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How do i go about bidding on a auction or foreclosure?

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July 08 2013 - Burrillville
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You would typically go to the courthouse with the auction is being held in the property will be sold to the highest bidder. You will need to carry cash with you. And it's best to carry it in multiple denominations. There are resources for you to find out where these auctions are being held. A good website is foreclosureradar.com. You could also check auction.com. There was really not much of a difference between acquiring a foreclosed home or at home that is listed for sale. However the process of acquiring a property "in foreclosure" (short sale) can sometimes be cumbersome as the current homeowner needs to prove their hardship and the bank must be willing to take the best offer on the property. Each lender has their guidelines on lending their money to buy foreclosed homes. The two common ways of buying a foreclosed home are through a real estate agent (home that has already been foreclosed) or through a public auction (trustee sale). 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. Negotiating the purchase price of a foreclosed home may take a little longer than a typical real estate transaction because the process may require multiple levels of approval. First, the bank will have to approve the offer. In some cases, an investor may own the property and will have to provide approval as well. Timing varies by lender. I wish you all the best and please feel free to reach out to me if you have further questions.
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July 08 2013
If you want to bid on a foreclosure that are now bank owned websites out there like hudstore.com and hubzu.com may help. You are required to have a licensed real estate professional place the bid for you in some cases. It is highly recommended to have someone with experience assists you through the process. Another option is a short sale..... Call me if you have any questions and good luck.

RE/MAX
Certified distressed property expert
Jay Rezendes
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July 08 2013
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A lot of post foreclosure home owners are now suing the banks for lack of legal standing in the foreclosing process. In other words the banks are in fact 'servicers' of the loan mortgage and do not have have legal standing to foreclose. This is due to the swaps derivatives market. In fact the mother of all bubbles are now happening if you look into zerohedge.com dated July 8 2013 for the link. The sins of the banks are fast catching up with them. We will see how this plays out.
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July 08 2013
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Thank you for the replies...very helpful
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July 08 2013
If your asking this question, then by at the courthouse steps is not for you!
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July 08 2013
I would talk to an agent that specializes in representing buyers who buy foreclosures.  He/she can tell you about the pros/ cons of buying a foreclosure.  They are typically less money but may require repairs.

Thanks!
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July 08 2013
You would need to go to the courthouse where they have the auction. They don't accept loans, they want cash so you better know what you are buying before you bid. You can end up buying the liens that are on the property as well as any other problems. You can't inspect them and the sale is final. These auctions are not for the beginners and you need to have a title search done prior to bidding. You will be bidding against the bank that has the loan and brought the foreclosure and they open with an opening bid of what they are owed, most often. I doubt you want to offer than much so the banks usually get them and then decide to sell them in the future after they see what they have and what the market value is. That is the time you want to buy it, you can get a loan and inspect it and it must be sold to you with clear title. These are called Bank Owned Homes now or REO's. Buying at an auction is for the pros or those that have money to burn or are showing off for the TV show cameras.
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July 08 2013
 
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