Guide to Foreclosure Auction

How to use the Internet to get a great deal at a foreclosure auction
By Virginia Franco

Foreclosure auction listings are more commonplace during tough economic times. A silver lining to an increase in foreclosure auctions is that buyers can get great deals on houses if they know where and when to bid.

Need a foreclosure auction list for your town, or want to select someone from a local foreclosure auction directory? Start buy going online. If you want to purchase a house via a foreclosure auction provider, the Internet can help you:

1. Find a foreclosure auction provider in your area;

2. Keep you abreast of new foreclosure auction listings with free alert services;

3. Let you research properties and bid from the privacy of your own home at online foreclosure auctions.

Action Steps

The best contacts and resources to help you get it done

Find a foreclosure auction provider in your area A handful of websites exist to provide you with a foreclosure auction directory for your state. This is a key first step to help you find a foreclosure auction.

I recommend: Reals is a great source of information for foreclosure listings and properties auctions directories. It includes nationwide search engines as well as local foreclosure auction providers. Foreclosurelistingsites provides a review and compares foreclosure listing services for you.

Use free alert services to get updates about new foreclosure auction listings Free alert services give you the latest information about foreclosure auctions in your area. Some sites will also provide you with current trustee information that allows you to call auction locations and get details about reschedules, etc.

I recommend: Sign up for RealtyTrac's free trial. This will give you access to their alert and foreclosure auction search service. Foreclosure.com/ForeclosureFreeSearch lets you sign up for its free search service and receive daily e-mail listing alerts with no obligation.

Use online foreclosure auction websites to bid from the privacy of your own home Online auctions are ideal if you like the idea of bidding from home or if you are considering an investment property in another part of the country. Online foreclosure auction websites allow you to view multiple properties nationwide and can save you time identifying properties that fit your investment needs.

I recommend: Bid4Homes has a large selection of houses, commercial property and land. Each listing comes complete with pictures and pertinent information to allow you to bid online for the property. Rowell Auctions is an example of a foreclosure auction provider that offers a selection of online foreclosure auctions in addition to other foreclosure auction inventory.

Tips & Tactics

Helpful advice for making the most of this Guide

Familiarize yourself with critical foreclosure auction information before bidding. Foreclosure auction websites are a great way to learn the property's estimated market value, how much is owed and if there are other liens against it.
Know your state's rules on buying at foreclosure auctions. In some states, ownership can be transferred immediately or within a few days. In others you may need to wait a month or more for the sale to be confirmed by a court. Still other states have redemption periods for the owner, in which case the owner can buy the property back.