Profile picture for user280156

How do you go about to buy a foreclosure property in Auction?

If I see a property in zillow saying that this property will be sell in auction by xxxxxx date and that date does not pass yet, what steps should I do to participate in the auction sale?
  • December 17 2013 - Stockton
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Answers (2)

Profile picture for JoshBarnettREIB
Visit the county that is having the auction and place your bids.
  • December 17 2013
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Profile picture for Outer Banks N C
I am assuming you mean a courthouse auction at the end of the foreclosure process and not a private auction done by the owner.

Asking this question about a courthouse steps auction means you don't know what you are doing which is a dangerous thing in this type of real estate transaction. You must have the cash to buy, no loans. You also need to do some title searches to make sure there are no undisclosed liens on the property, if there are you buy them along with the property. Finding out you also owe Uncle Sam $20,000 in a tax lien will ruin your day. You can't inspect the house, finding out it is structurally unsafe or has termites can ruin your day. Most often these auctions go the the bank that is owed money on the loan, that is because the house might be worth $200,000 but there is $300,000 owned on it so the bank offers what is owed at the auction, why would you out bid them????? They don't have to pay the $300,000 because they are already owed it so they just take over the house and sell it later.


tim
  • December 17 2013
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