Taking Ownership if you Win the Bid

8th in our series of 10 blogs about Foreclosure Auctions is Taking Ownership if You Win the Bid.  An important thing to determine before the auction is whether or not your state has a redemption period after a foreclosure auction.  This is a period of time during which the owner can re-purchase the property if they are able to pay the full amount paid at auction plus any fees and taxes.  If there is a redemption period in your state, you should take care not to invest any money in the property until after the period ends.

Upon winning the bid, you will need to meet with the auctioneer and trustee representing the bank to submit your payment, provide any necessary paperwork, show any identification required, and make arrangements to receive the deed if it is not immediately available.  You may also be responsible for evicting any tenants or even the previous owners.  The County Sheriff’s office is a good place to start for an eviction process.   Hopefully your new property will be yours to inspect, modify, and enjoy as soon as possible.

For more information on foreclosures and REOs in the Metro NY and Long Island area, you will want to attend the lst annual New York Foreclosure Showcase on the 12th of October.  This event is sponsored by Island Advantage Realty LLC, recognized experts in this field.

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.