When You Are the Successful Bidder
Congratulations! You are the winning bidder at the foreclosure auction. Now what do you do? Your first steps are:
Receive a copy of the deed after paying for the property.
Record the deed, placing the property in your name.
Purchase casualty insurance for the property immediately.
Obtain title insurance.
Remove the tenants if any still reside on the property.
Remove trash, furniture, and other items from the property.
Inspect the property thoroughly and commence any necessary repairs.
Now you can move forward with your plans for the property. You can either sell it or rent it to earn your profit on the property.
