Foreclosure Auctions

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, meaning buyers may be responsible for any back taxes, liens, or encumbrances. Since homes are still owned by the borrower, interior access is not allowed.

Registration for Foreclosure auctions is not required. However, at most sales, it is necessary to show proof of funds before bidding.

To bid at a foreclosure auction, you must bring a government-issued form of identification, such as a Driver’s License or Passport, proof of funds, and certified funds in the specified amount or percentage required by the state. Typically, you must provide full payment immediately following the auction via a cashier’s check. Note that all states have different requirements. To determine nuances per location, it is essential to conduct thorough due diligence before bidding at a Foreclosure auction.

On auction day, preparing before going to the Foreclosure Sale is essential. This includes conducting due diligence and reviewing related foreclosure documents and transaction details before the auction. Arrive early as properties can be cried anytime within the auction window. We recommend mapping your route and determining parking availability before leaving for the sale. At most sale locations, our staff will be on hand to help you with the process every step of the way so be sure to locate them as soon as you arrive.

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. Payment requirements can vary on the county and/or Foreclosure Sales Agent. For more information, visit “What to Bring to Auction” on the Property Details Page.

If you cannot make the full payment at the time of the auction, your bid may be rejected, and bidding on the property will continue. To best prepare, we suggest bringing your highest and best offer to the auction, even if you purchase the property for less than your max bid amount. You can bring multiple cashier's checks or get reimbursed for the difference. Any refund of the balance due to the winning purchaser will be issued by the firm or county handling the foreclosure auction. The process of issuing a refund is different for each law firm.

Execution of sale receipt, deed upon sale, and IRS Form 8300 will be completed per the state requirements 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.

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

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. We recommend you seek independent counsel to perform your due diligence to comprehend the foreclosure sale process before the auction. Additionally, you may find the title and property information online and determine that property's value based on whether you intend to occupy the property personally, rent it or sell it for profit.

If a property is not sold to a third party at the Foreclosure auction, it will revert to the lender. There may be a 2nd Chance opportunity to purchase the asset with ServiceLink Auction. Check back on our website for your property of interest.