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Overview of the Foreclosure Process
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Why purchase at a foreclosure auction?
There are a number of advantages to purchasing property at foreclosure auction:

  • Sometimes great values: Purchasing real estate at a foreclosure auction can be a very rewarding experience. Often, very few bidders may appear at a foreclosure auction, so there may be little or no competition for the property. Many people are unaware that real estate can be purchased this way, or are intimidated by the process. This means that property is sometimes sold for less than its value -- sometimes far less.
  • Commission Free: Because you are purchasing directly at the auction, there are no commissions involved. This alone can save six percent in most states.
  • Typically quick possession: If you are the successful bidder, you are entitled to possession of the property as soon as you receive the Trustee’s Deed (explained below).
  • Accessibility: Best of all, anyone can purchase a property at auction.