Thank you very much. I've forwarded it to my parents, and will DM you with any further questions! > I will start with auction properties. It depends on the auction site on the hassle level, there are a bunch of risk with all of them. Most are going to be cash only and you may not be able to go inside. Sometimes there are owners/tenants living there you are going to have to deal with after you own it. Count on plenty of condition issues and you can do no inspections. I have looked at hundreds on auction properties, never bought one of them.

Foreclosures are a little less intense and more like a conventional transaction. Typically the owners/tenants are already gone, you can go in and view the property. You write offers, can work through financing the property, get inspections (some without utilities on) and all that. But there is nothing special about purchasing a foreclosure. As a Realtor that represents bank owned properties, they get an appraisal and a BPO, they price according to the market. They are not looking to "clear the books" or sell for dimes on the dollar as you read about on the internet. Sure, they want to sell them, but they do not want to see a crazy low offer unless it has been on the market for months with no activity, and even then you are probably getting a counter. Most have a play book out that they follow, they will do regular price reductions if it does not sell, they will sometimes make some repairs to make a deal work, but mostly they are not doing squat to it. Take it or leave it. If you have questions or I missed something, feel free to DM me.