Are foreclosures auctions open to the public? Can I buy one, not through the auction?

Question

Im looking for a house for my family but we cant afford the prices that the real estate comp tacks on for their profit...

Thank You

Answer 1

Yes you can attend the auctions, but understand that most that do attend are the lenders and they make the highest bids. They have the most to lose.  As for buying one after, yes you can. Most are listed with Realtors after the redemption period.  My best advise is buyer beware, if you intend to purchase a home that has been sitting vacant or abandoned, pay to have a whole house inspection.  No sense in buying one to find within a short time that there is a problem that could cost you thousands to repair.  

Answer 2

Foreclosure auctions are open to the public.  One thing you need to know, however, is that if you purchase a property at a court auction, you will probably be required to pay your bid amount in cashier's checks at the auction.  You should research this option more to see if this is the best for you.  

One way to purchase a property for a lower amount is to find properties in foreclosure.  Often, the homeowners are unable to make payments and both the homeowner and their lender are willing to take a lower price so that the home does not go to foreclosure auction--this is called a short sale.  This is often a better option for those looking for a good deal on a home.  If you need down payment assistance to purchase, you should hurry. Soon FHA loans will not allow sellers to assist with closing costs.

Answer 3

You can attend, but be prepared to pay cash.

The bank that owns the house places a bid themselves, so you are not going to find property severely below market value.

Answer 4

You can attend and bid, but you are going to have to know the rules here first.  Many auctions expect either a letter of commitment from a lender that you can obtain funds within a certain number of days, or that you produce a cashier's check for the full purchase amount.

The lender's bidder and professional investors attend these auctions, so don't expect to get a bargain.  

Answer 5

http://infoonforeclosures.blopsot.com