Purchasing a property at a foreclosure auction is probably the most common way of buying foreclosure properties. Here are some basic tips and suggestions to help you at foreclosure auctions.
First, because buying at an auction is not for the investor with limited funds, it’s important to understand that these auctions are live bidding processes and attendees need to bring lots of cash to participate.
Most foreclosure auctions are held in a public place such as a courtroom and in some cases the county sheriff or another referee appointed by the court will conduct the auction.
In most auctions the first bid is usually made by the representative of the foreclosing lender with the property going to the highest bidder.
Finding out where the auction will be held is a simple matter. Most auctions are published in the legal section of your newspaper or in a legal newspaper. If you have a particular property in mind, it’s best to contact the lender’s attorney or the trustee for information about the sale date.
But there’s homework that needs to be completed before you actually go to the auction. If you bid at the auction, you are unable to back out of it. Choose a few neighborhoods so you can familiarize yourself with those properties and bid only on those properties you’re familiar with.
Driving by the property to check on its condition is another step you should take before attending the auction. You probably won’t be able to get inside the property but it is safe to assume that the property will need a bit of work to make it livable again. If you’re not able to see anything about the condition of the inside of the property, it’s best to be very conservative in your bid for that property.
You’ll need to find out how much money to bring to the auction. Usually you’re required to bring about 10% of the winning bid preferably in certified funds. The balance will be due 30 days in most cases after the auction.
Plan to arrive on time, as most auctions begin and end in just a matter of minutes. Figure out what you plan on paying at the foreclosure auction and stick with that number—do not bid any higher.
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