Whether you are in the market for your first home or interested in buying an investment property, pursuing a foreclosure can be enticing, but doing so in an online auction can be tricky.
Bay County Clerk of Court Bill Kinsaul joined Meredith Tuesday morning with more on the process.
#1 Research the property desired well ahead of time to ensure there are no 2nd OR 3rd mortgages or make sure you aren't bidding on a 2nd mortgage or just association dues.
#2 Post your 5% deposit well ahead of time as well.
#3 Observe several sales online before you actually begin the bidding process to see how they work.
#4 Don't assume that this property is free and clear. You may be responsible for taxes or association dues on the property.
#5 Don't rush into the bidding process without first reading all of the instructions. It can be a confusing process if you go into it without the basics.
#6 Buyer beware. You could be purchasing problems along with the property.
Bill is holding a seminar about foreclosure online auctions Tuesday, but it was so popular it is already full.
They are considering hosting another one very soon. Be sure to check their website, bayclerk.com, for the next offering.