give yourself a day here and there um and keep you know still have the property not lose it we need to get that earnest money in as soon as possible they're going to be hounding you until they get that they're going to send you an email with the contract they perf you can it is possible to print it out and sign and send it back but they really really prefer you go through their e-signature process where they can verify your identity know who you are and have you do all the e-signatures so that it stays within their system it makes it easier for them and they really prefer that you do it that way it is easier to do it that way but some people want to have the contract printed out but they really want you to do it through their e-signature portal um you're going to do that here's the thing that people get misunderstand i get phone calls at least a couple of week hey i got a property on auction.com then i say well you sort of have a property on auction.com the reason that is you won the bid so you're locked in that you have the rights to this property right now but you don't have it under contract um huge difference between those two things so auction.com is giving you the ability right now to complete the contract you as the buyer are signing the contract sending the earnest money in and typically they're going to want either a proof of funds or something that shows that you have money have funds available to purchase the property you're going to put together your packet and send it off and then the seller has to execute the contract this is why this is important i've had some really really good properties where buyers have gotten it got the bid won the bid signed the contract sent it off and then for whatever reason at the last minute the seller decides you know what we gave this one away why why did we do this we made a mistake here and they don't sign the contract and they put it back up i've had that before for a variety of reasons i think sometimes they go out a lot of times when you're bidding on auction.com these properties are going to still be occupied by the homeowner remember that too um when you're when you're doing your research on the properties remember that the property could be occupied at closing you have to assume that responsibility now a lot of times you can drive by when the properties have been abandoned um and that's sort of you're taking advantage a little bit of the miscommunication within the bank network that they think it's occupied and it's not and that's your opportunity as an investor you're doing research boots on the ground you can take advantage of that that's where a lot of this comes into play sometimes they'll be up for auction you'll bid on them you're getting it really cheap you see that it's abandoned you can get in there do rehab right away and the bank will at the same time have sent someone out there to check on the property see that it's abandoned and we'll realize well now we can throw it on the market and get a lot more money format and we'll we'll pull that out away from you so that's part of the thing you need to try to get these things under contract get them locked down as fast as possible when you know you have a really good deal um so it's a little tense in that time period of it could be a couple days it could be a couple weeks where you as the buyer have done everything that you need to do and you've sent it out and you need that seller signature because until you have that seller signature back you really don't have anything you until you have a signed contract you don't have any rights to the property that's enforceable at least so once you get that seller contract back that's that's everything it's the whole world that means it's now your property and you can move forward with it um i've had contracts come back in two days i've had contracts come back in two weeks you really don't know and there's no way of knowing until you get that contract back because you don't know who's on the other end you know if it's a bank a seller investor or someone who purchased the note and put it up on auction.com you don't know um so it's a waiting game now um let's back up for just a second when you're completing your contract you're gonna have your name your llc information on there you're gonna have your agent information on there um you know the earnest money everything's going to be on there i want you all to do one thing for me and i just had this the other day with a client and i realized that was my fault for not uh talking to them about this beforehand that that's that was my fault when you're bidding on a property on auction.com after you win it they're going to call you right away they're going to email you right away and they're going to ask you for information uh very important they're going to ask you at some point during the process do you want to use their title company or would you as the buyer like to buy your own title insurance uh if you take anything away from this please always buy your own title insurance um the the title insurance policy from auction.com is from a national typically national title company that's doing really the bare minimum the title policy isn't going to cover a lot of things they might not be familiar with local municipal county laws they may not go through this the proper steps you need to do to get the closing done on time uh there's a lot of things associated with it i just did a closing in elgin where um the seller was trying to push through get it done in 30 days they didn't understand that elgin has an inspection they have things that they need to do you have to get transfer stamps from them it delayed the closing for four months because they just didn't have the ability to get those things done efficiently and get us to the closing table and it was like pulling teeth to get everything done me on the buyer's side was really kind of helping them along because they just didn't seem to really know what to do with it um you're not going to get a closer i've had some where they just