Where can I find the information I need?
In Alabama, you can visit any County office or foreclosure sale agent. They’ll be able to provide you with all of the requirements you need to purchase a foreclosure property at auction. They may even provide you with a calendar of auction events that are planned to be held in the county or state.
What is a foreclosure auction?
A foreclosure auction is a public event that is open to all bidders. At these events, bidders compete for various properties that have been foreclosed on. At these events, there will likely be a reserve price that has to be met first, often set by the bank that holds the lien on the property. If that reserve price is not met at the auction, the property reverts back to the bank or lender, becomes what’s known as a real estate owned foreclosure, or REO.
Is it possible to bid online?
Yes, and in most counties you can bid online or property. For these auctions, you’ll want to use a dedicated online bidding service which has registered with the county as an auctioneer for the property. From there, you’ll have to register with the online service and find the section allows you to bid remotely. His e-services are very well known, you should have no problem setting up an account within minutes.
What to bring to a foreclosure auction
First, and most obvious answer, would be cash. For security purposes, this should be done with either a bank money order or certified check. Though not an absolute, personal checks, company checks, and other letters of credit may not necessarily be accepted. You should check with the auction authorities ahead of time to verify what is acceptable with them.
Can a property be canceled or postponed?
Sometimes, a property may be postponed, or even canceled. Until property goes through the actual bidding process, it’s best to consider it not yet for sale. Details can often change, even up until the last moment before sale.
Will have to worry about any liens?
The short answer is possibly. Most properties are sold “as is, where is”, which means that may come with faults and limitations. It is up to you, the bidder, to do the research and investigate everything you can about the property before bidding. This may mean speaking to consultants and other professionals ahead of time. You may also have to do a title search to see if there any potential issues with obtaining the property.
Can I do an inspection ahead of the auction?
Typically you cannot inspect the property ahead of time, as the property is usually still occupied. If you try to inspect the property, you would be trespassing on private property. Also, you may complicate the issues between the auction bid in the bank, thus potentially causing the sale the property to be postponed.
Is there a foreclosure redemption?
Yes, there is. When a foreclosure sale is done, the previous owner may settle things with the bank and redeem their ownership of the property. During this redemption., You cannot evict or rent out the property you will have to wait until this redemption period has expired to take full ownership of the property. You should speak to the county clerk’s office more details about the county’s redemption period.