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Foreclosure Auctions Frequently Asked Questions

Who can participate in a foreclosure auctions?

Anyone who can afford to buy a home can participate in foreclosure auctions. Just make sure you have gone through your finances and checked whether you have enough money to buy in cash or you are qualified for a mortgage loan.

What do I need to get started with foreclosure auctions?

To get you started, you need to subscribe to listings services offered by Foreclosure-Auction.net. You will immediately enjoy access to a huge database of foreclosure auction homes. All information provided are accurate, complete and updated. You will certainly enjoy convenience. Do your homework as soon as you zeroed in on a property. If possible, check the property's physical condition as well as title.

What does "properties sold as is" means?

Foreclosures sold at auctions are sold in whatever condition they are currently in. Sellers are under no obligation to make repairs or renovation. For this reason, it is important you have inspected the property to estimate repair expenses you will incur if you happen to be the winning bidder.

How do I make an efficient home inspection?

Most foreclosure auction homes are not subject to any inspection contingency, so it is important you at least go by the property to see it in person. You can take advantage of the days leading up to the actually foreclosure auction to check out the properties up for bidding. You can also choose to rely on the images and photos included in the foreclosure listings of Foreclosure-Auction.net.

Is there a minimum bid? How it is determined?

The starting or opening bid is usually determined by the seller based on the mortgage balance owed on the property plus the other costs incurred during the repossession. Your bid amount should thus be higher than this opening bid.

Can I go to foreclosure auctions to observe the proceedings? Will I have to pay?

Yes. It is recommended for you to attend a couple of auctions, so you can have an actual experience at what goes on during these auctions. Take time to observe your surrounding and how other bidders are behaving during the auctions. You can try to speak with a couple of bidders or even the auction organizers if you want to ask anything related to the auction. In most cases, you can attend these auctions for free, but there are instances when you have to pay a registration fee, especially if the auction can only accommodate a small number of bidders.

Are there are warranties offered in foreclosure auction?

There are no warranties offered if you choose to buy from foreclosure auctions unless you are buying from a bank owned home auction, wherein the properties have already been stripped clear of secondary liens when the ownership was reverted to the banks.

What types of financing options are available for a foreclosure auction purchase?

There are several types of financing options available if you want to buy a foreclosure auction home. You can choose to pay for your purchase in cash or get financing. When paying in cash, you have to bring the full amount of your bid with you or at least be able to make an earnest money deposit amounting to whatever is deemed acceptable by the auctioneer.

As for financing, you can choose to use your own lender provided you have brought with you documentation which will prove you are already unconditionally qualified for a loan of a particular amount. If the auctioneer or seller is not satisfied with your proof of financing, you will have to agree to obtain a mortgage loan from their lender subject to qualification.

Will I be required to pay in full on the day of the foreclosure auction?

Most foreclosure auctions require their winning bidders to make an earnest money deposit of 5 to 10 percent of the total purchase price, of which the Buyer's Premium is included. Depending on the auctioneer, settlement of the balance will have to be done within a specific period of time, otherwise, the deposit is forfeited.

What are the advantages of investing in foreclosure auction homes?

investing in foreclosure auction homes present buyers with several advantages including:

  • Savings since properties are sold below market value;
  • Bidders are the ones who will dictate selling prices;
  • Faster purchase transaction, wherein you can even claim ownership as soon as the auction is over;
  • No need to work with a realtor and pay agent's commission.

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