How to Attend a Foreclosure Sale in Oregon
While foreclosure is unfortunate for the homeowner, it can be an attractive investment opportunity for potential buyers. In Oregon, once a property is foreclosed, it is sold to the highest bidder through a public auction. The auction block can be competitive. Determine the highest amount you are willing to bid before attending. You will need to understand the process and proper steps before purchasing a home at an auction.
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Instructions
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Check your local newspaper classifieds. In Oregon, a notice of sale is published in the local newspaper once a week for four weeks prior to the sale date. The final notice of the property sale must be published at least 20 days before the auction date.
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Write down important information. Since auction dates are published nearly a month before the sale occurs, remind yourself by jotting down the address and date. Oregon foreclosure sales are held between 9 a.m. and 4 p.m. at the location specified. You will need to register at the courthouse on the day of the auction to submit a bid. Auctions are open to the public. With the exception of the trustee, anyone can bid long as they have the cash on hand to back the bid.
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View the property. A viewing period is not mandatory; however, many foreclosure properties allow the public to tour the home before the auction date.
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Go to the courthouse in the county where the property is located. Foreclosure auctions in Oregon are held on the steps of the county courthouse.
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Supply adequate funds. The winning bidder at an Oregon foreclosure auction must pay the entire bid amount in cash before leaving the auction grounds.
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Obtain the proper paperwork at the end of the auction to verify you are the owner. The trustee is required to provide you with the property deed within 10 days.
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File the deed with your local court clerk. The deed must be filed to establish ownership of the property.
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Understand, the original owner has a redemption period. In Oregon, the redemption period is 180 days. The homeowner must submit an "Intent to Redeem" within 30 days of the sale to have the option to regain ownership. The owner would need to pay their entire mortgage balance in full.
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