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Many properties across the United States are bought at Sheriff auctions for considerably less than their market value – sometimes 30-50 percent! These sales offer first-time homebuyers and experienced investors great opportunities to save – and make – money in the real estate market.
It's called a Sheriff auction because in some states, the Sheriff manages, conducts and holds these foreclosure sales.
If a homeowner defaults on his or her mortgage, meaning that he or she can't make payments on time, a lender or government agency will foreclose on the property. The property is then auctioned off at a sale to the highest bidder at a publicly announced date, time and place required by state statutes.
An auction is designed for a lender to quickly get its money back from the loan. But, the competition may be strong to close these deals because the prices can start very low.
You can find these sales by reading newspaper notices prior to the auction date, looking for publicly posted notices, or searching other public places in the county where the real estate is located.
Always remember that you buy the property strictly "as is" at a Sheriff auction! That means it's critical that you view and inspect the property before making an offer. There are other things to look out for, which you can learn about on Foreclosure.com.
Houses that do not get bid on at these auctions become Real Estate Owned (REO). Banks and lenders need to therefore sell them through other means. Foreclosure.com offers the most up-to-date and accurate searchable database of REO homes in America.
Every day, you can search more than 1.8 million foreclosure, preforeclosure, bankruptcy, FSBO and tax lien listings across the United States conveniently in one place. Foreclosure.com also boasts an award-winning interface that is easy to use and navigate.
All you have to do is enter a zip code in which you want to find properties and you are on your way. We make searching easier!