Close Topic Options

Real Estate Auctions

Real Estate Auctions

Are there such things as "Real Estate Auctions" where people gather and bid on properties as they would in a regular auction?

Auctions Estate Real

Yes, In the country seat there is usually a action on any tax leined property that is in foreclosure. If you bid and win the bid you pay the past taxes owed and you can be in part possession of the property. If you keep the taxes current you can lay claim to the house if it goes into foreclosure and the bank/mortgage company takes charge of the property. You can make a nice deal for yourself and own the property at very low cost to yourself.

Real Estate Auctions History & Civil Business Politics

Yes they force a person to sell here also. banks will foreclose and sell the home and pay the tax. If you own it though it can be just sold for the amount owed if the owner refuses to pay or auctioned. Usually the township will go for the auction they get more monies. I also have not seen this done in a long time.

Auctions Estate Real

I think the original question referred to public auctions of property other than foreclosures or tax lien sales (which have a lot of special rules).

When the market is slow, or when there is a large number of properties to sell in a short time, auctions are held. Some sales are of a single property (like a property in a rural area) and some are of 300 properties in a single afternoon in a hotel ballroom.

Again, lots of rules re biding, qualifying for the loan ahead of time, etc. It depends on your location and your state laws. You can also have a RE agt. to advise you so you don't make a "dumb" buy in an overheated auction environment.

Is it a place to get a good deal? Not usually, but it can happen.