What is a property auction?

Auction property is a stage in the foreclosure process were real estate is sold or soon to be sold at a public sale or auction, usually taking place at a county courthouse. The property is posted at an auction after the owners failed to payoff the arrears or sell the property under its proposed deadline. Anyone can bid at a public auction including homebuyers and real estate investors. The auction is controlled by the foreclosure attorney who is in charge of the property in the foreclosure process on behalf of the lender.

How To Buy a Property At Auction?

Foreclosure auctions can be a great experience for first timers. After finding the auction information in our database, you can then find out where the property is being auctioned off. In most states, real estate auctions take place at a county courthouse, but this may be different depending on the state laws.

The first thing that is necessary when purchasing a home from a property auction is that you will need to get qualified by the foreclosure attorney. In order to be a qualified bidder, you will need to show your earnest money deposits. After you have completed this initial task, you will need a non-refundable cashier's or certified check if you win the bid. A bidder needs to be fully prepared because the winner should be ready to close within 30 days after handing over a deposit on the property and signing a contract.

The actual auction begins with the foreclosure attorney giving a minimum amount on the property and continues to take bids from you and other parties until a winner is determined. The bidding process does go by very quick, so it is very important to be prepared for the actual auction and your competition with a good bidding strategy to get the property you want.