Understanding Sheriff Auctions

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Knowing Sheriff Auctions

Today, in the United States there are over 1.8 million homes in some part of the foreclosure process. Many shrewd investors are following these lists to find the perfect property at an awesome price.

Sheriff Auctions are called that because these real estate auctions are generally conducted by the sheriff in the county where the property is located. These auctions are held when a property owner has defaulted on payments to the lender and an amicable settlement cannot be reached between the homeowner and the lending institution. This is the very last step of the foreclosure process, meaning the lender is only left with the option of putting the property up for public auction in order to garner all or part of the note they hold.

By legal statute, there has to be a public notice in local newspapers announcing the address of the property (with or without the legal description), and the date, time and place where the auction is to be held. A potential buyer must be aware that the property will be sold to the highest bidder in an "as is" condition. The buyer must inspect the property thoroughly and determine the condition of the property. Any repairs or reconditioning will be left up to the buyer. It is important to evaluate these costs before making a bid to make sure you are really getting the big bargain you thought you were getting.

You can find these sales by looking in the newspaper, but there are websites that offer a complete listing of all the homes across the nation that are in the foreclosure process. This can really be an investor's dream come true if they find a house that will fit their individual needs. The terms of sale at the auction can vary and you must be aware of these terms. Some auctions will require all monies up front at the time of sale, while others only want 20% down with final payment due in 30 days. I would advise you to get the necessary financing in place before attending the auction to avoid any problems.

Sheriff Auctions can be a very profitable adventure for the knowledgeable and informed buyer. Some properties are actually being sold for half of the market value!

In conclusion, you can visit websites and find many Sheriff Auctions available throughout the nation. These websites also provide informative articles and instructions which assist you in your endeavors.