How To Buy A Foreclosed Home At Auction

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The two common ways of buying a foreclosed home are through a real estate agent or through a public auction. There are many factors to consider when buying a foreclosed home compared to a traditional home purchase. REO properties are an affordable housing option, but there are also more things to watch for with this type of home purchase.

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Come to the foreclosed home auction with cash. Bidders should come to the auction prepared with cash or a cashier’s check, in case their bid is accepted. Often, trustees require a cash deposit before the bidding even begins, so they can be certain of a bidder’s ability to go ahead with the purchase.

Buying a foreclosed home can be a good way to score a deal while hunting for real estate. A foreclosure is a house whose owners were unable to pay the mortgage or sell the property.

Judicial Foreclosure. In states with judicial foreclosure rules, a state court oversees the proceedings. The lender sues the defaulting borrower to win a final judgment, followed by an auction.

Buying a Home at a Foreclosure Auction Foreclosure auctions – conducted on courthouse steps, in convention centers across the country and even at the property in foreclosure – can be intimidating.

A pre foreclosure happens when a borrower defaults on their mortgage but before the bank fully forecloses on it and sells it at auction. During this time, the seller can either sell the property or make good on the outstanding balance owed.