send a notary a notary is not the same thing as a closer the notary is just someone that's going to come there with a stack of documents tell you to sign them verify that you're the name of the person it's supposed to be signing notarize it and that's it you're not reviewing closing costs they're not representing anything to you they can't extend any sort of opinion of anything to you it's just sign it that's it and have a nice day it's a lot of problems with that the biggest problem i've found is the the title policy that you're getting may not cover everything that you need to be covered over they may not extend you coverage that you need for the property that you're buying um you may not have enough insurance in case something goes wrong with the property um it's because you you have the option of having the policy cover you for what you're buying for or what the property's worth um and they're only giving it for what you're buying it for so you could be at a loss on that if something goes wrong with the property um also they they i don't want to be um too hard on them but they're willing because they're they don't know you they're not associated with you are willing to try to extend to you things that won't be waived off title when you get clear title from say media closing i'm going to make sure all the liens are covered off all the liens have been released on the property or in the process of being released off the property everything's been paid for you're getting clear title we'll call it clear title you're not assuming anything when you're going through these kind of title companies they're fine with trying to let it go through that you're gonna assume things with the property maybe assume a lien maybe it's doing something with the municipality um they're gonna want you to assume things that are wrong with the property meaning they're not releasing yet you may not know that when you're at the closing because no one's really helping you along with that and they're really again they're doing the bare minimum so what you want to do is you want to elect to pick your own title company by doing that you can shop around you can get the best rate that you want you know it's not going to be that much more expensive and you're going to be picking a company that hopefully is local to you maybe you have some familiarity with them when you talk to your attorney your attorney is going to have lots of title companies that they work with i'm sure they'll have a strong recommendation of who they think will do the best job for you um so whatever attorney you're working with talk to them say listen what title insurance company should we use because we're going to pick one for this closing um i can't i can't recommend that enough that that's really going to make a big difference for you that you're going to have a better quality policy that's going to cover you in case something goes wrong so moving forward you have your title company picked you're working through whatever office that the seller has assigned to represent them in this situation sometimes they'll have local council sometimes they won't sometimes you're gonna have out of state council which they really shouldn't be doing but sometimes they do um a lot of times i don't even me as the attorney won't have the ability to work with another council really what i'm doing is working through a paralegal under the supervision of counsel but i'm never going to talk to an attorney on the phone typically with these deals i'm going to be going through a paralegal and and the secretary pretty much the whole time um you're gonna submit all the information they're gonna want you to fill out the deed and all that kind of stuff to them um and you really what you're doing is just getting ready for closing usually they'll give you anywhere from like 30 to 45 days to get ready for closing typically you're going to be doing a cash purchase although you can you can get them done not using cash it's tough but it can be done auction isn't going to give you any ability to have any kind of march contingency anything like that any of the outs so you can get um some type of a loan done on an auction.com property but you need to know that you're all in if you don't get the mortgage done you need to have plan b because they're not going to give you an out you just lost all your earnest money so uh you can get any either a private obviously you can always get a private mortgage on the property you have a person loan you the money to buy it uh or you do a hard money loan a hard money loan is not a bank it's not a private person it's an in between we're gonna do a whole separate video on hard money loans but know that it's uh it's an institution that's willing to do a little bit more aggressive lending based on people who like flip properties invest in properties and they understand there's a lot of value there you can get those done but auction.com isn't going to help you facilitate doing any kind of inspection on the property so you need to have a relationship with your hard money lender where they're going to be able to go in and underwrite that deal without having getting interior access to the property sometimes you can still get interior access if the house has been abandoned but you can't bank on that um i've had properties where people tried to do a hard money loan said the house is wide open everyone left it empty let's do a hard money loan right away the next day the bank sent someone out to secure the property and now there's no more access and auctions not going to give you access it's important to remember auction is not going to auction.com rather it's not going to give you any keys or access to the property until the day of the closing they're not going to help you with anything you're not going to get any inspection period or you know appraisal anything like that you're going to have to go look at this place and rely on looking through the windows or whatever acts limited access you can get to the property but they are not going