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A foreclosed home purchased through auction might also have liens filed against it, such as liens for outstanding tax payments. You might be on the hook for those unpaid taxes, and need to reach a.
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If that doesn’t work, the lender may start foreclosure proceedings, and the home may be put up for sale at a public auction. If the highest bid at the auction is insufficient, the lender then gets title to the property and holds it as a bank-owned (or REO) property.
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The vast majority of homes sold at auction are foreclosures. Lenders want to get as much as they can for homes that borrowers have defaulted on, and auctions offer a convenient way to accomplish this goal. They also offer careful investors opportunities to find great deals.
Best Answer: It doesn’t sound like you should be buying at the sheriff’s sale (court house). If your bank will just give you a cashier’s check to take to the sale then you can buy at the auction, but if not then, find something listed after the sale, or before the sale in a short sale.
Come to the foreclosed home auction with cash At the house auction, the trustee will set the bidding at a certain price and determine a minimum bid for each property. The price of an auctioned home.
Many buyers have never attended a foreclosure auction before – either a large auction in which dozens of properties from across a large geographic region will be sold or a smaller trustee auction. If you’re entertaining the thought of buying a foreclosure, it’s smart to attend a few auctions as an observer.
Hundreds of thousands of foreclosed homes nationwide are waiting to be bought at any one time. In many cases, the cost savings of purchasing a foreclosed home can be impressive. Buying a.
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