Real Estate, Public Auctions to Buy Foreclosed Properties


by ANIRBAN BHATTACHARYA - Date: 2008-08-22 - Word Count: 369 Share This!

Purchasing foreclosed properties is an effective way of buying properties at below market value. Finding foreclosed properties is not an easy task to do if you are not aware of the place to look at. Foreclosed properties can be purchased in public auctions as they are sold there at a lesser price than market price. The person with the highest bid gets the property at the auction.

The general process of auctions is that the homeowner is sent a "notice of default" and given a certain amount of time-usually about 60 to 90 days-to "cure" the loan and bring payments up to date. If the homeowner is not able to clear it, the bank then sues to repossess the house, which the court or a trustee then auctions off to the highest bidder.

There are many ways to find public auctions to buy foreclosed property. Few of them are listed below:- One way is through local news paper as the latest auctions to be held are mentioned there. Newspapers provide you with all the necessary information for the auction to buy foreclosed property. One can usually find public auctions in the real estate section of the local newspaper.

Another way is to call or write your county court house. Writing a mail can delay the response to be received. In most of the auctions the county court house itself is in charge of the public auction. With the help of newspapers you will come to know all the procedures that you need to follow to be able to participate in the public auction.

Last way of finding public auctions to buy foreclosed properties is "internet". 90% of the people who surf internet use search engines and these search engines provide us with a good bunch of websites and fresh information required for updating our knowledge. This will save your loads of time rather than calling all the county court houses to find out what procedures to follow for each one of them. Finding public auctions to buy foreclosed properties does take a bit of work to give you a good deal.

About Author: Myself webmaster of http://www.ushomeauction.com an online resource of the foreclosed properties and foreclosed home listing.


Related Tags: foreclosure properties, buy foreclosed home

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