Best way to buy foreclosed home

Attorney, title search are must-haves before purchase

Inman News

DEAR BENNY:I am looking at some property that has gone into foreclosure and will be auctioned at the courthouse in a few weeks. Is it better to try and bid on the property at the auction, something I have never done, or try to contact the attorneys handling the case and make an offer before the auction? Is there a percentage a person should bid at auction or offer the bank? There is about $580,000 owed on the mortgage, but the house has been empty now for a couple of years and is not in very good shape now. The humidity here in Florida has caused mold to grow everywhere.

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