Considering the intricacies of buying property at auction, you may want to consult a real estate agent to help. An agent can help you determine the pricing of the property since he can easily view recent sales in the neighborhood. The agent can also check into any legal problems, such as liens.
Another great thing about using an agent is that if he has been in business long enough, he may already be familiar with the condition of the interior of the home. If not, he can find out about it from other agents, since at some point, the home may have been up for sale.
For more information on foreclosures, check out the links below.
- Bronchick, Bill. "Buying at the Foreclosure Auction." REIClub.com. (Feb. 18, 2011)http://reiclub.com/articles/buying-foreclosure-auction
- CNBC. "States with the Highest Foreclosure Rates." Feb. 10, 2011. (Feb. 20, 2011)http://www.cnbc.com/id/29655038/States_with_the_Highest_Foreclosure_Rates
- Levy, Dan and Prashant Gopal. "Foreclosure Filings in U.S. May Jump 20% From Record 2010 as Crisis Peaks." Bloomberg. Jan. 13, 2011. (Feb. 19, 2011)http://www.bloomberg.com/news/2011-01-13/u-s-foreclosure-filings-may-jump-20-this-year-as-crisis-peaks.html
- Nationwide Foreclosure Center. "Secrets of Power Bidding." April 2008. (Feb. 19, 2011)http://www.nationwideforeclosurecenter.com/2008/04/secrets-of-powe.html
- Orlando Sentinel. "Pre-foreclosures create a window of opportunity." (Feb. 21, 2011)http://www.orlandosentinel.com/classified/realestate/foreclosure/orl-foreclosures-home-preforeclosures-story,0,4578292.story
- RealtyTrac. "5 Steps to Buying a Foreclosure." (Feb. 14, 2011)http://www.realtytrac.com/learning/how-to-buy-foreclosures.html
- RealtyTrac. "Foreclosure Procedures By State." (Feb. 14, 2011)http://www.realtytrac.com/foreclosure-laws/index.html
- Setzer, Glenn. "Foreclosure Happens, But There Are Solutions." Mortgage News Daily. Aug. 2, 1995. (Feb. 19, 2011)http://www.mortgagenewsdaily.com/822005_Default_Mortgage.asp
- U.S. Department of Housing and Urban Development. "Avoiding Foreclosure." (Feb. 20, 2011)http://portal.hud.gov/hudportal/HUD?src=/topics/avoiding_foreclosure
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