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  • Real estate auction action - Buying a home at auction
    Author: Jakob Jelling
    Due in part to the popularity of the U. S. Department of Housing and Urban Development (HUD)'s home auction program, more potential homebuyers than ever are buying homes at auction. Homes for auction aren't limited to just HUD, however. Many government entities auction homes for payment of back taxes, and some homeowners even auction their homes on eBay.com!

    Homebuyers considering buying a home at auction should take some steps in advance to help them with their bid price, and even whether to bid at all on a specific home. There will always be a degree of risk when buying a home this way, but with a little diligence, potential homebuyers could save a lot of money buying in this manner.

    Before the auction, you should have your financing arranged, and have enough cash on hand or in your bank account to cover a deposit on your purchase. You need to check the features, location, condition, and ownership history first. Afterwards, be sure to learn what the property is worth by looking at sales of comparable properties in the same area. Compare homes with the same number of rooms is possible, but be sure to allow for price differences due to pools, decks, carpeting, window treatments, etc.

    At the auction itself, resist the temptation to get into a personal bidding war, just "to beat out the other guy". Have a set price limit and stick to it. Other houses will come along, and you don't have to win the first auction that comes your way.

    You should know that the price of a home at auction is typically the loan balance (if foreclosed), plus any back taxes owed, plus legal fees and other expenses in foreclosing the property. This will typically be the opening bid amount, and the price will go up from there. Even so, it's possible to get a great deal in an auctioned house, with a little research and planning first.

    Also, know that you probably won't be able to get an inspection, and are buying the home "as is". If you can't do any needed repair work yourself, or can't hire it done within your budget, you may not end up getting such a bargain in the end.

    About the Author

    Jakob Jelling is the founder of http://www.cashbazar.com. Visit his website for the latest on personal finance, debt elimination, budgeting, credit cards and real estate.

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    1. Racial Redlining: Part VI
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    2.
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    3. Kristen Pope and Access Loans, Destin, Florida - home mortgage and financing.
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    4. Universal Bancorp - >> LEARNING CENTER >> FEDERAL GOVERNMENT REG...
    ... for a similar type and amount of ... community real property, both spouses ... All required HMDA data is found on ... the Board and the Federal Home Loan Bank ... com|info@ubloan.com|ORSVEZCT|2|premium6
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    5. Housing Info Line: Predatory Lending
    ... with this type of lender and who ... abuse of credit. HMDA data shows that ... a 60% rise in 2 years. As you may ... January 2001, the federal banking agencies ... the borrower's property (generally ...
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    7. Glossary of Terms
    ... A federally defined type of nonprofit housing ... of 15 percent of all Federal HOME Investment ... particular project or property. Term applies to ... participation and input; 2) it is the application ...
    http://www.hud.gov/cfo/glossary.html


    8. Chase Home Finance
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    9.
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    10. Mortgage Lending, Discrimination, and Taxation
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    11. ComprehensiveChase Manhattan Bank USA information resource and research auth...
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    12. BluePoint Mortgage, Inc. - >> LEARNING CENTER >> FEDERAL GOVERNM...
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    14. User's Guides
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    15. Paying More and Getting Less: 2004 Mortgage Lending in NC
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    16. Angela Timp & Assosiates -- One Source Mortgage
    http://www.angelatimp.com/glossary.htm


    17. KIRCHMAN - Kirchman Regulatory Service Education
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    18. Glossary of Mortgage Terms
    ... most popular type of homeowner type loan in decades - - saves ... An independent agency of the federal government which guarantees ... to (1) bind a sale of real property, or (2) assure payment or an ...
    http://www.nobullmortgage.com/glossary.shtml


