- 1). Look for foreclosure sale notices in your local newspaper and online. When a lender sells a home in a foreclosure auction, it will be advertised in the local classified section prior to the sale.
- 2). Arrange to have enough money on hand for the sale. If you have enough cash on hand to buy the property, you need to make sure that it is available on the day of the sale. If you are going to try to finance the property, you need to be pre-approved for the loan and ready to go.
- 3). Research the potential properties that you are considering buying. Drive by each property and see its condition before you attend the auction. You can also evaluate the condition of the neighborhood and see if it is close to amenities. You can evaluate the school district. All of these factors play a role when determining the actual value of the property.
- 4). Register for a foreclosure option when you find a property that you would like to bid on. You will typically have to register with the auctioneer and provide personal information as well as proof that you have funds available to buy the house if you win the auction.
- 5). Bid on the property at auction. Only bid up to the maximum amount that you are willing to spend and do not get caught up in the excitement of buying a property.
- 6). Check with banks to look at their housing inventories. When houses do not sell at auction, they are held by banks until they are sold. In many cases, you can find a good deal this way as banks are looking to unload properties that they have held onto for some time.
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