Steps to Buying Bank Foreclosure Homes

June 9, 2017 Facebook Twitter LinkedIn Google+ Online Auction

There are several reasons why someone would want to buy bank foreclosure homes. These homes can be bought at a great below market price, are in mostly good condition, and are easily sold very quickly for a good profit. Buying bank foreclosure homes is a little different from buying a home from a Realtor or home owner, but it still an easy process.

Get the date of auction

When a home is listed as going into foreclosure, there is a Notice of Sale that is sent to the home owner. Ninety days from the date of this notice, a public auction is held on the front steps of the County Clerk’s office. This auction is held at 11 AM and does not delay. If you are going to make a bid, then you must be there when bidding begins. There are no absentee bids. Get the date of the auction and mark it down.

Secure financing for your bid

After you have determined that the bank foreclosure home is one that you will want to pursue in buying, you will then secure financing for your bid. You can do this through pre-qualifying for a mortgage, or moving money into your account.

Make your bid at auction

When the date and time of auction comes up, place your bid with the proper people at the auction. When you bid is called as the winner, you then have to purchase your new property with either a 10% deposit, or with the full payment. Some states require just a 10% deposit, but require the full payment for the home before the end of the day unless other arrangements have been made with the original bank.

Bank foreclosure homes, while are bought with a different process that regular home purchases, can be done easily with these simple steps. When looking into buying a new home, or an investment property, bank foreclosure homes make an ideal purchase.

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