Category: foreclosure

A tax foreclosure auction is probably the best place where a person can buy a home at a very low cost, though this fact is not so readily known to the general public at large. The fact is that if you expend a little effort and enquire about a tax foreclosure auction you will soon realize that there are foreclosed homes being auctioned in almost every US city and everyone can bid to own a home without in the process being forced into paying an arm and a leg for their efforts.

Property Taxes

Every home in the US is taxed though not every American homeowner can or will pay their property taxes. And, failure to pay property taxes can lead to the government repossessing the property and then putting up the property for sale at a tax foreclosure auction. So, if you know where and when a tax foreclosure auction is being held you can place a bid and if your bid is the highest then you can own that property.

Of course, every state in the US has their own laws that restrict and regulate sales of properties in each state and so you must, before heading off to a tax foreclosure auction, learn about the relevant rules and regulations relevant for the state in which the auction is being held. There are of course certain states that require that full purchase price be paid on the date that the auction is being held while other states have other requirements and allow you to pay within a specific timeframe. So, know which rule is being enforced before making your bid.

You need to also take into account the fact that many properties being put up at a tax foreclosure auction may already have been redeemed by their owners prior to the date of the auction and so some properties will not be auctioned on the date of the auction sale. What s more, you need to also factor in that the property owner may have certain rights to redeem the property even after the tax foreclosure auction is held. This factor too should be kept in mind before placing your bid.

Each state has the right to set out a particular minimum price for a property being sold at a tax foreclosure auction and if this minimum price is not reached then the property may be re-auctioned at a later date.

A real estate foreclosure auction is another good option when it comes to buying properties at lower than their market values. Properties that have been foreclosed due to the owner not being able to pay for the mortgage are usually put up for sale at such auctions and this is when a person with enough acumen and money can buy a cheap home without much fuss or bother.

One question that is sure to cross the minds of many prospective home buyers is what would be the benefit of buying a home or property that has been foreclosed. The good news is that there are a number of pluses to buying homes at foreclosure auctions as it offers you a chance to pick up foreclosed homes at a much lower than market rate. It could therefore prove to be a wise investment as it also means getting a readymade equity in the home as well.

Save Thousands Of Dollars

The fact of the matter is that foreclosure auctions allow people to save many thousands of dollars on homes that are sold at well below their market values. In fact, there are few if any better options in regard to finding an affordable home as compared with a foreclosure auction. The only thing you need to do is find out more about where a foreclosure auction is going to be held.

Your local newspaper will show you where foreclosure auctions are being held and the Internet too is another powerful resource where a lot of information on foreclosure auctions is made available. Another option is to try foreclosure listing services where you can get the entire lowdown on when as well as where a foreclosure auction is going to take place.

It is also possible to take advantage of free foreclosure auction listings, especially over the Internet though these listings might actually be useless and outdated because they are not always updated on a regular basis. It is therefore better to look for subscription listings which are almost always kept up-to-date and they can also send you email alerts whenever a new foreclosure auction is announced.

Of course, you must stay alert and be ready to act on short notice because things occur pretty fast at a foreclosure auction, and so being prepared beforehand is a necessity. You need to also expend effort in finding out about various foreclosure auctions well before these auctions are held so that you will be prepared to deal with every eventuality. Also, the location of the foreclosed property can have a bearing on the price that you will be paying for the property; so, find out more about the location of the property and know what the property prices are for a particular locality before making your bid.

Tax foreclosure auctions are another option in regard to buying property at more affordable prices and though this is a good idea you must know a bit more about such auctions to really profit from the low priced homes on offer. It is therefore a good idea to keep all your options open when you are in the market looking for a cheaper property.