to help you get in there at all um not unless they've explicitly told you that they're going to give you access to the property but unless it says that i could tell you from experience there if you request access you're going to get a no almost every single time so that you're not going to be able to get um even even if you have the easiest best hard money letter in the world to work with they're not going to give you access to their property they're just not so you really have to make sure that you have a plan b of some sort of line of credit cash whatever it may be a line of credits have become extremely popular uh lately in the investment landscape too i've noticed um there's a lot of entities out there a lot of companies offering lines of credit exclusively for this type of investment because they understand the nature of it that you're not going to be able to get an inspection so the easiest way around that is they're extending investors um larger lines of credit than we've ever seen in the past to pull out to use for this type of of investment um important to note when you're doing this type of thing whether you it is a hard money loan or you're using a line of credit um you're going to be dealing with a very high interest rate loan so it's not intended for you having the money out for a long period of time this is a get in get out scenario you're going to get in there you're going to take the money get into the property secure it you always want to secure it secure it and if you're flipping you want to get that flip done as fast as you can and if it's maybe a rental property you're going to hold on to you're going to get in there clean it up rent it and then you're going to immediately want to refi and get more of a conventional commercial loan on that property as fast as possible we're talking about the difference between maybe a conventional mortgage that might be you know commercials different keep in mind um but you could be talking about the difference between a commercial loan i've seen huge investors that are representing as low as three and a half um typically you're going to be dealing more with like maybe a five and a half six and a half and you could be talking about the difference between a hard money loan that could have interest accruing anywhere from 12 to 15 interest that's a huge difference that is that is a massive massive difference in the payments that you're talking about carrying that property um you need to get out of these properties as fast as possible this is not meant to be a vehicle for holding them so just keep that in mind before you start looking in these avenues and just know when you're shopping around you you might get interest rates that might shock you that's how much it costs this kind of money is very volatile they understand that they could have a huge risk of loss if you screw up as the rehab around the property so they carry a high high interest rate on them but the payoffs huge it's easier to get that money um and the payoff is huge for both them and you as the investor so that's why they can really afford to charge you that amount of money um you're not good the only way you're going to get lower is if you get to the point where you can get conventional financing from a bank or if you can attract a private investor that's going to give you their own cash um for a lower interest rate for purposes auction.com you're gonna need to have your cash on hand a line of credit or a private investor you can do a hard money loan but just be prepared that if you can't get their inspector and the property that's not going to happen you're going to prepare for closing at closing you're going to really be assuming everything um when you look at the auction.com contract it's there's gonna be a contract there's gonna be an addendum it's confusing i'm i'm the attorney here and sometimes i get confused because their contract and addendum directly conflict with each other and multiple paragraphs and you really don't know who's who or what's what a lot of time what the closing cost one one paragraph on one thing will say that they're paying for it another paragraph or another section will say they're not paying for it when you're talking about all the closing costs so sometimes you go into closing really just not knowing what they're going to pay for or not paid for you know it becomes a situation where really the bank feels like some of the time is just picking and choosing what they feel like paying or not paying for um they may try to talk you into that you're not doing real estate tax preparations uh i've always gotten real estate tax preparations you're always going to get that um as far as anything else goes they may try to get out of paying it a lot of times you can get them to pay for say like the transfer taxes and things like that they may say no but a lot of times you can get them to pay for it when you're doing the hud getting ready for closing as far as any responsibilities you're assuming a hundred percent of that though and that's going to be pretty clear when you read their contract and their addendum um if there's any issues with a village inspection city chicago inspection anything like that you're assuming 100 percent liability for that they're not going to fix anything you're going to sign an addendum that says you understand that there's these things wrong with the property and it's now going to be your responsibility to fix it in order to get the transfer stamps from the village depending on what village city whatever you're dealing with they may have their own set of rules too so they may just take the addendum and say okay please get it repaired they may say okay you have 90 days to get it repaired or we're going to start finding you for it or they may say okay but we need money up front we need a bond to ensure that you're going to do the repairs of the property um i haven't had a bond in a while a lot of the villages were doing the bonds at least in chicagoland area for a little bit they seem to have backed off