Would a Methamphetamine Contamination Citation show up on a title report? Any suggestions on how to sniff out (sorry for the pun) this issue prior to purchasing the property at auction?
I’ve gotten stuck with meth houses before and it sucks. Usually there are signs, as the city will typically red tag the house in a very visible way. But not always. In my case the police tape had been ripped down and the citation removed. Couldn’t have happened at a worse time either market was just starting to drop fast, and the cleanup took months. Ouch.
I always try to remind folks that buying at auction is like selling insurance. Overall it can be very profitable, but no matter how good you are, you will occaisionally lose on some deals. But if you do 10 deals, make $50k on 9 and lose $50k on one, you still made $400k so who cares. It is just a cost of doing business.
If you only have the capital to buy one house and can’t afford any losses, then I think you are playing russian roulette.