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Foreclosure Auction Today
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Foreclosure Auctions: When it comes to buying foreclosed properties at a foreclosure auction timing is everything. It’s important to get up-to-date foreclosure auction information and act on it as quickly as possible and it is vital, as you are dealing with all this, to be able to access the service of a professional who knows all the angles and can help make the process easier.
Buying a property at a foreclosure auction has five easy steps:
- Foreclosure Auction STEP #1 – Confirm foreclosure auction status, location and bidding procedure
After a property is scheduled for auction, the owner has a chance to stop the auction by paying the amount owed to the foreclosing lender. This is the pre-foreclosure period of grace. Its also not uncommon for auctions to be postponed without a new date being published and here your foreclosure auction professional is vital as they will know how to find out the new date fast.
Most foreclosure auction are at a public place in the same county where the property is located and you can typically get that information from the trustee or the county clerk. If you call the county clerk, make sure you clarify that you are looking for the location of mortgage foreclosure auctions, not tax foreclosure auctions.
The bidding procedure for a foreclosure auction varies from state to state. In some states, bidders are required to bring the full amount they want to bid in the form of cash or cashiers check to the foreclosure auction. In other states, bidders are required to bring a certain percentage of the bid amount to the auction and pay the remainder of the amount within a certain time frame (usually within 30 to 60 days) if they are the highest bidder.
- Foreclosure Auction STEP #2 – Check what you are bidding on
You need to find out as much as you can about the estimated market value of the property, how much is owed on the property and if the owner has any other liens against the foreclosure auction property. This is all public information and your foreclosure auction professional will know where to get it. You may also be able to see the property you are bidding on. This is really important as foreclosure houses always need some attention and you will be responsible for any repairs necessary.
- Foreclosure Auction STEP #3 – Determine bid amount
Based on all the factors used to determine the potential foreclosure auction bargain a and your financial capability a you will need to determine how much you can and should bid at the auction. Determining your bid amount is more obviously important in states where bidders are required to bring the full amount in cash or cashiers check to the auction. Your foreclosure auction professional will again be able to advise you here. It is also important to determine the bid amount even in states where you do not need to bring the full amount to the auction. By setting a firm ceiling for your bid, you will avoid getting caught up in the heady auction atmosphere and overbidding, which can result in little or no bargain for you. Also, if you are not able to pay the remainder of the foreclosure auction bid within the time frame stipulated by state law, the deposit you paid at the auction is often nonrefundable and you will end up losing your money.
Foreclosure professionals will be able to talk to you about foreclosure credit and your credit score history and guide you through the choices available to you.
- Foreclosure Auction STEP #4 – Bid at the auction
Bidding at an foreclosure auction can be intimidating, especially if you have never done it before. It is likely that at least some of the people you will meet there bidding against you are seasoned foreclosure auction bidders who invest in real estate. Your foreclosure professional will be able to help you with at least some advice on what to expect.
- Foreclosure Auction STEP #5 – Take ownership of your foreclosure property
If you are the winning bidder at the foreclosure auction you will need to make sure you got the necessary documents from the auctioneer to verify that you have won the auction and the foreclosure property is now yours. Check with the auctioneer and a real estate attorney what further steps need to be made before you take ownership and possession of the property. In some states, ownership can be transferred immediately or within a few days. In other states, you may need to wait a month or more for the sale to be confirmed by a court. Some states have redemption periods for the owner, in which case the owner can buy the property back from you if they pay the full amount paid at the auction, plus applicable fees. This is all information which you need to have in order to make the right decision and avoid costly mistakes.
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