How to buy a property at a home auction
1) A Sheriff sale takes place when a home has gone through the foreclosure process and the bank attempts to get back as much as they can on the debt owed.
2) Each and every county lists all homes going to auction on their local website. Review Local laws 3) Do your own comps via Zillow, Trulia etc. Look to see if you can see any photos from past listings on the interior shape of the home.
4) Make a short list of your top 10 properties.
5) Due diligence through title search- hire a title abstract.
6) Call attorneys representing banks and get upset price day before auction.
7) Bring certified check of 10% made out to whatever the county is and break it up into 3 segments 8) Day of Auction do a drive by on your short list of properties (3). Check if vacant, garbage, speak to neighbors, check out the area.
9) Make sure you bring a cheat sheet day of auction. With banks upset price, what liens are and when it’s coming up
10) Know your budget and max bid price, do not get emotional!