[McLovin]

Winning a big foreclosure a couple years after the '08 meltdown changed my financial life.

But it was difficult and fairly scary.

Many difficulties. First, they usually don't happen as scheduled. They get postponed 90-95% of the time. So you need patience and optimism.

Then, you have to have full cash on hand. Combined with the fact that they get continued for months in end, it's difficult to have that much money liquid and ready, for something that might never even happen. For me, it was over $1,000,000 cash needed. And yes, they check to see that you have it, and they count it, before you can bid.

Then there's the title issues. Like most, I had done a title search, but did not have a title insurance policy. So you never know for sure. And there's other possible post auction legal issues (I had to deal with many, some because there was a receiver in place at the property, and some because of some bizarre issues).

The actual auction is of course stressful, esp.when the bidding gets over 7 figures and you're not sure what the right price is anymore (because you've already blown last the amount you'd thought you'd stop at) but that was a kind of fun stress. It’s a bit bizarre doing a major transaction literally outside on the courthouse steps, unlike normal transactions that take months, inspections, contracts, negotiations, etc. this is over in 10 minutes start to finish. They take your cash and you’re suddenly the owner.

Very interesting process.