Rental Property Investor · Kalamazoo, MI · Member since 2016 · 14 posts · 14 votes
Hello. Wondering if anyone in the Kalamazoo area has any experience buying a foreclosure at live auction. I have purchased several properties off Auction.com, but they have always been online auctions. Most of the current properties listed are live auctions at the courthouse. Despite my best efforts, I can’t seem to find any info on the requirements for the auction. Do I have to pay at time of sale, like a tax auction, what method of funds need to be used, etc. If anyone has any info that could help me out I would appreciate it!
Are you using tax-sale.info? and do you have to wait until August 26th or are there properties available now. I have never used an auction platform yet. Thanks
@Matthew Zsidi. These properties aren’t tax foreclosures, I believe they’re considered pre-foreclosures. It’s basically the sale in which the bank takes possession of the property. After this sale, the property becomes legally “foreclosed”. However general people can bid also. You get possession of the property if you bid equal to or more than the amount defaulted on the original loan. That’s my understanding of the process anyway.