    19. Welcome To Embark Financial
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    20. XL Dynamics
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    21. The National Home Equity Mortgage Association
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    22. Appendix E
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    23. Zoot Enterprises - Glossary
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    25. Legal Research Guide: Statistical Resources
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    26. Predatory Lending Update
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    27. discount mortgage rates - , ,
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    28. Preapproval Commercial mortgage Mortgage. Online information
    ... buying a home ... HMDA AmendmentsLenders ... Name. Business Type. Pre-Approval ... of a specific property. It is designed ... com FREE Canon 8.2 MP Digital 20D ... Financial Aid ...Federal PLUS Loans for ...
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    29. FDIC: Press Releases - PR-11-2004 2/6/2004
    ... with the publication in the Federal Register of an advance notice ... with an institution's size and type; An institution's performance ... of credit terms and practices; (2) scrutiny of the performance of ...
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    30. Readsoft Of Data Entry, Accounting Software, Falcon32 Data Entry Software Fo...
    ... of the FFIEC, the Federal Reserve System ... Also review the HMDA Data Entry ... menu item, report type, and keying mode ... 0 M6, which contains 2 DLLs, or dynamic ... must pass a Java property that locates ...
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    31. Schertz Bank & Trust
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    32. http://eserver.org/race/housing-discrimination.txt
    ... In addition, the type of lenders ... In October, the Federal Reserve Bank of ... metropolitan area. HMDA data for Boston ... rejected at a rate 2.7 times greater ... appraisal of the property to be acquired ...


    33. mortgage lending requirements: Debt Credit Loans and Insurance
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    34. ICBA - Advocacy - Letters to Regulators - EGRPRA Review of Consumer Lending ...
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    35. Letter to Fed on HMDA, March 9, 2001
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    36. FR Doc 04-2354
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    37. Financial Glossary of Mortgage Terms
    http://www.aprcafe.com/glossary.htm


    38. AllRegs - The most comprehensive, accurate and up to date source of mortgage...
    ... Section 221(d)(2) 4255.1: Mortgage ... 1: Miscellaneous Type Home Mortgage ... 4910.1: Minimum Property Standards for ... Compliance Federal Register Updates ... A GUIDE TO HMDA Reporting Getting ...
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    39. Glossary of banking financial terms
    ... rights and/or property of a minor or ... Disclosure Act (HMDA): A regulation ... programs. This federal agency attempts ... system or refinery. (2) An oil-country ... Loan: A type of loan in which ...
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    40. Low Financing Mortgage » 2005 » September
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    http://www.low-financing-mortgage.com/2005/09/


    41. Columbia Bank - Glossary - Residential Lending
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    http://www.columbiabank.com/Page.aspx?nid=232


    42. Refinancing News - Homebound Mortgage, Inc.
    ... Disclosure Act (HMDA) data, the report ... void created by federal regulators, and ... Newfield. The property tax increase is ... plans to cut 2,900 jobs by early ... U.S. mortgage type, last week ...
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    43. Circular Letters
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    http://www.atl.frb.org/ba ...ETTERS&circ_year=2002


    44. Summary of courses offered
    ... chapter covers what type of disclosures are ... and personal property. Chapter 2 Good Faith ... Act, Fair Housing Act, HMDA Regulation C HUD-1 ... and how to verify the Federal ID number for each ...
    http://www.onwebtraining.com/summary.htm


    45. principal home mortgage
    ... for? Select the type of mortgage quote ... Guide to mortgages & 2) Interest: The cost ... payment & Buying Property - Home Mortgage ... Reading) Expanded HMDA data on ... announced - Federal Housing ...
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    46. NICDWG data sources
    ... data. Summary File 2 (SF2) Description ... and property characteristics ... includes names and type. Level of ... No action. Federal Financial ... Disclosure Act (HMDA)data Description ...
    http://www.nicdwg.org/sources.html


    47. FAMB
    ... women who bought property from Parker ... on RESPA Reform. 2. Reform of Fannie ... and two Federal Reserve Board ... stemming from HMDA data on ... loans went to each type of borrower ...
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    48. Electronic Code of Federal Regulations:
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    49.
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    50. Perry County Disclosures
    ... disclosure for the type of check that you ... There may be a 1-2 business day delay ... locations where HMDA data may be ... Laws. Under the Federal Fair Housing Act ... or in appraising property. If you believe ...
    http://www.perrycounty.com/disclosurespage.html


     

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