What is everything I need to know about buying at a foreclosure auction? What is the process step by step?
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Good luck on your endeavors. Before you step into foreclosures, you'll need to make sure you check up on proper due diligence on each of the properties you're wanting to invest in. What's the chain of title, any assessments by the city or county, etc. And of course, making sure you have the money (they usually have a minimum deposit required to bid and then they give you a few hours to withdraw the cashier's check).
There's definitely a lot of things to check titlewise to make sure you're clear otherwise you're going to buy into a problem. If you have the time, I suggest reading some books on it like the Complete Guide to Real Estate Tax Liens and Foreclosure Deeds: Learn in 7 Days [ISBN 0978834682] by Don Sausa. I've found it to be the best in providing checklists and title research.
Also if you are investing outside of those areas or want to participate in online auctions, check out this free site for the latest auctions:
http://www.investingwithoutlosing.com...
You will need certified funds when you get there.
the attorney holding the foreclosure will have already done a title search. This will provide info as to where there are any liens against the property. If there are the home will not be sold until the liens are taken care of. The auctioneer will read on the steps of the courthouse the property description and opening bid. If you out bid the other people you will be asked for certified funds. The deed will then be recorded in the chancery clerks office and the home will be yours. If you have any other questions feel free to ask
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