How Do You Bid On A Foreclosed Property?
Auctions are one method lenders used to dispose of foreclosed properties for sale. Have you ever tried to sell a car – and believed that you had an agreement to sell your car only to have the deal fall apart at the later stage of the transaction? Bad things happen every day in real estate transactions, and it certainly can happen with a foreclosure auction, for example when the winning bidder cannot arrange the financing in time. To get a good feel of what can prevent the winning bidder from purchasing the house, first let’s examine the bidding process more closely. Foreclosure auctions are held in easily accessible locations. If a notice says that a sale will be held on the courthouse steps, that literally means the sale will be held on the steps outside the courthouse. Last-minute delays are relatively frequent. The action could be postponed or resolved at the last second for several reasons, such as the homeowners filing for bankruptcy, reinstating the loan, or filing a complaint to
