Foreclosure Auctions – Where To Find Them

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 foreclosure auctions. These auctions typically take 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.

If you’re looking for an online place to find foreclosure auctions, you should take a look at Government Auctions. There you will not only find auctions for foreclosed homes, but also cars, mobilehomes and so much more.