of that because it was really uh really hard for an investor to buy a property have a village take ten thousand dollars from a bond and then you have to still do the rehab to the property on top while they're holding your money didn't make a lot of sense so i haven't encountered that lately but just be aware that things like that are out there where they're going to force you to do the repairs particularly any village where there's going to be an inspection involved a lot of villages don't have an inspection and you can it's pretty easy if you want to know about that just reach out to me i can give you a list of all the villages that do have an inspection don't have an inspection it's important to know that when you're picking properties that you don't end up saddled up with a property in the area that really is difficult to complete a rehab or a flip in we'll do a whole separate section on municipal law later but just know that when you're identifying properties take take a look at the village and make sure that the it's not a difficult place to go so you're going to go to closing they're going to give you the packet all the things done settlement statement like i'm talking about going back and forth on the closing costs are going to be worked out way ahead of time so the usually you have to get the seller the bank to approve all of the fees that are on there so we're going to do that we're going to submit all the numbers three four days ahead of time so we'll know going into it well well ahead of it um what fees are going to approve what fees are not going to approve because they're going to approve that final hud not to say you can't make last-minute changes sometimes things come up um things get missed uh like i'm saying we're getting the transfer stamps sometimes little things come up um so you can get it revised you know on the day of closing but generally it's gonna be um you're going to know going in the door what situation we have as far as the closing costs and the fees that you have to bring um you as the buyer then will walk in we'll go over all the settlement costs together we're going to go over your title insurance policy everything that you did everything that we cleared off title seller is not going to provide you a survey i would recommend you as the buyer buy a survey if you're doing any type of property like a single family home to flat um it gets a little a lot of people don't want to order surveys if at all possible when they're doing apartment buildings because they get more expensive but i recommend it i mean you really want to have it because the seller again isn't going to make any representation so you don't know if there's a problem with the property and you don't want to flip it go put it back on the market and then realize you have a major problem where you have to move the garage or you need to move a fence or you need to do something serious to the property that you could have done a long time ago you could have been doing during the rehab so when you're buying a property get a survey you're going to be paying for it but it'll be there at the closing so you can look at it and you can know that uh you can know if there's any issues with encroachments any issues with the border for the property and it's also if you're going to pull permits on the property it's you're going to want to have a survey anyway so i would recommend just getting that survey ordered too so you know that you have a good title policy that's covering you for any of those issues you know exactly you're getting with the property after the closing is completed so you're going to send the money you're going to sign everything send it off uh very i would say half the time we are able to complete the closing and cut the checks at the closing table the reason i say that is use the buyer going to walk in we're going to sign all the documents we're going to send it off you're still dealing with a bank that's the seller of the property that has to review and sign the hud now on the closing date sometimes we're waiting three four five hours for the bank to get it to the person who has the authority to sign on their behalf sign it and send it back so we can complete the closing so unfortunately it's one of those situations where everyone shows up everyone's all excited we sign our docs and we wait around a little bit and then we wait around a little bit more and then we wait around a little bit more and we say well you know if you if you don't have anything else to do you're welcome to stay but we've been here for a couple hours now so why don't you go home we'll let you know we get the signature back and everything is completed someone can drop you off the keys or whatever um i've had a few work came back right away i've had a few where we didn't get it back to like the next day so you know that's always that's always a little anticlimactic when you show up for a closing your clients all excited for a property and really we don't complete the closing uh it's frustrating for people and like i said anticlimactic really for all all the ones that are involved once you get the seller signature back on it then the closing is completed they can cut the checks everyone gets paid which everyone's always happy about uh keys keys can get a little funky uh you can have a good company that's been hired by the bank to secure the property that will put a lock box on there um you can contact them as soon as the closing's over they'll give you the lockbox code you can take the key out always always get the property re-keyed because you don't know who had access to that key in the key box so or you don't know if there were copies so get a locksmith out there re-key the property uh i've had some companies that were hired to secure the property that when we contacted them after closing they basically refused to give the code to the lock box i recently had one where we went to the prop where the the buyer went to the property i was still at the title company and the buyer went to the property