Find And Track Foreclosure Auctions
If you are looking to buy a foreclosure home, consult an online resource like RealtyTrac or Auction.com to find foreclosure auctions in the area or areas in which you want to buy. Remember: After creating a free account at Auction.com, you can easily view which foreclosure homes are for sale near you. If you find something you like, save it to your favorites.
Foreclosure sales data is usually available from the specific county either online or at the county courthouse, or from the third-party foreclosure sales agent, often called a trustee. You can also work with a local real estate agent or broker to identify these foreclosure properties, but you should know in advance that, by law, there is no agent commission on these sales.
Selling More Property By Auction Across The Uk Than Anyone Else
Auction House is the UK’s largest residential and commercial property auction company, we sell more properties than any other auctioneer, and operate more auction rooms than anyone else. We also run regular National Online Auctions with eBay style internet bidding from the comfort of your own home. If you are looking for your next refurbishment project, buy to let investment, commercial property, land for a self-build, or simply a bargain property, register today to start receiving property alerts to help with your search. If you have property to sell, why not speak to one of our team in your area to find out how Auction House can provide you with an easier way to sell locally, regionally or indeed nationally.
COVID-19 Important Auction Information
COVID-19 Important Auction Information
Buying A Foreclosure Home At Auction: The Basics
If youre interested in buying real estate as an investment, the local multiple listing service isnt your only option. Real estate auctions are growing in popularity. Experienced investors often buy property this way, but technology has simplified the process and has made it less intimidating to new investorsas long as you do your homework and use free tools from Auction.com to find homes close to you.
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Finding Real Estate Auctions
One way to find auctions is by contacting local governments directly or visiting their websites for information and then following up by phone to confirm the details. Another is through sites such as RealtyTrac.com and Auction.com. However, online information is not always accurate.
Properties may be listed that are in pre-foreclosure, because the owner is behind on payments. These properties may never go up for sale because their owners catch up on payments or come to an arrangement with their lenders.
Local real estate agents and brokers can also be valuable resources. Unfortunately, you may not find them eager to help, because agents and brokers do not automatically earn commissions on live auctions. However, these realtors can earn commissions through online auctions.
Get Your Financing In Order
Most foreclosure auctions accept cash, bank money order or cashiers checks for payment. In nearly every state, youll have to pay in full immediately following the auction of the property a few states allow you to pay a percentage at auction and the rest within a certain time frame.
County foreclosure auctions often require advance deposits. The deposit amount varies across municipalities, but generally runs from 5% to 10% of the expected final bid amount of the property.
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Car Auctions In Washington
If youre considering how to find a car auction in Washington, you have two options to consider: traditional wholesale car auctions that are open to the public and also government auctions such as tow lot auctions and police auctions. The auction sites below are not for wrecked cars or salvage car auctions.
For the inexperienced car auction buyer, it is best to stick with public wholesale auctions since they often cater to buyers that have never attended an auction before. For police auction tow auctions, it is recommended to have a fair amount of car mechanical knowledge and also the means to get any repairs done cheaply.
You Should Never Buy A House At Auction If You
have a very specific vision regarding what your future home should look, feel, and smell like . If you have some very particular, intractable ideas about what you want and need, skip the auction.
Picky buyers may find themselves stranded in a sea of not-quite-right listings at an auction house. You have to be willing to accept that you might not get the four-bedroom ranch of your real estate dreams. The kitchen probably wont have an open layout. You might have to prepare for wood paneling.
Thomas had only three requirements: I wanted a home at a discount, I did not want to fight for it, and it should have a view, she says. I got all three of these things.
No, Thomas didnt get quite everything she asked for. Her auction home is located on a lake, but a previous owner had installed a bedroom closet that blocked what should have been a stunning view.
I joked that the closet had a lake view, she says. To fix it, she changed the homes layout to make room for a window.
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Property Condition And Inspections
A house could have all kinds of problemsremember, it used to belong to someone who couldnt afford the mortgage or the property taxes, so the owner probably could not afford any routine maintenance or repairs, either. Furthermore, once the loss of the home appeared inevitable, the owner may have intentionally neglected it or even seriously damaged it. Also, a vacant property may have been vandalized or occupied by squatters.
