Researching the Auction Procedures in Your State

Our 2nd topic of 10 concerning Foreclosure Auctions is Researching the Auction Procedures in Your State.  Because each state establishes its own procedures and laws regarding foreclosure auctions, you will need to find out all the little details before wading into the world of auctions. 

The first piece of information you will need is the name of the county in which the auction will be held.  The county clerk, or equivalent thereof can provide a wealth of facts and figures.  Who is actually conducting the auction, whether a bank, or county sheriff?  What are the requirements for payment as winning bidder?  How much money down is required?  If it possible to speak to the trustee managing the account?  How does the bidding work?  These are some of the questions a county clerk can answer.

Another source of information would be a real estate agent in the county where the auction will be held.  A web search, or a call to the local Chamber of Commerce can result in a number of names.  .  In the Metro NY, Long Island area the recognized experts in foreclosure and REO sales is Island Advantage Realty LLC. On October 12th we will be hosting the 1st annual New York Foreclosure Showcase.  If you are interested in learning more about this exciting market you won’t want to miss this showcase!
Ask a lot of questions.  Do not be concerned about appearing uneducated.  In this instance, it’s better to ask the questions and become educated than to try and blunder through and possibly lose a great deal of money.  We can and will help you become a savvy bidder.

The advice and tips offered in this blog are intended to be solely informational and do not apply in all circumstances.  Make sure that you consult a real estate professional, financial consultant, attorney or accountant before taking any action.  For further information or questions please contact www.nyforeclosureshowcase.com