Competitive Participation at Foreclosed Properties Auction

Competitive Participation at Foreclosed Properties Auction

There are some things to keep in mind if you want to be ahead in a foreclosed properties auction. For starters these homes are all sold as is. They are also cash sales so buyers need to be able to make payment in a short span of time. Buyers at auctions do not have the opportunity to conduct a proper inspection prior to the auction date.

With these restrictive conditions, it is a wonder that foreclosed properties auction are still very popular among foreclosure investors. If you would like to personally find out why, there are a few preparatory things to bear in mind.

Preparing for Your First Auction

You need to have a system for monitoring auctions that are scheduled in your area or areas of choice. A dependable foreclosures listing service can accomplish this for you. Once you have come up with your list of auctions you want to participate in make sure you personally check out the property to see its appearance and get a feel of the neighborhood.

Auction dates can change without prior notice because for about a month leading to the auction, the previous home owners can still redeem their home. You can keep tabs of the status of the auction by keeping in touch with the trustee.

Auctions usually take place at the steps of the county courthouse or any public place. The auction procedure can vary according to the state where they are being staged. You have to be familiar with the auction rules of the state where the property you want is located. Usually participants will be asked to pay a fee that is equivalent to ten percent of the starting bid. The best way to learn the auction process is to attend other auctions as an observer.

Assess whether you stand to get a good bargain by finding out the market value of the property. You can compare it with the value of like properties in the same location. The opening bid usually represents the outstanding loan still owed by the previous owner so you can work from there.

From all the factors you have considered and based on your finances, you will be able to determine your own bid limit when you finally participate in your first foreclosed properties auction.

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