contacted them said we completed the closing can we have the code to the lockbox the company said well since the closing was completed we closed out our file i can't access it and i can't give you the code to the lockbox i thought that was a strange one so client couldn't get a copy couldn't get into the lock box so when the locksmith came the locksmith drilled the lock box used the key to unlock the door and then re-keyed the whole house um that was kind of a bizarre situation so you don't know what you expect a lot of times there is no key there is no lock box there is no keith you'll say congratulations you close on the property you'll say okay where are the keys of the property and they'll say well there are no keys because again a lot of these closings you're taking on possession um so the bank is assuming there's someone in the property so there's no keys to give you um like i said a lot of times the people whether it's the tenant or the seller have abandoned it so it's just sitting there you just gotta go there have a copy of the deed and your settlement statement to get to the locksmith have the wax max show up um drill the lock replace it and you own yourself a house and you want to do that as soon as possible because you want to secure the property um i've had uh not personally but i've heard some horror stories from from clients that told me that they did a closing shout out to the property and like the day after the closing just people moved in and said you know had a fake lease and said that they live there um so you want to get in there change those locks you know do whatever you need to do to secure the property so something weird like that doesn't happen because if you call the cops on them they have a lease even if the lease is fake if it looks like a lease the cops aren't going to remove them because they don't know they can't make that call um so now we have to go through potentially an eviction proceeding on someone who is just basically moved into the property so get in there secure it asap um don't waste any time on that uh that's that's pretty much it that's auction.com in a nutshell guys i may have made giving you a lot of kind of negative information in regards to auction.com let me say this auction.com is the best source right now at least in chicagoland area there's a couple other auction houses um and i was like hudson and marshall and williams and williams um that seem to get really good properties on the east coast and the west coast they get some here but not not a lot of great ones and by here i mean the chicagoland area auction.com consistently gets the best uh assignments as far as auctioning off properties in chicagoland they're the company that you want to go through so as much as i think sometimes the process is a little a little squirrely um we put up with it because we get the end result and really at the end of the day the end result is we want to have a good property for a really good aggressive price that you as either a buyer or an investor can make a lot of money make a lot of equity on so that's why we do it that's why we go through auction.com put a lot of time into investigating properties you need to put a lot of time into doing your due diligence that you don't over bid on properties because you really don't want to over bid on a property and get stuck with it you want to back it out imagine how much you'd want to pay for it and then imagine the worst case scenario that the homeowner or tenant has just absolutely destroyed the property and you need to put everything new in there and then take out your closing costs and that's how much you're gonna bid on that property um you really need to be safe i've had people buy properties through auction and walk in and call me crying because they've walked into a condo that they blindly bought and said i just walked in and it has beautiful cabinets and perfect granite countertops and the showers have those you know rain shower heads up above and everything looks beautiful and we don't have to spend we're basically going to be able to put a coat of paint on here and do nothing and it's perfect and we paid a quarter of what it would have been worth on the market it's crazy and i've had clients calling me and go we went out there and it had no roof i've i've had that where they just said there's literally no roof on the property there's nothing there's just rain pouring into the house so you need to be prepared for for both of those extremes you don't know until you get into that property what you did so it's kind of exciting to be honest for some investors they really get pumped up getting out there and buying a property and finding out what they have do they have one where they're gonna have to do a full gut rehab or did they find one of those you know diamonds in the rough where they just bought something for wayne or market that they basically don't have to do anything to um you don't know what you're going to get or the other extreme is if you're in the state of chicago and you have a property where you have to forcibly evict someone uh that's not fun either we're going to do a different we do a whole other video dealing with just that because that's that's a long topic of itself so i hope you found this helpful if you have any questions please comment below i'll be happy to respond to any of them please follow like it follow along there's going to be a lot more videos coming um in a lot of different categories so be prepared we're going to be busy we're going to be loading this up thank you and have a great day

Channel: Floss Law, LLC

Views: 89,423

Keywords: Auction.com, real estate attorney, real estate investor, Buying auction properties, how to buy auction.com property, how does auction.com work, how to I buy an auction property, bidding at auction, Chicago real estate, Chicago real estate attorney, Chicago auctions, Chicago real estate auctions, Chicago real estate auction, biggerpockets

Id: ScA9V4OQbkg

Length: 39min 23sec (2363 seconds)

Published: Wed Dec 12 2018