How Do You Buy Foreclosure Properties At Auction?
One of the best known, but least understood, ways of buying foreclosure properties is to buy them at a live foreclosure auction. Depending upon where you live, a foreclosure auction will generally be held either at your county courthouse or in some other public place. Sometimes the auction will be conducted by the county sheriff and sometimes by a proxy appointed by the court. Regardless of who is chosen to conduct the auction, the result is the same: the property is sold to the highest bidder. The first bid is typically made for the foreclosing lender by whoever is representing that company. The bid will generally be for the amount that’s owed, although there doesn’t have to be any actual exchange of money involved. If no one else puts in a higher bid, property ownership reverts to the lender. In the majority of cases, no one shows up for the foreclosure sale except the proxies for the lender and whoever may be running the auction. That’s especially true if there’s no room for profit
