Foreclosure Auction (Sheriff Sale and Trustee Sale) FAQ

[Steve Babiak]

Many questions come in regarding buying at foreclosure auction - whether it be a sheriff sale or a trustee sale. So here is a round up of some threads that cover the gamut of topics that have cropped up. Enjoy the suggested reading!

http://www.biggerpockets.com/forums/41/topics/32392-buying-at-foreclosure-is-easy-

http://www.biggerpockets.com/forums/41/topics/43830-tutorial-for-buying-at-foreclosure-auctions

http://www.biggerpockets.com/forums/41/topics/47830-bought-my-first-foreclosure-yesterday-despite-bp-advice-c-

Pennsylvania Sheriff Sales - Doing your own title search

http://www.biggerpockets.com/blogs/575/blog_posts/2993-foreclosure-step-by-step-part-1

http://www.biggerpockets.com/blogs/575/blog_posts/3017-foreclosure-step-by-step-part-2

http://www.biggerpockets.com/blogs/575/blog_posts/3028-foreclosure-step-by-step-part-3

http://www.biggerpockets.com/forums/41/topics/41097-items-to-research-before-bidding-at-auction

http://www.biggerpockets.com/forums/311/topics/53966-how-to-know-the-max-bids-before-the-foreclosure-auction

http://www.biggerpockets.com/forums/48/topics/48126-title-lien-search

http://www.biggerpockets.com/forums/41/topics/29921-help-bought-a-foreclosure

http://www.biggerpockets.com/forums/103/topics/58702-purchased-a-hoa-foreclosue-now-what-

http://www.biggerpockets.com/forums/70/topics/49919-tax-deed-in-florida

http://www.biggerpockets.com/forums/41/topics/57660-which-liens-survive-foreclosure-

http://www.biggerpockets.com/forums/105/topics/50670-dancing-with-deeds-liens-notes-mortgages-and-the-like

http://www.biggerpockets.com/forums/41/topics/7144-purchasing-at-the-sheriffs-sale

http://www.biggerpockets.com/forums/41/topics/36028-new-to-sheriff-sales-could-use-some-pointers-

http://www.biggerpockets.com/forums/41/topics/33549-sheriff-s-sale-federal-tax-lien-s

http://www.biggerpockets.com/forums/51/topics/55564-shorting-irs-liens-

http://www.biggerpockets.com/forums/41/topics/59549-foreclosure-auction

http://www.biggerpockets.com/forums/41/topics/4462-title-search-question

http://www.biggerpockets.com/forums/41/topics/61655-hoa-foreclosure-mortgage-payoff

http://www.biggerpockets.com/forums/41/topics/61597-how-much-to-bid-at-a-sheriff-sale-

[Wayne Brooks]

@Kirsten Walstedt Depending on your area, auction.com has three different types of auctions.

REO and short sales everywhere

Trustee foreclosure (think court house steps) in some areas

The foreclosure auctions are buyer beware just like any other foreclosure auction.

As for their REO auctions, some are supposed clear title, some are QCD only, so you have to read the fine print for each one.

The "schedule a showing" properties are either REO's or short sales

The REO and short sale properties aren't a "high bid wins" scenario, it's a "high bid puts you in negotiation with the bank" bid, as with REO's there is an undisclosed reserve price, and on the short sales it just puts you "in contract" with the short sale.