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Why do they happen?

These auctions are done as a result of a foreclosure, whenever a homeowner stops paying his or her mortgage on time or are not paying at all. A lender, which could be a private financial institute or a government bank, holds the right to foreclose on that property in such a case. The property is then sold off in a public auction. It is given to the highest bidder at the auction. The date, time and place of the auction are announced publicly, prior to the real sale. These auctions are an attempt by the lender to quickly recover its money back given out as a loan. There is a very strong competition to close these deals as the prices are usually very low.

What good do they do?

Well, they are beneficial for both the lenders, as well as the buyers. The lenders can use this method to recover their money in a swift fashion. They know that the property will attract a lot of buyer so they are all set to get their money back. Well for the buyers, the benefits are more than obvious. Any deal, which is available for much lower than the market price, is bound to be good. The fact is that sometimes the price is as less as 30-50 percent of the market value. Now, that is an eye-popping slash in prices.

For people, who are looking forward to buy their first home, these auctions provide a way to save lots of money. On the other hand, investors who look forward to earn a lot of money can simply purchase properties at these auctions and sell them off for a huge profit.

When do these auctions happen?

These Sheriff Foreclosure Auctions happen throughout the year. You can easily spot these auctions by reading the notices in newspapers. They start to appear long before the actual date of the auction. Again, you can know about them through the various notices posted publicly.