Courthouse Steps House Auctions: What You Need to Know to Buy Smart

Purchasing a property at a foreclosure auction is also known as buying a property at the courthouse. This is when a lender or bank seizes a parcel due to a homeowner’s inability to pay their mortgage. The lender sells the property at a public auction to recover the loan amount.

How does buying a house at the courthouse work?

Researching the property is the most important thing before attending a courthouse auction. You will need to select the property’s value to determine how much the property is worth and how much the mortgage is outstanding. You will be able to determine what the appropriate bid should be based on this information.
To participate in the auction, you must register and pay a deposit on the auction day. Usually, the auction begins with a bid of the outstanding mortgage amount, with the highest bidder winning. It should be noted, however, that the sale is final, and no guarantees or warranties are offered concerning the property’s condition.

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