Make sure you research auction requirements in your state before bidding on a foreclosure. If you’re an auction newbie, attend a few with the intention of learning not buying. Some are small trustee auctions that don’t take long; others are held by large auction firms and include multiple properties.
If at all possible, seek pre-approval with the bank that owns the property to expedite this process. Not all lenders are willing to finance foreclosed properties, so finding one that will work with you is important. When a foreclosure comes on the market there is frequently hot competition, so be prepared to bid fast and high.
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The foreclosure minimum bid price usually includes the balance of the unpaid mortgage loan, interest owed, attorney’s fees, and costs generated by the foreclosure process. Especially in a soft real estate market, the …