Thinking of purchasing property at a foreclosure auction? These
auctions can be an ideal opportunity to purchase a great piece of
real estate. However, there are also unforeseen risks and issues
that can arise if you are not fully prepared going into the
situation. This guide will walk you through some of the important
aspects of how to prepare to attend Philadelphia foreclosure
auctions, and will provide you with resources should something
unexpected come up.
Preparation
Before planning for and arriving at the auction, you should do
as much research as possible so you know what you're looking
for, how much you're willing to pay for it, and how to spot a
red flag.
1. Know the basics: There are two main types of
foreclosure auctions—tax foreclosures and mortgage
foreclosures. As the names suggest, tax foreclosures occur when the
property owner fails to pay their taxes and the government places a
lien on the property. Mortgage foreclosures occur when the
