Posted by: dan1658 | April 20, 2010

Buying Foreclosure Property at Sheriffs Auctions

By far the most popular items at sheriffs auctions are foreclosed homes. There are many problems associated with buying items at sheriffs auctions. First thing is you are not allowed to enter a property and inspect it before you bid. There could and usually are problems with the homes in foreclosure. This can be due to negligence or by the former owners trashing the home.

A second problem is that you are usually bidding against the company who held the foreclosed mortgage. These companies bid at the auctions to guarantee that the property is not sold too low and they would lose money. They usually win these sheriffs auctions and turn the property over to a realtor to sell for them.

Another problem you may encounter is problems in getting financing. Many banks will not finance a home without first having an inspection. Since you are not allowed to enter the property that is impossible. And couple that with having to pay the balance on the day of the sheriffs auctions and you can see why it is a hassle.

These are just some of the hassles you can expect if you would like to purchase a home at a sheriff sale or sheriffs auction. For more information on buying and bidding on items at sheriffs auctions plus listings and schedules of auctions click on the following site:


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