How Auctions & Bidding Work on Foreclosed Homes

HomeBlogHow Auctions & Bidding Work on Foreclosed Homes

If you are looking for an investment property or even your own personal residence, you should know that searching through the multiple listing service (MLS) and browsing real estate firm websites isn’t the only way. In fact, if you are looking to get a great deal, finding out about how to purchase foreclosed homes through auctions & bidding could be a better option.

Foreclosed homes are often sold through an auction process

Foreclosed homes are often sold through an auction process, particularly those foreclosed on due to liens and taxes. These auctions generally take place at the courthouse in the county where the property is located. Depending on the activity in that particular county, there may be anywhere from one or two properties auctioned in a day to several dozen in larger counties.

There is nothing special you need to do to attend a live auction of foreclosed homes, as they are open to the public. It can be a wise idea to acquaint yourself with this process by going to one or two just to see how things work before you bid on one yourself. This will allow you to see how many people show up, find out what the minimum deposits are and final payment terms, and get an idea for how the bidding process works.

Always be sure to confirm all the auction details ahead of time and on the day of the auction to make sure nothing has changed. You should also complete your due diligence and get your financing in order prior to the auction.

If you have any questions about foreclosed homes in North Carolina, contact us at The Kania Law Firm. You can view the properties currently available on our website, including the address and the date and time of the auction. Feel free to contact us to learn more about our services.