How Do You Bid On House Foreclosures?
If you’re in the market for a new home you may find a bargain if you consider buying a foreclosed property. A foreclosed property is one typically owned by the bank or mortgage lender as a result of a foreclosure. Since it benefits the bank or lender to sell quickly to turn over inventory and retain the financing and/or servicing value of the property, these homes are often sold at below market value. To successfully bid on a foreclosure, you should learn all you can about the foreclosure auction process. Here are a few steps to get you started: Search for foreclosed properties. Web sites like www.realtytrac.com offer their subscribers access to a daily updated national database of auction properties. You can also look in the newspapers or find a listing at your local county courthouse. Mortgage lenders may be another good source. www.gmacmortgage.com, for example, has a link to available foreclosures searchable by city and state on the home page of their web site. Do your homework. Af
