How To Buy A Foreclosed Home At Auction

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How To Buy Foreclosures at Auction. The purpose of a foreclosure auction is to get the highest possible price for the property, in order to mitigate the losses a lender suffers when a borrower defaults on a loan. If the sale amount covers the outstanding mortgage debt and various foreclosure costs, then any surplus goes to the borrower.

How to buy a foreclosed home There are two main ways to buy a foreclosed home: at auction or through a real estate listing. Once a bank takes possession of a property, it goes to a "public.

1. Understand How Real Estate Auctions Work. Real estate auctions offer a range of properties at different price points and include such things as single family homes, multi-family units, as well as some commercial properties and real estate notes. There are auctions for foreclosures, short-sales, and non-distressed REOs.

Buying a foreclosed home at auction is much different from a normal home sale and the laws regarding this provision may change from one state to another. Apart from the legal aspects, you must have a basic understanding about the procedure and the related dos and don’ts.

There are three stages at which you can buy a foreclosure: during pre-foreclosure, at an auction sale and as a bank-owned property, also known as a real estate owned (REO) property. Each stage.

Buying property at foreclosure auctions is in many ways much simpler than buying a home through a foreclosure agent. Auctions are open to the public, so you don’t need any special credentials or permission to attend. All you really have to do is find out about a sale, show up at the time and day.

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Buying a foreclosed home at an auction can be one of the most lucrative and popular ways of acquiring investment properties. But to make it work for you, you have to be aware of potential pitfalls and do your due diligence. With that in mind, let’s go over the auction process and five steps of buying a foreclosed home. How the auction process works

Live Auctions. You can’t go into a foreclosure property most of the time because they tend to be occupied. However, you can do a drive-by to get an idea of the state of the home. Experienced investors will tell you that you can determine a lot about the state of a property by the way it looks on the outside.

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