Where Can You Find Foreclosure Auctions?

Are you looking into buying a new home? If you are, you may be turned off by the
real estate prices you see on the market. This doesn’t mean that now isn’t the
time to buy a home, but it does mean that you may be looking in the wrong place.
Instead of visiting the online websites of realtors or flipping through their
brochures, place your focus on foreclosure properties. Foreclosure properties are
often considered a great buy, as they are easy to find and affordable.

One of the most popular ways that foreclosures are bought and sold is at an
auction. This auction typically takes place at a county, town, or village
government offices, such as the clerk’s department. As for how you can find these
foreclosure auctions, they are often advertised in local newspapers. You can also
search local court records, as foreclosures are public notice.

One of the few downsides to buying a home at a foreclosure auction is the
inspection, as you aren’t typically granted one. Most bidders are bidding on the
home as-is, as-is isn’t so bad, but it may be if you haven’t seen the property.
With that said, since foreclosures are public notice, you should be able to get
the address of the property in question. You will want to do a drive by, although
you should not judge a book by its cover, a drive by can give you an idea of what
to expect. When you have doubts, it may be best to move on and target other
auctions.

If you decide to attend a foreclosure auction, the last thing you want to do is
just show up unless you are scouting to see how an auction works. When you are
serious about purchasing a foreclosed property at an auction, you need to be
prepared. This preparation involves having financing lined up. Many will require
that you either have the money on hand or show proof that you do have the financial
resources needed to follow through with the sale. Contingency loans are generally
prohibited. Check deposits are sometimes required before you can even place a bid.

As for the auction itself it depends, it's not uncommon for bids to be sealed.
Once everyone has placed a bid, the highest bidder will be announced. For bids
that are not sealed, the auctioneer will start with a figure, often around $1,000
or less and the bidding will continue on. If you are the winner bidder, it is
important to know that you may not be able to move into your new home right away.
In fact, it is likely that you will be unable to do so. Many states give current
occupants a redemption period or a grace period, this is where they can still fight
to keep their home. After this point has passed, you can start the eviction process
if the current occupants don't leave voluntarily.

As was previously stated, you may want to attend a foreclosure auction and just sit
on the sidelines. You should be allowed to do so and if you are unfamiliar with the
buying and selling of real estate, foreclosures, or auctions, you can learn a lot.
This knowledge is important, as many bidders will be investors looking to turn a
profit, not buy their first home.