Foreclosure Auctions Are the Ones That Get You the Highest Net Deals

#ForeclosureAuctions #Repossession #AuctionBook #AuctionProcess #AuctionTraining 
These homes are sold "as is," but it does mean that the seller will try to get some money back out of the homeowner

These properties are usually offered up through an auction in which the highest bidder gets the property. 

Distressed properties are homes or properties that are for sale not because the owner wants to sell but because of pre-foreclosure, foreclosure, or repossession. Typically, the homeowner is in a bit of a financial mess, and so does his/her lender. This is where distressed properties come from. The lender will try to get some of their money back rather than the owner being evicted, which is the other option.

When one of these homes or properties goes to auction, the first bid is usually at the pre-foreclosure price, sometimes at what the lender has set as the pre-foreclosure price. Because of the foreclosure, the lender can not lower the price at this point, so at this point, it is more of a last resort than a starting point. These homes are sold "as is," but it does mean that the seller will try to get some money back out of the homeowner rather than just being evil and not returning any of the funds to the homeowner.

Because of the lender state, which is desperate to get back some of the money, this means the seller will be looking at a much lower bid than the asking price, which in these homes usually means a significant discount. This auction is also generally at the courthouse, so you have to make arrangements well in advance to make sure you are going to be able to go.

Once you go to the auction, you will inevitably buy the house because the lender wants to get the money back, not necessarily to sell the property. 

You need to have a number in mind; in the multiple, that is what you are looking at. If you bid and the property is not purchased, you will have to pay the difference out of pocket. It can get expensive because it is not always easy to get cash, but there is not much point in the auction if you can't get it.

Foreclosures are the "bad debt," ones that the lenders are trying to get rid of as quickly as possible, and they are always going to be sold at a discount. It is also very critical to know what you are doing and how to operate with these auctions because you are going to be bidding against people who are willing to pay the minimum bid to get the house, and the lender is not.

The only people who have any leverage at these auctions are the investors, and that is because they have the money to buy the property and can bid aggressively. It isn't easy to go after someone else who doesn't have money and doesn't have an agent.

Remember to do your homework before you get involved in this process.

I hope you found this article helpful? As you continue your quest for wealth and financial security, the investment strategies laid out in Think Like a Tycoon by Dr. W.G. Hill is the resource you should seriously consider. 

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