The Guide to Buying Foreclosed Homes at Auction


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The Guide to Buying Foreclosed Homes at Auction

  1. 1. [Volume 1, Issue 5]The Guide toBuyingForeclosedHomes atAuction ContentsForeclosure auctions, sometimes Introduction……………………. 1referred to as sheriff auctions when Foreclosed Home Auction…..2conducted and managed by a localsheriff, are the most common type of Contact Info………………………. 3foreclosure sale. Foreclosed homes go toauction when the homeowner fails to paytheir debt in the pre-foreclosure period.Known for being fast paced, evenseasoned buyers can find auctions forhome foreclosures overwhelming.
  2. 2. 2 There are two things you never want to do at an auction for real estate foreclosures. The first is to miss out on bidding on foreclosures for sale because you lose your window of opportunity. The second is to get caught up in the process and make an offer above your predetermined maximum bid. This guide will show you how to be properly prepared for a foreclosure auction: Try to get pre-approved for a home loan: Depending on your state laws, you may need to prove that you’ve secured financing in order to close a foreclosure sale. Even if you live in a state where the non-judicial process is the norm for foreclosure properties, it never hurts. Find out as much as you can about the home: You may not have time to do it prior to the sale, but if you can you should run a title search and, with permission, hire professional inspectors. If nothing else, you should visit the property in person. Research the market: This is important if you are buying foreclosed houses as an investor. Investors should research the prices of similar foreclosed homes in the area and homes at market value. Buyers who don’t intend to resell should also research foreclosure prices. Determine your maximum bid: Use the figures you gathered from similar foreclosed homes in your area to determine your bid. Subtract the cost of any liens on the property and/or damages that will need to be repaired. Find out if any additional costs are charged to the highest bidder.
  3. 3. 3 You should call any sellers named in foreclosure listings toForeclosure DataBank see if they are current. Auctions of foreclosure homes can at times be cancelled or postponed prior to their initial1602 Alton Road #432 auction sale date. If you are interested in governmentMiami Beach, FL 331391-888-596-9279 foreclosures, such as those sold through HUD, VA or USDA, check to see if these are also available at auction.The biggest foreclosures database onthe webFind us on the Want to know more about buying foreclosed homes for sale at auction? Read our blog: n.htm