Has anyone ever purchased a property through a foreclosure auction at the county courthouse with or without real estate agent or attorney? Tell me, all about your experiences.
I have my savings; I have been in one auction, but I never bid.
2007-11-01 03:53:41 · 2 answers · asked by chulis 1 in Business & Finance ➔ Renting & Real Estate
I have bought several homes (for investment purposes) at foreclosure auctions. I have had all positive experiences. You will not need an attorney or an agent. You will need a title company to handle the settlement unless the auction company has a settlement agent that they use. Be careful if you are looking for investments now as the market is very bad for resale. If you want to live in the house however, now is a great time to pick up a bargain house.
2007-11-01 04:26:02 · answer #1 · answered by taninwinter 2 · 0⤊ 0⤋
Agreed that this is a very risky method of purchasing real estate. Depending on your location, you may end up purchasing a property for pennies on the dollar, and then find yourself with a property NOT clear of liens and encumbrances. Diligent homework is required prior to any bidding. Be sure that you know what you are buying, and what liens come with it, if any.
Additionally, many areas have lengthy periods of 'redemption' during which the owner can save his property if he comes up with the money. Your money will be tied up for this period until the owner redemption period has expired.
2007-11-01 11:28:25 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
This is VERY high risk home buying. You do not get to see the inside of the house before you buy it.
You may also have to evict the former owner.
The general rule of thumb is only bid 50 percent of the value of the house.
2007-11-01 11:07:23 · answer #3 · answered by Anonymous · 0⤊ 0⤋