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how would i get to buy a foreclosed home in an auction? How do I find out about where, what homes?

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May 28 2009 - MacDill AFB Area
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You can ask help from companies. You can view this site for lists. http://www.realestatelistingreviews.com/browse.php . Goodluck!
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August 13 2009
In Hillsborough County homes are auctioned at the courthouse and you are required to pay "all cash" by the next day.  If you have the cash, you may be able to find the rare deal.  If you do not have 100% of the cash then your next best option of getting a bargain is to buy a bank-owned property.You must find a Realtor to help you with a bank-owned because you need to get out to the property as soon as it comes on the market and immediately make your offer.  You will need to offer more than the asking price in most cases if you want to buy the house.  It should be an exceptional deal, even above asking price.There are also auction companies that will sell bank-owned properties at auction and they advertise in the newspapers and even on TV.  You will be competing with other bidders and you will be able to close in 30 days and get a mortgage so you will be paying closer to "market value".Lastly, a short sale may result in a bargain price for you but if you want to take advantage of the first time homebuyer credit, you may lose out on that money if Congress does not extend it beyond Nov. 30, 2009.  Short sales often take 4 months to close.  Plus some short sale realtors do not have the seller sign your offer and you can end up getting outbid at the last minute by another buyer.Hope this helps.
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August 10 2009
and the home is sold as is...no matter what
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May 31 2009
In arizona, you have 24 hours to pay cash for the home. No mortgage, you need cash. AND you more than likely cannot enter the home to see it before the sale.
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May 28 2009
And depending on the laws of the state where you are buying the home, the homeowners may have a right of redemption which means they can pay what they owe and you would lose the property back to them. This occurs in sheriffs sale of homes. Plus you may be liable for liens that are attached to the property.

There are home auctions that are conducted by auction companies that are composed of properties that are already bank owned. There can be some good deals, and some bad deals. Usually they have an Open House in the previous couple of weekends prior to the auction.

In rural areas it's not unusual for homes to be auctioned as opposed to being put on the market. These are not foreclosed homes or tax sale homes.
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May 28 2009
The banks almost always bid the amount owed on the mortgage.  Its very difficult to get a good deal at auction.  Also you usually have no access rights to see the interior at the property.  Who's going to pay over market value and not see the interior?  For that reason they almost always go back to the bank and are listed as REO.  REOs generally sell for far less than auction asking price.
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May 28 2009
 
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how would i get to buy a foreclosed home in an auction? How do I find out about where, what homes?
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August 13 2009 | 6 answers
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