I've done 30+ a year for 32 years and getting a property that's clean, paint and sell is rare. Sheriff sales are much riskier than foreclosure sales, since the sale needs to cover any and all liens against the owner, if the proceeds of the Sheriff sale doesn't cover it, you have to pay it to get good title. Sheriff sales also don't disclose anything, it's up to you to find it. Sheriff sales usually have $5k deposit, which attracts novice or first-time bidders who don't know how things work, are the winning bidder and have no idea what they agreed to, so they default and lose the $5k deposit. Don't bother warning them, they just think you're trying to scam them out of the deal of a lifetime and learn their hard lesson the hard way. If you live in a state where it takes months to ratify before you can close, don't pay HOA / condo fees before you're the owner. If the sale doesn't ratify, you won't get the property, and you will NOT get reimbursed for paying condo / HOA fees. They will be collected at closing anyway. In a state where you have to pay 100% of the purchase price within 24 hours it may be wise to pay those to get on the good side of the condo / HOA, but it can be VERY difficult to even figure out who they are, especially with the HOA. If there are a lot of condo / HOA liens, they will be against the prior owner, not you, but your choice can often be to pay them or hire a lawyer to fight paying them, either way, you're paying a lot, so if they aren't too much, it's cheaper to pay. If the prior owner was engaged in theft of energy, meaning they broke into the meter and turned electricity back on without paying, when you seek to have the power turned on, the electric company will refer the case to their "investigator" which is really an attempt to get YOU to pay the outstanding bill, because they will "investigate" for 4 months and refuse service, even after you've sent every document showing you're the new owner. In the counties where I buy, some of them have water bills accessible to the public, transfer taxes, etc. You can often find an online closing calculator for every jurisdiction to provide a close estimate of closing costs. I've seen some $10k, $15k water bills and some aggressive bidders blows by my number by $25k on EVERY TIME. I've never been the winning bidder on a property with a huge water bill or other large obligation that the winning bidder is responsible for, because there is ALWAYS someone there who doesn't know and bids aggressively. I calculate a minimum net of $30k, so the bidder blowing by my number by $25k is likely not making anything, they're likely to lose money. I carefully comp every property, check if it's in tax sale, check water bill, I value them as 100% renovated and price it as the new high comp for that model in that community. My minority partner is a licensed MHIC, licensed electrician, licensed plumber and licensed HVAC, he holds all licenses, and we get permits. If someone wins the bid against us on a house that needs permits and they fail to pull permits, they will get a stop work order, either because someone in the neighborhood made a complaint, or because I did. If the house needs new electric, plumbing, HVAC, a lot of framing, they need permits to make the home safe. If we are doing permits, EVERYONE is doing them. I'm not giving competitors a $15k+ bidding advantage because they hire some guy from the Home Depot parking lot to rewire a house into a fire trap. There are also wholesalers who buy to flip to rehabbers and make a $5k - $10k+ margin. They cover multiple counties, don't do their homework and instead bid based on who else is bidding, when experienced investors are bidding, they piggyback off of your hard work and bid, assuming they know. I will often bid them into bad deals, but they will frequently run an AVM and if they think they won a bad deal, they will instruct their bidding proxies not to sign. Wholesalers also often pay auctioneers for bids in advance, which is illegal in my state, but they do it, and they pay them by giving them the flip listing if they cannot quick flip the contract themselves. Many auctioneers are also licensed real estate agents. There's a very, very dishonest auctioneer who has been in the business as long as I have who was told by the owner of the auction company that he could not accept listings after someone made a complaint with the state, but he pays another agent $500 to list them in their name. Cash for keys is an option, I always try, but the occupants usually don't cooperate. Many holdovers understand that $5k cash for keys only covers 2 month's rent and they can stay 6 months+ before an eviction. If there are excess proceeds, which go to the owner, you can use that as leverage, claiming you won't close until they leave and they won't get the money until they are gone, but if you live in a state where you have to pay in full the day after the sale, that won't work. Be nice and respectful to them if you want any chance of cooperation. NEVER pay them early, ONLY when you meet at the house, they sign a doc giving possession and give you the keys. They are people who don't pay their bills, pay them early and they will take the money and not move out. Owners who become holdover tenants are usually angry and many, but not all, will do damage. I've had them pour cement down all the drains, rip out the wiring, remove the HVAC, smash a hole in every piece of drywall, turn on all the faucets and plug the drains, etc. Had a former Secret Service agent who did more damage than any other holdover I've ever dealt with. Post Covid, squatters have become a huge problem. Scammers learned during Covid that you can stay in a property, so a squatter claiming they are a tenant is a civil issue, not a criminal one, so you have to go through the courts, which means it might be 8 months before they are gone. Squatters will usually take cash for keys, because they just go find another empty house and squat there. Local governments are more than happy to make YOU responsible for the otherwise homeless person who is squatting instead of that person being THEIR problem. In blue states, like mine, the government ALWAYS sides with wrongdoers, they treat the foreclosure buyer as an absolute villain. It's a very cutthroat business with a lot of risks and headaches, but it's lucrative if you're very good at it.

