Purchasing foreclosed property through Auction.com???

[Zanna]

This particular auction is online bidding only. I have heard that the starting bid price is way lower than the actual reserve, that the auction site can make bids to get people excited, that even if you bid past the reserve the seller reserves the right to not sell you the property, etc., etc.

As we were looking into a particular piece of property, it went to auction and the bidding is going on right now. Bidding ends Monday PM and we really want this property. Any insights/advice??? Wish we had found it a week sooner, it would be a done deal!!!

 

[coloradochick]

No experience with this but let us know how it goes and good luck

 

[cassie]

Find out which real estate offices in the area you are interested in specialize in foreclosures. We just missed out on a cute four bedroom bungalow on six acres for $24,000. This property was in Dent County, MO but there are bargains to be found all over.

 

[KristyHall]

i heard forclosers can catch people in scams. does anyone know how to avoid being scammed?

 

[cassie]

Foreclosures catch both the people being foreclosed on and the potential buyers of foreclosed properties in scams. If I were buying foreclosed property I would work with a realtor. Also, be sure to get title insurance. If you are being foreclosed on, KNOW YOUR RIGHTS!!!!