Most homes in auction are owned by mortgage lender who have foreclosed on properties and wish to recoup some of the money they have put into them. Banks are not in the business of owning homes, so they sell them through auctions.

This is a public auction, most of time held on the property at the address indicated in the Mortgagee’s Notice of Sale of Real Estate. If the property is not publicly accessible, such as in the case of a gated community, the auction can be held at the most common location. It is open to the public, and anyone can attend without registration.

Anyone can participate , as long you have registered with the auctioneer before the auction. An agent representing the bank or the auctioneer may enter bids on behalf of the bank as well.

If you plan on bidding on a property you must have a cashier’s check made out to
yourself in the amount that has been specified by the Notice of Sale. You will need to provide contact information and satisfactory identification such as a valid drivers’ license, be at least 18 years of age. If you are bidding on behalf of an entity, satisfactory evidence of valid existence such as corporate charter, or trust agreement will also be required. Review the Mortgagee’s Notice of Sale to determine deposit required to register.

You will get access to all foreclosure auctions in one single website. You can select a property you like and receive text updates about the auction. Most of of all you won’t need to spend countless hours searching and going for an auction that was canceled and you didn’t even know.

Yes, there are advantages, the greatest are minimum or sometimes no competition and prices can be substantially lower than regular sales.