The David Greene Show
Lessons From Auction Mistakes with Tommy Loretz | Episode 37
Feb 13, 2025
Tommy Loretz, a licensed real estate broker from California, shares his eye-opening experiences with real estate auctions. He recounts nightmare deals, including an unexpected garage purchase that was supposed to be a home. Misunderstandings about property parcels led to costly mistakes, altering Tommy's investment strategies. Through engaging anecdotes, he highlights the critical need for thorough research and local knowledge. Tommy also discusses innovative solutions for dealing with squatters and emphasizes building a strong network in the real estate market.
38:17
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Quick takeaways
- Thorough research and understanding of the auction process are critical to avoid costly miscommunications and unexpected property issues.
- Learning from past mistakes in property acquisitions can significantly enhance decision-making and reduce financial burdens for future investors.
Deep dives
The Reality of Auction Purchases
Purchasing properties at auction can come with unexpected challenges, as demonstrated by experiences with foreclosure and tax sale auctions. One notable instance involved buying parcels that the buyer believed included a house, only to discover they had acquired a garage and a side yard instead. This misidentification stemmed from miscommunication within the county, where parcels were mistakenly split into separate auctions. Such scenarios highlight the importance of thorough research and understanding the auction process to avoid being misled about what is actually being purchased.
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