Welcome to Real Estate Foreclosure Guide
Real Estate Foreclosure House Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
What To Expect At Real Estate Foreclosure Auctions
from:Real estate foreclosure auctions, sometimes referred to as sheriff sales, usually take place in a designated area in the county courthouse. Sometimes they can even take place on the steps of the county courthouse. There is nothing fancy about them. They are set up to be quick and business-like affairs with rules put in place to help expedite the process. You can expect some regulars to show up and new bidders sometimes too. They may be weekly or bi-weekly events, and can vary depending on the number of foreclosures in the area and the backlog. The listing for foreclosures are listed for people who attend the real estate foreclosure auctions on a list or they can also be researched beforehand in the local newspaper too.
How To Buy At Real Estate Foreclosure Auctions
Rules can differ from county to county, but you will be usually expected to pay some percentage of your bid upfront once you are declared the winning bid. Expect to pay at least 5% of the value of your bid. You will also need to pay the remainder of the the bid by the end of the business day. So, if you bid $100,000, you might have to pay $5,000 upfront at the end of your winning bid and the rest some time later, usually by the end of the business day.
Bankers Buy Back
The original bids will probably start out with the bank or lender who holds the mortgage bidding a nominal amount to get the process going. They may even bid against you to drive up the price to an acceptable loss for them. They certainly won't try to give away the property, even if they don't want it on their books. However, if they don't get the bids they want at the real estate foreclosure auctions, they will simply bid to buy back the house. This way they don't take a huge loss on the home.
Do Your Research Before You Go
Real estate foreclosure auctions are fast-paced and you will need to know ahead of time what property you are willing to bid on and the fair market value of it. You should have researched as much as you can about how much is owed, what the neighborhood is like, and what the condition of the home is like. You will also want to make sure you understand all any fees or liens associated with the property that you will be responsible for bringing current should you have the winning bid.
Real Estate Foreclosure House News
Controversial landlord Bale sued
Leonard Bale, the West Bloomfield real estate investor exposed by 7 Action News for selling houses he knew were in some phase of foreclosure, has been sued in Wayne County Circuit Court.
Read more...NY man who dressed as dead mom in bizarre real estate scam gets more than 13 years in prison
A man who dressed up as his mother in a bizarre real estate fraud that involved doctoring her death certificate and cashing her Social Security checks for six years after she died was sentenced ...
Read more...Now May Be the Ideal Time to Buy Real Estate
Now May Be the Ideal Time to Buy Real Estate
Read more...Wisconsin’s real estate market surging
MILWAUKEE (AP) — The real estate market in Wisconsin continued to rebound last month, as sales of existing homes rose...
Read more...The 1 Percent Is Buying Up All Of The Low End Real Estate
Long time real estate pros in Southern California are seeing a phenomenon they have never seen before. The 1 percent is buying up all the low end SoCal real estate!
Read more...