About Foreclosure Auctions

By: Joseph Smith

If you are thinking about attending foreclosure auctions in your local community or there is a home that you would like to purchase there are many things to consider. It is important to understand where they occur, how they happen, and if you will be able to bid on a home.

When a bank decides to sell a home the local county courthouse is usually the governing agency that holds the sales. For every home that results in a foreclosure it will be initially posted in the local newspaper. The first notification in the newspaper is that the borrower will be behind on their monthly payments. This notification is a notice of default. After a month or two the next notification will be a set date of when the sale will take place and the location.

In most cases, a foreclosure sale occurs on the local steps of the county courthouse on a Saturday. Some courthouses hold the sales on a weekday like a Wednesday. Always pay attention to what the public notice says in the newspaper so you can bid on the home of your choice. There are also locations across the nation that actually sell foreclosures at the site of the property itself to the highest bidder.

When you attend a foreclosure sale with the intent of purchasing a home in default then it is important to be sure you have a form of funding in place and ready. You should already be pre qualified if you are getting a loan from a bank or have a check. You will also be required to pay a 10% down payment of your bid right then and there at the sale if you are the highest bidder on the property. You will have to fill out a lot of paperwork also.

Foreclosure auctions occur on a set date that is usually advertised in the local newspaper public notice section. The address of the home, the name of the borrower that has defaulted, the bank, and the date of the sale will be listed. When you attend a sale like this be sure that you are ready to purchase the home with a down payment and a form of financing in place.

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Joseph Smith has been educating buyers on the finer points of Foreclosure Auctions purchase at ForeclosureRepoAuction.com for over five years. Click here to visit and read more advice on finding Auction Homes Michigan.

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