Foreclosures are projected to jump 20 percent in 2011, and many of those foreclosed homes will be up for auction. Are you savvy enough to grab a deal at a foreclosure auction? Take our fact-or-fiction quiz and find out!
Foreclosure auctions are always held in public places, often on courthouse steps or at the home being auctioned off.
Buyer beware: A number of past debts, including utilities, may come with the auctioned home.
Unfortunately, it's a fact, and that number is projected to jump 20 percent in 2011.
Most experts believe that you can strike the best deals in pre-foreclosure, before the auction ever occurs.
It will be up to you to evict the renters, but if a lease preceded the foreclosure, the lease is valid, and they can stay until it's up.
You're buying the home as is, and unfortunately, you'll rarely be able to go inside and check things out before you bid.
Be sure to bid carefully! Your bid, should it be the winner, is final.
You'll have to pay any older loans above and beyond what you paid to the auctioning company.
The law varies by state, with some states requiring full payment and others requiring a percentage of the sales price the day of the auction.
You can buy your own foreclosed home, but it's rarely a wise investment. It's best to do what you can to avoid foreclosure in the first place.