Buy Foreclosure Auction Homes in Foreclosure-Hit States
Buy foreclosure auction homes in four states, three of which were among the top ten states with the biggest foreclosure rates in August, based on a nationwide foreclosure survey.
This September and October, a foreclosure auction firm will sell off almost 50 bank owned houses located in Salt Lake City, Denver, Boise, Cedar City, Seattle and Tacoma. The homes will be sold off at prices ranging from $50,000 to $600,000.
According to the auction firm, the September-October auction is the first time it is selling off foreclosed homes located in Idaho and in Washington in its eight years of auctioning off foreclosure properties. Also, the last time it held a foreclosure auction in Utah was in 2006.
In August, the state of Washington was 30th among states based on foreclosure rates. It posted nearly 2,700 housing units in default or in foreclosure, with almost 1,300 already repossessed by the banks. One housing unit out of every 1,033 units in Washington received a default or foreclosure notice in August.
On the other hand, the three other states – Colorado, Utah and Idaho – where home buyers and investors can buy foreclosure auction homes this month and next month, are among the top ten U.S. states with the biggest foreclosure rates in August.
Idaho was sixth, with a foreclosure rate of one in 241 housing units. Utah was seventh, with a rate of one in 282 units and Colorado was eighth, with a rate of one in 329 units.
Prospective participants in the auctions are advised to prepare cash or cashier’s check in the amount of $2,500 as deposit for each bid that they would win. Prospective buyers are assured that all the properties have title insurance policies already paid for by sellers.
Additionally, as expected in many foreclosure auctions, the properties are sold on an as-is basis. Auction participants should inspect the properties before the auction dates by scheduling property inspection appointments with the listing agents.
According to the auction firm, the interest of investors and home buyers in foreclosure home auctions has been soaring since 2008 when prices have been dropping sharply from their highest and normal levels.
Buyers who have made prior research on the properties being auctioned off, have made estimates of repair costs and have set their price bid limits are the ones able to make quick and correct bid decisions when they buy foreclosure auction properties.
