You want to buy a house but aren’t terribly picky or in a rush, think about going to a bank foreclosure auction. Such auctions can be a great choice for those looking for investment properties, particularly.
Ahead Of Time
Check with the courthouse for the date and time of the upcoming bank foreclosure auction. They will know when and where the public foreclosure auction will be held, often on the steps of the courthouse, itself.
Before the bank foreclosure auction, you can get a listing of the properties that will be auctioned off. With the list in hand, drive around and take a look at each. Though you probably won’t be able to go inside though anything is possible! – you can see the outside and the location and condition of the home. You can also check the comparables for the neighborhood, so that you walk into the bank foreclosure auction fully informed.
Decide which properties you are interested in, and what your absolute highest offer will be. Once you’ve decided, based on your finances, the probable worth of the property in question, and the starting price, stick to your guns. Though there can be wonderful bargains at a bank foreclosure auction, there is also buyer’s remorse for those who get caught up in auction fever and bid more than they plan to.
Have your prequal letter with you. Your lender can evaluate what amount of loan you can handle, and will give you paperwork to show that you are able to qualify for a home up to X amount of dollars. Take it with you to the auction, along with a certified check for a down payment usually, both are required to seal the deal.
At The Auction Of Bank Foreclosed Properties
Once you arrive at the auction, expect a lot of people. While many people are losing their homes in these hard times, other people are snatching up the good deals and investing in real estate. Buy low, sell high is the adage that applies in these tough economic times. If you’re the unfortunate homeowner who bought when things were high, and are losing your home to the bank in a foreclosure auction, you may not like it that others are taking advantage of the situation. It can be painful to see your beloved home up on the auction block. If there is no way you will be able to bid on your own home, stay away and avoid the grief. Your morbid curiosity probably doesn’t warrant the pain of attending.