| Property auctions take place after a property has | | | | of these resources as you can. |
| been placed in foreclosure by a bank, lender or | | | | Property auctions generally require you to be able to |
| government agency. These properties have been | | | | present them with a 10% down payment on the bid in |
| places in foreclosure due to the fact that the owner | | | | the form of a cashiers check, certified funds or money |
| has been unable to meet the repayment demand of | | | | order. If you have ready cash available, I am sure they |
| his mortgage, his tax bill, has committed a federal | | | | will accept this too, but who wants to carry a |
| offence and a variety of other less consequential | | | | briefcase full of cash to a property auction? Certainly |
| factors. | | | | not me, unless I had a couple of body guards! You will |
| One of the most enticing factors that leads investors | | | | be expected to close the deal within a period of thirty |
| to make purchases of properties at auctions is the | | | | days and this means coming up with the remaining |
| fact that they are able to make a profit on resale. For | | | | 90% balance on the price, plus taxes, closing costs and |
| home buyers it is a wise choice because they are | | | | other expenses. Obtaining pre-finance is a way to cut |
| usually able to afford something a little more than they | | | | to the chase and close the deal as quickly as possible. |
| would normally be able to afford and live in a greatly | | | | A home purchase at an auction cannot be made |
| discounted home. In the US today more people are | | | | contingent upon finding a way to finance it. |
| actually buying foreclosed or properties on auction, | | | | Property auctions are held at the County level on a |
| than they are making traditional real estate purchases. | | | | "where-is" "as-is" basis, so it is important to find out as |
| As buying at property auctions is one of the more | | | | much about the property you have in mind as possible. |
| riskier ways of buying property, it is important that the | | | | This means trying to inspect the property, conducting |
| home buyer knows what he is doing. I can't stress the | | | | title deed searches and finding out what outstanding |
| importance of educating yourself in the foreclosure | | | | liens have not been paid. |
| and auction procedures enough. Homes available on | | | | Three are thee auction methods used, the reserve |
| property auctions are a matter of public record and | | | | auction, the minimum bid auction and the absolute |
| can be found on the Lis Pendens at any county | | | | auction. Find out about these methods and which one |
| courthouse. Auction sale dates will be listed, so attend | | | | is to be used in the auction your short-listed property |
| a few of these and get a feel for it before making a | | | | will be sold on. Be careful of the risks and pitfalls and |
| bid. Online listing services also specialize in information | | | | you might just land yourself a beautiful, well discounted |
| regarding property auctions so make use of as many | | | | property. |