In todays market, every buyer is looking for the biggest deal they can find. We are often asked about buying forclosures and if that is the way to find good deals. We thought we would review the basics of buying foreclosures.
Buying foreclosures generally generally requires you to bid on property at auction, usually on the courthouse steps. The opening bid is set by the bank and usually includes the outstanding loan balance plus interest, plus any fees incured by the bank in the foreclosure process. A few things to consider when buying foreclosures are:
-At the auction you have to have evidence of the ability to pay cash(Cashiers checks).
-You might be bidding against a number of other people.
-The property might not be available for inspection prior to the auction.
-The property is sold in "as is" condition.
-If the property is not vacant, the successful bidder is responsible to evict the occupant.
As you can see, buying foreclosures might not be right for everyone. If you don't think this is the right avenue for you, don't worry. In our next post we will review other options for getting bargains in this real estate market.
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