Читать книгу Foreclosure Investing For Dummies - Ralph R. Roberts - Страница 41

Before the foreclosure sale, the homeowners can work with the lender or their attorney to delay or cancel the foreclosure sale. In other words, just because you see a foreclosure notice in the local paper doesn’t mean that if you show up for the sale, that property is going to be auctioned off.

Calling the attorney who’s in charge of the foreclosure before the sale is a great way to find out whether the property is going to be offered at the sale. The attorney’s name is usually listed on the foreclosure notice. In Chapter 7, I show you how to pick out important details on the foreclosure notice.

At the foreclosure sale, you have an opportunity to bid against other investors for any properties that are being auctioned off. As I explain in Chapter 11, some auctions have open bidding; others use a sealed bid system. However your county chooses to hold its auctions, a few words of advice can assist you in acquiring properties and not losing your shirt:

 Sit in on at least five auctions before bidding to get a feel for the process and to gather information.

 Research the property thoroughly before you bid. In Chapter 8, I explain how to build a file for each property, packed with useful details.

 Buy only senior liens (first mortgages). You can really get burned buying junior liens, because foreclosure typically wipes them off the books. When you have more experience and knowledge, you can start working the junior-lien circuit and tax liens, as I discuss in Chapter 15.

 Set a maximum bid, and never ever exceed that amount, no matter how juiced up you get at the auction. See Chapter 11 for details on calculating your maximum bid.

 When you plan to bid, show up with a cashier’s check. Most auctions require payment at time of purchase or within an hour. For additional information on paying for a property after the auction, check out Chapter 11.