Most home buyers want to own the nicest house on the block and simply don't have the vision to see potential behind the dirt and grime. To a serious bargain hunter, however, the nicest house on the block is the one you can buy for half price. New carpet and paint, a little grass seed and a few flowers can transform a dump into a doll house and double its value. A little vision can go a long way toward buying a bargain property. If you really want to purchase a super bargain at the auction, you cannot go into the auction arena with any preconceived notions.
Flexibility produces opportunities.
Most of the other bidders overlook these opportunities because they have adopted certain attitudes that are carved in stone. Let me explain. This designation refers to whether the FHA will provide mortgage insurance on the house again. However, to qualify for FHA financing, the house must comply with strict FHA standards. FHA standards cover everything from roofs, to carpet, to doorknobs.