Foreclosure auction etiquette: 6 ways to win an auction
Auctions are usually fast-paced affairs, here are some expert tips for making a winning bid.
If you interested in buying a property from a foreclosure auction, there are a few things you should be aware of. For example, an important thing to note about foreclosure properties is that when a lenders reclaims one of these properties, a foreclosure auction will be the first and often the only chance you will have to buy the property, so don’t assume that you will be getting a deal simply because it’s a ‘foreclosure’. To make sure that you get the property for the best price, you’ll have to do your homework.
Believe it or not, foreclosed homes can come in several different forms, such as short sales or pre-foreclosures, which is when an owner who can no longer afford the property will try to make a deal with a buyer with the approval of their lender. When this doesn’t work, the lender then may put the home up for sale at public auction. If the highest bid at auction is insufficient, then the title of the property is returned to the lender and the home becomes a bank-owned (also known as REO) property.
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