What is a foreclosure auction?

Foreclosure auctions, also known as Trustee or TPS auctions, are typically held in person at an onsite public venue such as a county courthouse. A Foreclosure sale occurs when a lender attempts to sell a property to a 3rd party in an attempt to recoup the balance of a loan. Foreclosure properties are sold as-is which means buyers may be responsible for any back taxes, liens or encumbrances. Since homes are still owned by the borrower interior access is not allowed.

Whether you intend to occupy, rent, or flip, foreclosure properties are lucrative purchases as they can yield a valuable return on investment (ROI) and there is no Buyer's Premium added to the winning bid. 

How Do You Find Foreclosure Properties?

ServiceLink Auction has a wide variety of homes for sale listed on our website. Follow the instructions below to find Foreclosure properties with convenience and ease. 

  • Click on “Listings” in the top toolbar scroll down to the “Foreclosure” option. This will take you to all Foreclosure properties on the website.

  • You can also click HERE to view all of our foreclosure properties.

  • Enter your search criteria (city, state, zip code or address) into the search bar:

  • Your Foreclosures results will appear in a “card view” within a Search Results Page (SRP):

  • To narrow your search you can use customized filters (occupancy, property type, auction date, etc.) To learn more on filters and view types available, please see our article on How to Search.

I See a Property I Like, Now What?

  • View the Property Details Page (PDP,) by clicking on the properties image to view important information on the auction.

  • Conduct your Due Diligence on the property before you place an offer or attend the auction.

How Do I Register for a Foreclosure Auction?

Unlike ServiceLink Auction‘s other sales, registration for Foreclosure auctions is not required, however, at most sales it is required to show proof of funds prior to bidding.

  • Quick Tip: Although registration is not required we highly recommend creating a free account and saving the property to your dashboard to easily manage your property portfolio, access to our helpful investment tools and download reports that will simplify the buying process.

What Do I Need to Bring to the Auction?

  • Proof of funds- Cashier's Check(s)

  • Payment- The winning bidder will need to present certified funds in the specified amount or percentage required by the state. Typically, you must provide full payment immediately following the auction.

    • All states have different requirements. To determine nuances per location it is important to conduct thorough due diligence prior to bidding at a Foreclosure Sale.

  • Government ID- A government issued form of identification, such as a Driver’s License or Passport.

Auction Day:

On auction day, it is important to be prepared before going to the Foreclosure Sale. This includes:

  • Due Diligence- Doing your due diligence, reviewing related foreclosure documents and transaction details before the auction.

  • Arrive Early- Properties can be cried at any time within the auction window so be sure to arrive early. We recommend mapping your route and determining parking availability prior to leaving for the sale. 

  • Locate Staff- At most sale locations, our staff will be on hand to help you with the process every step of the way. 

    • Quick tips: 

      • Save time on Auction Day- save properties to favorites to receive foreclosure auction notifications that will alert you if a property is Cleared for Sale, Postponed or Cancelled. Currently Foreclosure Status Notifications are only available in the following areas: AL, AR, AZ, CA, GA, ID, MS, MO, MT, NE, NV, NJ, NY, OR, PA, TN, TX, WA, select counties in FL and IL, and Denver County, CO.

      • Postponement and Cancellations- It is common for postponements and cancellations to occur at Foreclosure Sales. Don’t limit your investment options. Choose multiple properties within the auction. In the instance that a property is no longer going to be cried, you are prepared with other possible opportunities. 

What If I am the Winning Bidder?

First off, congratulations on being the winning bidder!

  • How do I pay? For most states, you will need to tender funds via certified funds or cashier's check to the Foreclosure Sales agent immediately after bidding on the property closes.

    • Quick Tip: Payment requirements can vary upon the county and/or Foreclosure Sales Agent. Visit “What to Bring to Auction” on the Property Details Page for more information. 

  • What if I didn't bring enough funds? If you are unable to make the full payment amount, your bid may be rejected and bidding on the property will continue.

  • How long until I can close on the property? execution of sale receipt, deed upon sale and IRS Form 8300 will be completed per the state requirements and once payment and due diligence reviews are complete (subject to state specific laws). Entity documents must be submitted on auction day, before the sale is made final. 

What is an Estimated Opening Bid and where can I find the amount?

The Estimated Opening Bid is the amount the auctioneer will start bidding.

  • Where can I find the Estimated Opening Bid? If the Estimated Opening Bid amount is available it will be featured on the Property Details Page.

  • What if the Estimated Opening Bid isn't listed? If you do not see an amount listed it may not have been supplied by the attorney firm or trustee, but be sure to check the website closer to sale day and time as information is sometimes updated at a later date.

What is the Sale Status?

The Sale Status is whether the Foreclosure property has been Cleared for Sale, Postponed or Cancelled.

  • When ServiceLink Auction receives updated property sale status information it is immediately shared on our website and through our auction status notifications. 

Can I schedule a walk through or inspect the interior and/or exterior of the Property?

Since Foreclosure properties may still be occupied, interior access and a scheduled walk through is not permitted. In addition, you may not trespass or contact the occupants.

  • Quick Tip: Although trespassing is strictly prohibited you may drive by and assess the neighborhood.

What if a Property is not sold at the Foreclosure Auction?

If a property is not sold to a third party at the Foreclosure auction, it will revert back to the lender.

  • Quick Tip: There may be a 2nd Chance opportunity to purchase the asset with ServiceLink Auction. Check back on our website for your property of interest. 

Will the Property be free and clear of all liens, liabilities, title and/or taxes?

No, properties are sold "as is, where is" with all faults and limitations. All prospective bidders should conduct due diligence on properties in which they are interested.

  • Quick Tips:

    • We recommend that you seek independent counsel to perform your due diligence to fully comprehend the foreclosure sale process prior to the auction.

    • You may find the title and property information online and determine that property's value based on whether you intend to personally occupy the property, rent it or sell it for profit.

Will an outstanding amount of cashier’s check be reimbursed by the foreclosure attorney? How long does it take? 

Yes, any refund of balance due to the winning purchaser will be issued by the firm or county handling the foreclosure auction.

  • Process to issue a refund is different for each law firm.

Do TPS/Foreclosure properties have an absolute sale? 

No, TPS/ Foreclosure does not have an absolute sale.

  • When an asset is purchased from a Foreclosure sale and winning bidder has tendered the full purchase amount, a deed is issued to the winning bidder for recording. 

What is the definition of “revert back to beneficiary”? 

When a property “goes back” or “reverts back” to the beneficiary it means there were no successful 3rd party bidders at the foreclosure sale and asset is in the possession of the lender.

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