Assume that if the property looks terrible from the outside, it probably looks terrible on the inside. Auction properties are sold as is, and you will need to be able to afford any and all repairs. Tempting though it may be, you should not trespass to get a better idea of the propertys condition. You may have seen flippers on TV entering backyards, peering in or even climbing through windows, but doing so is illegal, and you definitely dont want to disturb anyone occupying the home, not only out of courtesy but also for your safety. Seek information about the propertys ownership history from local government records, talk to local real estate agents, and respectfully request information from neighbors.
Even if you can get a home inspection, that still has its limits. Problems behind walls, in ceilings, and under floors might not be apparent until you take possession. If the utilities are turned off, you may not be able to detect leaks, electrical problems, broken appliances, or malfunctioning HVAC equipment.
New York State Surplus Real Estate Auctions
The OGS Division of State Asset and Land Management sells real property, either at public auction or by sealed bid, that is no longer useful or necessary for state purposes. This includes vacant land, and residential and commercial real estate.
Section 33 of the Public Lands Law provides direction on how to dispose of unappropriated state lands. Prior to disposition, a property must be found to be surplus to the needs of the jurisdictional agency, and then “abandoned” by the agency to the Office of General Services . OGS polls other state agencies or municipalities for interest prior to offering the property for public sale. If there is no interest, OGS initiates planning for the sale of the property.
Surplus real property sales are made through either open auction or sealed bid auction. Sealed bid auctions are used for those properties where there is limited interest. Prior to the sale, the property is appraised and a minimum bid set. The public auction process generally begins with bidder registration, which usually occurs a half-hour before the auction begins.
General bidder requirements*:
All bidders must bring a deposit check for 10 percent of the minimum bid in the form of a certified check or bank draft made payable to themselves.
*See the Notice of Sale for each auction as special terms and broker commissions may apply.
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Property Tax Default Auctions
Another way a home ends up on the auction block is when the owner does not pay the assessed property taxes. In these cases, it is the unpaid tax authority, rather than the bank, that seizes the property. The resulting tax lien auction is conducted by a local sheriff, clerk, or the county or local tax authoritys comptrollers office.
Multiple Listing Service Data
Direct multiple listing service reports are far more valuable to potential buyers than online listings, according to White, because they contain the full data for the listing, including photos and, most important, nonpublic broker comments. Non-public comments are important because they specify critical information impacting sale price and days-on-market, says White. This information can cover property defects, financing options, occupancy, and tenant leases.
The best way to assess an auction property is to work with real estate agents, appraisers, and contractors. These industry representatives understand construction and remodeling costs and can accurately estimate the propertys value and the cost of the work it may need.
While rules vary by location, MLS and county records are often only available to real estate licensees, according to White. In his experience, they are usually happy to help free of charge if you contact them.
White also notes that in-person auctions have been disappearing because even smaller counties have been moving them online. Miami and Palm Beach are two locations where both tax and foreclosure auctions are now fully online.
Keep in mind that foreclosure auctions are often postponed or canceled, even at the last minute. The lender might not have obtained all the paperwork it needs, or the borrower may have worked out a solution to avoid foreclosure.
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Do Your Due Diligence
Many online auction sites provide a wealth of information on the property page, including maps, estimated resale value and any liens. Be sure you read it all! Its also a good idea to conduct your own due diligence, including a title search, and seek independent advice from a real estate agent or broker, a real estate attorney, or another experienced investor. Unlike live foreclosure sales, most homes sold in online auctions do have an agent commission , which allows an agent to get paid for their services.
As with foreclosures, visit the property if youre local. The real estate agent may even offer open houses if so, bring your contractor with you to help you assess what repairs might be needed.
And If Youre The Winner
Be ready for things to move fast. With Auction.com, for example, the contracting department will contact you within two hours and walk you through the online purchase and sale agreement, which shows the total purchase price and the timeline for submitting documents and payments. Make sure that escrow receives your documents and payments on time otherwise, you could lose your earnest money deposit.
Look closely at the property page for each property you are planning to bid on. Many properties have whats called a buyers premium, which is the fee charged by the auction company for conducting the sale, from marketing through the closing. The amount can vary, but its usually 5% of the winning bid amount. Many properties dont have a buyers premium because the bank or seller has arranged to pay this fee out of their proceeds from the sale.
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The Bidding Process Can Be Interesting
Once she had submitted her purchase price bid for $251,551.51 , she had to wait three days for an answer.
I thought nobody would outbid this crazy number, Thomas says. Still, they didbut then, one by one, the higher bidders either dropped out or were disqualified. Soon, the real estate she bid on was hers.
