Tips for buying at foreclosure auction

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

DEAR BENNY: I would appreciate it if you would comment on the procedures for bidding on houses that are up for foreclosure. I suspect that one could get a decent deal, but I can't seem to crack the code on how to go about purchasing a house at a foreclosure auction. I realize that I have to show up with a cashier's check for the specified amount and make up the balance within 30 days, so I presume that I have to have all my anticipated financing in order. --R.B. DEAR R.B.: I will answer each of your questions separately. 1. How do I get access to preview the house, get it inspected, and let my financier's appraiser in the house before the day of the auction? Answer: Talk with the lender (or the attorney) who is foreclosing. Also talk with the current owner whose house is up for foreclosure. If you are not able to get access, I would be very reluctant to go forward. Regardless of how good a deal you may get at the foreclosure sale, you don't know the condition of the house. M...