Articles about Foreclosure Auction
Foreclosure auction has become a very popular port of call for those hunting for bargain deals. The prices have been reduced at times to 50% of its original price tag.
The foreclosure auction happens when the bank takes charge of the mortgaged property for unpaid dues. The house is sold through a foreclosure auction. There are basically two types of auction sale – judicial sale and power of sale. The court supervises the judicial auction sale. The sale proceeds go to clear mortgage deeds and then to pay off other creditors like tax authorities or unpaid contractors. If anything is left over the money is given to the former owner of the property. In power of sale the court intervention is not required and is much faster than the judicial procedure.
In recent years with a single courtroom managing a hundred foreclosure auctions per day the stress on the court is staggering. The situation has gone to such extremes that the judiciary is asking for more funds to recruit extra staff.
With supply of houses having reached a saturation point there are hardly any takers for the houses in foreclosure auctions. As such the houses revert back to the banks clear of all liens. The banks now attend to minimum repairs to give a face-lift to the units so as to put it for sale again. This time the banks take the help of professional auctioneers to find customers for these houses. Huge discounts are offered and potential buyers are often taken on bus tours to tempt them to buy the houses.
This has opened up opportunities for investors as well as first time nest builders to buy affordable houses.
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