The biggest bargains are foreclosed houses in Augusta, Maine right now. Augusta is home to the U.S. Master’s Golf Tournament, the only major golf tournament that is played on the same course year after year. This event draws hundreds of golf fans and locals each year. Augusta is also a popular vacation destination.
For those of you who are just starting your treasure hunt in the Augusta area, you can find the best discounts in foreclosure houses at property auctions. Property auctions move fast, and you can get caught up in the frenzy of bidding. It also helps to bring someone with you who is experienced at buying foreclosed houses at property auctions if possible. The highest bidder is awarded the property, and you need a 10% deposit and cash to pay for the home at the end of the auction if you are the lucky bidder. The best advice is to do your due diligence first so you know what to bid. Check the neighborhood out for similar home sales, demographics, and crime.
Where to Find Your Augusta Foreclosure Bargains?
Bargain hunters can find a list of property auctions advertised in the newspaper or online sites. Notices are posted at local courthouses and at the property sites as well. When you find a property that interests you, then you can check it out by either driving the neighborhood if you live in the area or asking for the property information from the auction company. Keep in mind that when you buy foreclosed houses at property auctions, there are a few things you need to be aware of such as:
- You are responsible for evicting the former owner or tenant.
- You don’t get title insurance, and you probably won’t be able to do an inspection.
- Maine allows foreclosure auction properties to be redeemed by their former owners so you could lose your investment. You should consult with a Maine foreclosure attorney or check the Maine foreclosure laws to make sure you understand them before you decide to bid at foreclosure auctions.
- Realtors are not involved with foreclosure auctions because there are no commissions paid on the properties.
Short sales and REO’s are selling at substantial discounts as well. They are less risky because you can do inspections and you do get title insurance. Short sales tend to be in better condition because usually the owner is still living there or there is a tenant. You can find short sales and REO’s in the following places:
- Local MLS
- Drive by the neighborhood looking for signs
- Internet websites
- Contacting lenders directly for property lists
To make an offer on bank owned REO’s or short sales listed with a Realtor, you must make your offer through a Realtor. If the short sale is not listed with a Realtor, then you can deal directly with the owner or their attorney. Short sales require the approval of the seller’s lender, and can take as long as 3-6 months or a year to get approved.
Augusta foreclosed homes are good bargains that you just cannot pass up right now. When you find foreclosure listings that interest you, don’t hesitate too long because they will be snatched up by another buyer/investor.