Across the country, several distressed property sales take place as banks and other mortgage providers bring in foreclosures homes to the market. There are likewise a lot of people feeling the need to relocate to a new city or state and these homes are ideal for them.
As the goal is to start anew in a different location, these buyers turn to distressed property sales for affordable homes that they can quickly move into. This is the advantage of purchasing a home through public auctions. You can settle payment instantly after you have won the auction and move into your home in under a month.
Prospective participants can find details of home auctions everywhere, from the county courthouse, to the classified ads of their newspaper to online foreclosure listings. Auction homes come in all shapes and forms and as they are sold as is the opening bid is pegged low to reflect the projected cost of repairs. Home auctions are cash sales so buyers need to be prepared with the funds to pay off the property in a short period of time.
Advantages of Buying Distressed Homes
The savings to be gained from purchasing these homes can be applied to the cost of moving into the property and for implementing the needed repairs. One only needs to be cautions when selecting a home to purchase. Sellers do not usually allow a home inspection prior to the auction and they are not obligated to disclose the real conditions of the property in terms of its structure and its title. A little diligence on the part of the interested buyer can go a long way. They can drive down the home and survey its interior or maybe talk to the neighbors to gain insights on the property and the neighborhood.
Buyers of distressed property sales can likewise go to the county records office to scrutinize the title of the property. There should not be any outstanding back taxes, holds or liens on the title as this would become the new owner’s burden.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.