Auction Success: -you Must Find a Good Foreclosure Auction
10.08.2010 | Author: Michael Mclaren | Posted in Auctions

One way to buy a property or home is through a foreclosure auction, but there are a few things you need to be careful of before you buy. You can find some incredible bargains if you know what you are doing with a foreclosure auction. This article will address some of the key aspects of making a successful foreclosure auction purchase. Before you can make a successful purchase you must find a good foreclosure auction. The best places to find a foreclosure auction are on the internet, for more details visit to through a trusted realtor or a sheriff liquidation sale. Once you have located some reliable foreclosure auction sources its time to do some inspecting.

If you are looking to purchase property through a foreclosure auction in your local state you will want to check your states regulations. Once you know the rules for foreclosure auctions you can move on to the next step, investigation.

If you are working with a realtor you should first determine the value of the foreclosure auction property in question. You will want to compare similar properties that have sold in that area in similar size and condition. If you live in an area where winter storms are common and there is a winter storm or for more details visit to heavy rain on Auction day, make it a point to go anyway. Because many bidders are only semi-serious so if the weather is bad, they might just decide to stay at home. If you do the extra step and still go, you can get the good deals. If you do not have access to a trusted realtor then you can do this research on your own. To obtain information on previously sold homes you can check with a local real estate office and ask them for sold property prices with the specifications you want.

The next step before you buy through a foreclosure auction is to determine the rightful ownership of the property for sale. This can be done free of charge at your local court house. You might need to make an appointment before you go in to check. Once you are at the court house you can research liens or other potential financial problems that need to be considered before you complete the foreclosure auction purchase.

After you have gathered all the facts about the foreclosure auction property you can start the process of making a purchase. At this point you will either attend a foreclosure auction and place a bid or submit a sealed bid to the lender.

Hopefully these few tips will get you started on the road to a successful purchase.

November 8th, 2010

By Jim Evans   What are the most important factors when it comes to buying a foreclosure? Most investors would agree that the price of the property would be the first criteria that decides on paper if the property should be purchased. Here are several other important factors to consider before you decide which property to bid on.

read more

October 23th, 2010

By Brian Scott   If a property reverts back to the bank, what is the advantage of buying one of these properties? Doesn't this just mean that nobody wanted to pay the opening bid on the property because the house is over-valued. The short answer to this is yes, but the long answer is where you can make your profit. First off, all banks are in the business of money, not real estate, so when it comes to pricing houses to sell at foreclosure or at short sales they are behind the curve on what the current market value of the opening bid needs to be.

As more and more properties revert back to the banks however they are slowly starting to catch on. After the banks get these properties back they realize that the reason why these properties didn't sell is that they are A) overpriced for the current market, and B) need work done to sell at market price.

read more

Copyright 2010 All Rights Reserved. Terms of Use | Privacy Policy | Contact Us