A forclosed property auction is like any other auction - property is sold to the highest bidder. Remember, you are going to be bidding against other potential investors. So prepare in advance and know how much the property is really worth and you'll end up with the most profit.

The Treasurer holds a tax foreclosure auction each year in November. In addition, the Treasurer may hold tax-title or County surplus property auctions, which are initiated by filing an "Application to Purchase County Property" with a $150 deposit. If the application is approved, a public auction will be held. For a fee of $5.00 per year, the Treasurer's Office will notify you by mail of any upcoming auctions.

Foreclosures can cancel right up until the auction; debtors can (and often do) file bankruptcy or bring current properties at the last moment. On sale day, it is adviseable to contact the auction company conducting the auction, or the trustee, in order to determine if the sale is still to take place.

The place of sale is published in the legal or other newspaper that advertises the sale. Usually, it is in the county clerk's office or courthouse in the county where the property is located.

Generally, a public auction is for sale by owner. The owner is not in financial distress, but has merely concluded that selling his/her property via the auction process is the most effective method. As selling at auction moves further towards the main stream, more and more people are finding that selling their real estate at auction is the best way to maximize value in a very timely manner. A foreclosure, on the other hand, is a forced sale by creditors.

a general rule, the deposit amount is approximately equal to 10% of what the defaulting owner owes on the property.

The biggest advantage is that you can save a lot of money. Since properties can be bought at prices well below the market value, you can realize great return on your investment.

The auctions are held on site at the parcel being sold. The auctioneer caravans from property to property. Bidders may obtain a flyer which describes the time and location of each parcel.

The payment required initially depends on two things, the owner of the property and the value of the property. Some banks require a minimum payment of $500, or at least 10% of the amount of your offer. Immediately following the auction, you must pay the deposit amount, and most states require that you pay balance owing in full within approximately 30 days.

Yes, we have worked with a lot of homeowners in foreclosure and have been able to stop the auction and keep it off their credit report.

YES! We sure can. But you betty hurry. We need every extra bit of time to stop these. Also, the longer you wait, the less we will be able to pay for your land. Simply, the longer you wait, the more the attorney's fees increase dramatically. All we can suggest is that the sooner you can contact us, the better the result will be for you. Great question. And many people who get to this point of financial frustration would feel the same exact way.

When property is mortgaged, the property is transferred to a creditor to be used as secured collateral on a loan. The individual exchanging the property for the loan becomes the mortgagor, and the creditor acquiring the property title becomes the mortgagee. If the mortgagor defaults on the loan payments associated with the mortgage, the creditors can take legal action to enforce a mortgage against the property and prevent the mortgagor from keeping the property.

Real estate tips from Derek Ebrecht of GREEN LIGHT REALTY. Information is provided by "It's Time to Move Up", the real estate resource for consumers who want their questions answers in ways they can understand. Derek specializes in foreclosure homes and foreclosure homes only.