Sheriff’s Auctions (or Sheriff’s Sales) are public auctions on foreclosed properties. All the pertinent information for a Sheriff’s Sale can be found through your local county building and probably in your local newspaper as well. Depending on the size of your county, this sale could include hundreds of foreclosed homes. There is one caveat for these auctions: a clear and free title is not guaranteed. You may purchase a property here only to find later that there is a lien or cloud on the title.

For most auctions you will need to come with a cashiers check for the amount of money you will be willing to spend that day (whatever is not spent will be refunded at the end of the day). You will definitely need to have all of your financing in order before going – or have the money in your pocket already. It never hurts to explore the possibilities in your area.

As for my property purchases, I frequently buy foreclosed homes. Primarily I find these on the MLS (Multiple Listing Service). When buying these homes I do it through a title company (which the bank, as the seller, provides) so as to avoid any problems with the title. The banks generally will want to get rid of these properties, and because of this you will often be able to get a good deal.

Occasionally a bank may contact you, as an investor, to inform you of some foreclosed homes up for sell. Usually when this occurs though, you’ll find that the bank wants to do a “package deal” where they sell you several properties at once. The common problem with this is that the “package deal” will include several homes that don’t fit the criteria of the type of homes you are trying to buy and rehab. Some of the properties in such a pack may even cause you to loose money if you were to buy the package. You never know though, maybe the right package will come along.

Mandy Sheckles is the founder and President of The Wealth Corp. Through her courage, opportunism, and perseverance, she did what so many of us wish we could do - she renovated her success and now is a self-made real estate millionaire living the American Dream!

Source: www.isnare.com