Buying a Property foreclosure at an Auction

By: Joseph Smith

If you are going to an auction to purchase a property foreclosure then there are many things that you need to consider. These things include funding, the process, occupants, and more.

Never go to an auction to buy a property foreclosure if you do not have the money or you cannot get the funds. Always be sure you are pre-qualified before you place a bid on a home. Bids are usually sealed and the auctioneer will go through them and choose the highest bid. If you win the home then you will need to come up with the funds in 24 hours of making the bid.

Once you have paid the money or written a check for the home then you will be required to sign the appropriate paperwork. After this process you will own your home through the auction.

One thing to keep in mind is that if you win a property foreclosure at an auction and there are people living in the home at the time you will need to have them removed. The best way to do this is through the sheriff’s office. They will post a notice or arrive at the home and physically remove the inhabitants from the home. This is very common with foreclosures because most people who lose their home want to live their mortgage free up until the date the home sells.

When you purchase a property foreclosure there are many things to consider. The most important is that you should never bid on a property unless you have already been qualified through a bank or you have cash. Bring a qualification letter if you have been qualified. Also, if there are people living in the home it is not a problem and the sheriff’s office will have them removed from the home.

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Joseph Smith has been educating buyers on the finer points of Property Foreclosure purchase at for over five years. Click here to visit and read more advice on finding Bank Repossessions .

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