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Perhaps you have not considered living in one of the sheriff auction homes that are being advertised in foreclosure listings. Well, it is about time for you to do so as these properties may be the answer to your need for a new place to live without burying yourself in debilitating debt.
What are sheriff auction homes?
These are basically foreclosed homes that are put in the market through an auction. It is termed as sheriff auction since in some states it is the sheriff who supervises the bidding process.
It is one of the more common kinds of foreclosure and the homes for sale wound up on the auction block as a result of judicial foreclosure proceedings.
Why do they happen?
As with other kinds of foreclosed properties, the sheriff auction homes came to being because the original owner of the house could not make mortgage payments. The lender has to get its money back, so it will try to get the right to foreclose the property through the courts. After successfully earning the right to sell the house, the lender has to put the property in the market to raise enough money to cover for the loan that has gone sour.
As mentioned above, the sheriff presides over the bidding process and bidders can be real estate investors, the lenders, or direct homebuyers. The auction is open to the public and the property goes to the highest bidder.
Why are they great investments?
Sheriff auction homes are sold as is - no improvements, no extras - just how the original owner had left it before the lender was able to gain the right to sell the property. Because of this, the house may be bought at 10 percent or 50 percent of its market value! With a little elbow grease, the home that was bought cheaply can be transformed into a desirable home for your family or a great property to be sold for a handsome profit.
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