Q2: How can I buy an auction property? – Answer: After a property owner misses several mortgage payments, the owner has a pre-foreclosure grace period of a few weeks to a few months — depending on the state — to bring the payments up to date and stop any foreclosure proceedings. If the owner does not bring the delinquent payments up to date during the pre-foreclosure period, the property will be sold at a public auction.
Q7: What are foreclosures and how do I learn more about buying foreclosures? – Answer: Foreclosure is a legal process that allows a lender/bank to sell or take possession of a property due to non-payment of a loan that is secured by that property. RealtyTrac posts properties that have already been foreclosed (Bank Owned) and properties that are in the foreclosure process (Pre-Foreclosure, Auction). Buyers have three opportunities to purchase property during foreclosure. Buying Pre-Foreclosure, Buying at Auction, Buying Bank Owned (REO)