Foreclosures Have you heard the foreclosure buzz word? Foreclosed Auctions? If you are looking for information about foreclosed auctions, you will find that in this article.
Foreclosures happen for a gamut of reasons but in today's economy, they are generally due to the mortgage holder or owner of the property defaulting on their payment.
Due to lack of financing, the property owner does not pay their monthly mortgage fees and the owner then loses the property to the mortgage lender.
This is when a property becomes foreclosed and why there are foreclosed auctions.
Who Holds the Auction As mentioned, property or real estate that has been foreclosed is required to go to auction.
It is usually the county sheriff that holds these auctions and makes it a level playing field for all interested parties.
The starting price is usually the price that remains on the previous owner's mortgage, however, this is not always the case.
There are times when what is owed on the mortgage is actually more than the house is worth.
It would be redundant for the house to be listed for this price, so it is obviously listed lower than the owed amount.
This is exactly how you can benefit or profit from a foreclosed property.
The house is listed at a value which is generally lower than market value and can give you a wonderful profit at the end of the day.
Where the Auctions are Held The reason you have found this article is likely to find out where foreclosed auctions are held.
The reality is the information is not widespread.
Each county holds their auctions at various times and locations.
It is impossible to list all the locations for every state in this small article.
With the amount of homes that are currently going to foreclosed auctions it would be an exhausting, and never ending, task.
However, there are services provided for a fee that will search all of the country for foreclosed auctions.
These providers know that there is an industry in purchasing foreclosed property and people are making great profits from this, so why not charge a fee for investors to see the listings? And many times, this is exactly what investors will do.
It saves time and effort for the investors because their time is better spent looking for properties, not looking for the auctions.
The number one foreclosed auction site is in fact government owned website.
It is apparent that even the government realizes how lucrative this industry is and is tapping in.
The government site charges $39.
95 for a year membership and that allows instant access to all foreclosed auctions.
You can also look online and in local newspapers to find foreclosed auctions.
Many times they are announced and are looking for the largest attendance as possible.
This will of course help drive the price up and help the lender recoup a majority of their losses, if not leave them in profit.
You may find some local forums that are dedicated to people involved in this industry to share their knowledge and information.
This includes sharing where and when the foreclosed auctions are being held.
Final Tip My last suggestion is if you are new to the industry of purchasing foreclosed property; attend a few foreclosed auctions before you are prepared to buy.
This will allow you to see how the auctions are performed and you will gain comfort and confidence in the procedure before your first investment.
Do your due diligence before making your first purchase because you want to remember your first purchase at foreclosed auctions as being successful.