LOCAL FORECLOSURE AUCTIONS, WHERE ARE THEY??

[Cecelia A]

I want to attend a local foreclosure auction, just to get more familiar with the foreclosure process. Does anyone know how to find a local real estate auction that I can actually attend? I tried google, but all I found was online bidding.

THanks in advance!

[Paul B.]

Just to clarify, the foreclosure sales are not advertised in every local newspaper.

You need to find out which newspapers publish the legal notices for the specific counties that interest you. There is usually only one official newspaper for each county that does this. The chosen newspaper that carries these ads is called the "legal organ" for that county.

So, if you're looking for foreclosures in XYZ County, State, you should probably start by Googling "legal organ for XYZ County State."

I know you said you're planning on attending to increase your education, and that's a great thing. However, don't expect to be amazed by what you see.

These days, with so few properties having any equity in them when they go to foreclosure, you're unlikely to see any third-party buying. Most sales will be right back to the lender. That's good for us, though, because then the lender will hopefully mark the property down as an REO listing and make it worth an investor's while.

Also, buying properties at auction is very risky. You're buying without having seen the inside, and you have no idea what the house needs in terms of systems or structural repairs. It's a huge gamble.

However, there are usually other investors milling about, so it can be good from a networking perspective.