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How to Buy a Foreclosed Home at Auction

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Part of the video series: Buying & Renting Real Estate

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Summary: Buying a foreclosed home at auction requires an experienced real estate agent and paperwork confirming an approved mortgage loan. Learn how a foreclosed house must be purchased from the bank after an offer is made and accepted, so it's important to do an appraisal prior to making an offer, with tips from a real estate broker in this free video on house financing.

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By Penny Smith
eHow Presenter

Penny Smith has been in real estate for more than 14 years. She has a degree in architectural design and has received buyer and seller associate training, as well as CMA Training. She...read more

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"Hello my name is Penny Smith, I'm a North Carolina real estate broker. I'd like to talk to you about how to buy a foreclosed home at an auction. That is a little bit different but it has a lot of the same type of contracts that are required to buying a foreclosed home through a real estate agent. However, at an auction I highly recommend that you have a real estate agent with you. You will need to go to a mortgage broker prior to the auction to have indeed the correct paperwork from your mortgage broker that says that you are loan approved for that house. Then you will be given typically about forty five days to close on that house. There will be no repairs to that house so you will buy it as is. And you need to keep that in mind, as you are looking to buy that house. The any repairs necessary will be made by you after closing. You will not be able to do any repairs prior to closing. Also you will need to have an appraisal done on that house prior to making the offer. Because once you have made the offer you are required to purchase the home through the home approval. Whether the house appraises or not. So you need to protect yourself, have a real estate agent that can be there with you to guide you through the process of filling out all the correct contract documents and also to do the research ahead of time as to what type of flood insurance is required on that home. What repairs are structural and necessary at the time of purchasing that home. That real estate agent can help you to gather all that information. And that is how to buy a real estate foreclosure at an auction. Thank you and I hope you have a good day."

eHow Article: How to Buy a Foreclosed Home at Auction