Foreclosed properties are actually a burden to the party holding them. There are costs involved and there are no earnings until they are sold off. Therefore, such properties can be purchased at real bargain prices that are well below market rates. Given the current environment, foreclosed property auctions should not be too difficult to find. However, how to find them? Where should you look in order out where and when such auctions would be held?

6 Sources Of Information On Foreclosed Property Auctions

1. The Internet. In terms of convenience and speed, this would be an unbeatable source. Even those who are not technologically savvy should not have any difficulty in doing a simple search for foreclosed property auctions by location. Incidentally, some potential customers are even sent e-mails with details of a property auction
2. Newspapers. Notices of foreclosed property auctions are usually placed under the classified advertisement section of newspapers. Often the notices are titled as "Proclamation of Sale." In the current foreclosure environment, an auction fair would be common as hundreds of properties come under foreclosure.
3. Financial institutions, courts and lawyers' offices. As there is due financial and legal process involved in foreclosures, any and all parties involved would be a very good source of information on the subject. Notices of foreclosed properties including auctions, can be found on any of the premises of the parties mentioned.
4. Officers in financial institutions. If you wish to avoid visiting the premises of the parties identified above, you can communicate by telephone with officers of financial institutions especially those working in the collection or legal departments of the respective institutions.
5. Pamphlets or flyers. Nowadays, it is common to find notices of foreclosed property auctions in the form of pamphlets or flyers that are placed in mailboxes. Usually, certain locations are targeted for this type of advertising campaigns.
6. Auctioneers. They often place notices of foreclosed property auctions in the newspapers. Alternatively, they can be contacted at frequent intervals for information of such auctions. Licensed auctioneers can easily be found in the yellow pages of the relevant directories.

Though, foreclosed property auctions are a great place to get good bargains, it must be borne in mind that the properties are pre-owned. Therefore, renovations and repairs need to be factored in when making a bid. It would be advisable, where possible to have a real estate professional accompany you to such auctions. They would be able to better estimate the additional costs that may have to be incurred. Foreclosed property auctions are not paces where you look, find what you want and make a hasty investment. It would be wise to prepare for such auctions by learning as much as you can of what it takes to make a winning bid.

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