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If the homeowner does not take action to fix the default, then a notice of sale will be posted at the courthouse. The law regulates that the notice must be issued at the minimum of twenty one days in advance of the auction. In many states, the auction will be held on the first Tuesday of the month at the county courthouse. Experts say, “Indiana, Ohio, and Michigan is three of the best states for housing auction.” Why? People are loosing jobs in these three states, and rising unemployment correlates too lower real estate values. Last year, the record showed that one county in Ohio had over 10,000 foreclosures, leaving 30% of all house empty.
In addition, there are a number of financial and other considerations before deciding to buy a foreclosed home. For example, some states like Tennessee have redemption periods where original homeowner can buy back the property.
Someone who can’t make his/her mortgage payments may also owe money somewhere else like unpaid income taxes. These debts may have a claim against foreclosed property. Therefore, it is a good idea for you to conduct what’s called a “title search” before buying. Still interested? Here are some tips that can help.
- Try to buy a house from people who have lived in at least 2 years or longer. The bottom line is the longer someone has lived in a house, the more equity has been built in.
- Never buy a home with “no money down.”
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