Important terms to know:
A neutral third party who handles the foreclosure process in a non-judicial foreclosure. Depending on state law, a trustee might be an individual, like an attorney, or a business entity, like a bank or a title company. Often the lender chooses the trustee.
How do foreclosure properties work?
These are properties overseen either by an attorney or by a foreclosure trustee who is responsible for administering the transfer of a property from the lending institution (the seller) to a buyer. The trustee has duties of diligence and fairness to both parties but may, and often does, have an ongoing contractual relationship with the lender or mortgage servicer.
The biggest advantage of buying a property through a foreclosure sale is the opportunity to purchase it at a rock-bottom price. Typically the opening bid at an auction is priced to cover only what is owed on the property. That can mean big savings!
There are certain states in which you can bid on foreclosure auctions online, but most are held live at in-person locations. These locations and auction times are posted in advance and will vary by state.
Please note, there is no guarantee that a property listed for a foreclosure auction will still be available. A property scheduled to go to sale at a live auction can be pulled at any time prior to the start of the event due to a change in circumstances.
|Pro tip: To see where a particular foreclosure property auction is being held, look at Event Details on the Property Details Page for more information.|
Quick info on foreclosure properties
|Financing or cash-only:||Cash only|
|Inspection or sight unseen:||Sight unseen|
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