If you are meaning to buy auctioned property, the Sheriff’s office is one of the places that you can start checking. Sheriff’s auctions are usually carried after a court order judgment has been made and a public notice given. The Sheriff seizes the property of individuals who have defaulted on their property mortgage payments. With some auctions literally taking place on the steps of court houses.
Sheriff sales can be a very profitable venture. The advantage of going to buy foreclosures in these auctions is that sometimes you can get new properties from the builder or owner which has just been newly built. Bidding at the auctions usually starts at two thirds of the appraised value of the property. That means that you can be able to get property below the existing market price.
It can be tricky to locate when and where auctions will be carried out. But you can check websites of different counties. Some counties provide listings showing where and when the properties will be auctioned. Just keep in mind that whatever you buy at these auctions is sold “as is.” That means that you purchase the property as it is. If the home is broken down, you need to check well in advance because you will not be paid by the previous owner. Hence, you should check the property first before you start bidding on it. If you are patient enough, you will eventually find some good deals on offer.
One of the advantages of buying property at the auctions is that the payment period can be extended. One is normally required to pay 10% of the price and the remaining payment is to be made within ten days interest free. If you cannot pay within ten days, you can ask for a 30 day extension, but then you will be charged interest. If you are unable to make the payment within 30 days, a longer payment period can be negotiated, but you will be charged a higher interest rate.
In addition, buying property at the auctions means that you do not have to worry about feeling guilty for having to evict the poor homeowners who are going to lose their home. The sheriff’s department takes care of this before the Sheriff auctions are carried out.
