You also can buy a foreclosed house directly from a bank or lender on the open market. A residence you buy at an auction might have a lien on its title from a government company, particularly if the former homeowners stopped paying property taxes on it. One example is that an auction typically requires buyers to have money available. Also, know that even when a home is in good condition, it may not be eligible for some forms of financing.
Home flippers typically observe the 70% rule, which says, so as to make a revenue, your buy and restore prices …
