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How To Buy A Foreclosed Home At Auction

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Buying foreclosures at auction is full of traps for the unwary, Hamilton says. First of all, you have to pay cash. And you’re paying for all of the loans, back interest, taxes and attorney’s.

Buying property at foreclosure auctions is in many ways much simpler than buying a home through a foreclosure agent. Auctions are open to the public, so you don’t need any special credentials or permission to attend. All you really have to do is find out about a sale, show up at the time and day.

Losing your home to a foreclosure or tax sale is not the only option for struggling homeowners. Realtor with Paragon real estate group and author of the Insider’s Guide to Home Buying, San.

But buying a foreclosed home is different from buying a typical resale. In places where thousands of foreclosed properties are for sale, you might not get much one-on-one attention from overloaded.

How To Buy Foreclosures at Auction. The purpose of a foreclosure auction is to get the highest possible price for the property, in order to mitigate the losses a lender suffers when a borrower defaults on a loan. If the sale amount covers the outstanding mortgage debt and various foreclosure costs, then any surplus goes to the borrower.

A foreclosed home is one in which the pre-foreclosure options have elapsed and. Foreclosed homes not sold at auction – for lack of bidders or not reaching the.

Homes sold at auction are typically in pre-foreclosure, foreclosure, or have some type of lien on them because the owner fell behind on their home loan with their mortgage lender. As a result, the.

And you’re tempted by foreclosure auctions (where banks sell foreclosed homes to quickly get rid of them). After all, you see the opportunity to get a lot more houses for a lot less money. If this sounds like you, let me give you an honest introduction to buying houses at auction.

A foreclosed home purchased through auction might also have liens filed against it, such as liens for outstanding tax payments. You might be on the hook for those unpaid taxes, and need to reach a.

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