Good content, liked the video! Wouldn’t the contract be more template or boilerplate where the addendum Is what it says, something to be added to the template? What’s the lowest buys you’ve seen on an auction?

Best video on youtube about this topic.

Great informative info…Thanks for sharing…

We need your market thoughts !

Thank you for your video , very informative!

❤ Let’s GO 🎉$$🎉 your are the Best Bro 🎉🎉$$$❤

Bob, just seeing this evidently four years after you made it. Can’t believe you took and found so much footage. Appreciate your editing it. Bravo!

If I'm outbid by seller bid on a listing, will the winning bid default to me?

Wow sounds like alot of work

How do you know its not a scam if they send a contract and wire info

Wow! I guess I got on board at the right time, bc I just found your channel a week ago. I'm excited for the new content. What I've seen so far is excellent, and knowing the info comes from a professional is comforting.

Excellent info. Thanks

I need information about auctions in Spanish. You have people who talk to me in my language. I am interested in investing in Cook County and I have been informing myself of the legal processes in the United States. I buy properties at auction in Mexico and I want to invest in Chicago

I'm curious about the $1 homes what should I expect because I am interested

Lots of great information here. Thank you! What’s a social profile I can private message you on! I’m looking for a real estate attorney:)

You had great videos! It is awesome to get you back on KZbin!

Very excited, I watched all of your videos so far and learned a lot. Thanks

The county websites list the upcoming foreclosure sales with amounts of debt owed on each property. Do these debt amounts include all liens that the winning bid/bidder will need to pay or would there be other major debt that the winning bidder would still be responsible for paying?

Could you make video about appeal in foreclosure case? Former home owner appealed for reason of not severed . Trial court stay with no bond required. My writ of possession stuck. As I am third party and not standing party Can I charge them rent if they lost?

It s great to see you again. Can l get your help to buy a house?

Lets gooo!! Give us content!!

Why not video an auction?

Buyer beware to the buyer bidding on a property with its land patent pulled forward and recorded. This property comes with no title.

Is this Pryce from breaking bad

Make another video I done a deal

thank you very much for video

Thank you for so much info, a few questions, i'm not clear on...What happens if the property is occupied and I become the new owner? also, what happens if there are Liens or unpaid child-support on the property? does that become my responsibility now? Also, what are those $1 bids are those fake?

good info thx

VERY DETAILED! thank youuuuu!

Bob Floss is a local legend 🙌

How do we know that the private sewer system and private well are functioning OK when you can’t go in and see the property and have it tested. Thank you.

Great content, truly amazing how informative all these videos are!! Much appreciated!

Where do you get list of properties?

What if your listing is wrong? They listed my property in active auction and we have worked with MIHAF and got approved. The mortgage company said they postponed the sale. MIHAF has assured us that we will not loose the house. We are in Michigan. Auction is due to end in the morning. What do I do to get this removed?!?

Your videos are so helpful! Please make new ones if you have time. They have so much depth.

Great information shared. Thanks 😊

i feel like i just got a private consultation Sir!.. This content is awesome--thank you so much

Is it better to use your own closing agency

volume is too low..

Sounds like nothing but a headache & game. It's Man the makes life miserable.

Thank you for sharing knowledge

Hey videos are great are yoy taking on clients ? Im local looking to get my first investment property and looking for a very imformative lawman like yourself i can learn from on my financial educational journey.

How do you check for liens? And what about taxes? If the seller owes taxes on the property do they become your responsibility to pay?

Old video but very informative!! Thanks

Love this guy!!💪

If you can't get in the house without the lockbox code or a locksmith, you should think twice about whether you're the man to be buying real estate.

Thank you

can you explain $1 action... is there a catch?

Absolute best and most informative video I have found, thank you!!! How do I find a lawyer like you in my area? Can I hire you even though I'm in Oregon?! 🤣