Foreclosures in Portland – An Overview on Auctions

Foreclosures in Portland are still on the rise and the fall of prices in the residential housing market is largely attributed to this. With federal funding on its way to bring some order to the chaos, people are now considering buying homes in Portland once again. Also, first time home buyers are to receive an interest free $7,500 loan as federal money; this too will help alleviate home sales.

Home buyers are increasingly looking at buying foreclosure homes because of the discounts that are attached with them. Foreclosure homes can be put up for sale during all the different stages of the foreclosure process. A home can be sold by the home owner during pre foreclosure or by the lender after the foreclosure. As part of the foreclosure process, the home is also put up for sale at a public auction. This is done before the home is transferred to the lender.

Since buying a home at an auction can be a tricky process, some things must be kept in mind.

It is best to have a list of auctions you would be interested in and then narrow your search. This will give you an opportunity to compare different houses in different conditions.

Besides inspecting houses that you have on your list (from the inside or the outside), it is also important that you study the neighborhood the house is located in. This is particularly important if you are looking at the home as an investment opportunity. Bidding at homes that you have not seen is asking for trouble. While auctions are known for great deals, homes in need of extensive repair work are definitely not it. Therefore, knowing how much you might need to spend on the face lift of the house after you buy it is imperative.

Also, you should know how far you are willing to go, in terms of the bid amount, prior to the auction. Getting carried away in the heat of the moment and overbidding at foreclosure auctions is not unheard of.

It is also very important that you get to the auction a little before the scheduled time. Some auctions can get over very quickly, besides late comers are often not allowed to bid.

You would need certified funds to put down a deposit and pay for the house. This can be in the form of cash or a cashier’s check.

Notices of auctions are generally put up at the local county courthouse. Auction details also appear in local news papers and newsletters. You can also go through the internet for auction details.

Remember, you might have to sit through a number of auctions before you find one that suits your requirements.