Foreclosure Auctions – What Happens at the Auction?
If you’re trying to get a home for less than market value, either to live in it, sell it or rent it, a foreclosure auction is worth looking into. A foreclosure auction can be exciting. You need to know what to expect when you attend a foreclosure auction whether it’s your house up for auction or a house you’re trying to get. Foreclosure bank owned properties are homes that the bank has taken possession of because the owner failed to make their mortgage payments. Banks are not in the real estate business, so they would like to get rid of the property soon as possible. That’s why they may sell the property for less than market value. The banks are at least trying to break even on the deal and unlike an investor or homeowner, they are not trying to get as much money as possible out of the property. You will find information about foreclosure auctions in the newspaper, internet or local flyers. Before you attend an auction you should do as much research as you can on the property that you