Some home auctions involve bidding in person, while others involve an online auction where you can view the property and compete directly against other potential buyers. But buying a foreclosure as is means you may end up with a bad roof and a useless basement. Plus, real estate investors flock to these listings, offering high, all-cash bids, not a lender in sight. Even if youre bold, you may have to unleash your inner gambler to win the home.
Buying A Home At An Online Auction
In an online auction, you wont find yourself standing on the steps of the county courthouse or packed into a hotel ballroom. You could be anywhere when you bidat home, the office, even an airportas long as you have an Internet connection. Bidding can occur 24 hours a day over the course of days or weeks, instead of on a single day.
Online auctions also broaden the types of properties you can bid on: short sales, non-distressed, bank-owned homes , and commercial property and notes.
The steps for bidding in an online auction are similar to a live auction.
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What Types Of Properties Are Sold At Auction
While virtually any type of property or asset can be sold at auction, most home auctionsand the type youve probably heard the most about, thanks to the housing crisisare foreclosures. Depending on the state, a trustee assigned by the lender or an officer of the court conducts a foreclosure sale to recover the balance of a loan from a borrower whos defaulted on their mortgage payments. We estimate the foreclosure backlog will have grown to more than 1.1 million residential properties by the end of the first quarter of 2021, said Daren Blomquist, vice president of market economics at Auction.com.
There are two types of real estate auctions: live and online. The latter is becoming more and more prevalent as people grow more comfortable with making major purchases online.
No matter which route you choose, remember that home buying can be complicated. Companies like Auction.com are making the process more efficient and transparent, but in most cases there are still long contracts, escrow, disclosure documents and other paperwork required by law.
How Buying A House At Auction Works
The benefits of buying at auction include expanding your options and possibly purchasing at a discount. You may face less competition to buy an auction house compared with buying in the traditional way, but you will also be dealing with a different pool of potential buyersoften, experienced investors.
Perhaps the biggest risk of buying at auction is that you will have limited knowledge of the properties for sale, making an expensive misstep a real possibility. Also, as with any real estate purchase, you will need to read, understand, and sign lots of paperwork .
Real-estate lore is rich with tales of homes bought at auction for well below , and such bargains do exist. However, auctions are typically a riskier way to acquire property than buying through the usual process. That reality makes it vitally important to be well educated as to how real estate auctions work and prudent about the properties you consider bidding on.
Many people incorrectly believe that auction homes are a good deal, says John Myers, a real estate agent and qualifying broker with Myers & Myers Real Estate in Albuquerque, N.M. Some auction homes are a good deal, and others can be a big mistake.
To help you avoid making a big mistake, here are the basics of residential property auctions, so you can decide if this option might work for youwhether you want to live in the property or use it purely as an investment.
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Confirm All Auction Details Even On The Day Of The Auction
Its very common for foreclosure auctions to be postponed or even canceled. Sometimes an auction is canceled because the borrower comes up with the money to pay the lender the amount they owed, obtains a loan modification or sells the property as a short sale. Auctions might be postponed for a myriad of reasons for example, the bank or lender might not be able to compile the proper documentation in time, or the owner might request more time to complete a short sale.
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Payment Options: Plan Ahead
Buying a property at auction usually requires a lot of cash. Each auction company and county government has its own requirements for payment, but you will probably need cash just to secure your right to bid. Down payment amounts and methods of purchasing often depend on the property and the auction house. More flexible financing options may be available by purchasing a bank-owned property the traditional way.
As for payment, bidders at an auction should bring cash, a money order, or a cashiers check for the sum required by the auction holder. Typically, you will have to pay for the property in full immediately after winning the auction. Occasionally, you may have until the next day to complete payment. Failure to complete the payment may result in forfeiting your deposit and being banned from future auctions. Be prepared to provide proof of funds to show you can complete the purchase. If you are bidding as an entity, such as an LLC, a trust, or a limited partnership instead of as an individual, you may need to show your entity documents.
Also, be sure that you understand the auction fees you will be expected to cover. Homes purchased at auctions many times have costs and fees from auctioneers, banks, attorneys, and other companies required to bring the property to the auction, says Humes. It is not uncommon to find 10% auction fees, bank interest and penalties, attorney fees, 12% sale carrying fees, and property preparation fees that are passed on to the buyer.