You can find some great deals at Cheyenne Wyoming foreclosure auctions. There are no reasons to buy a home at full price, when you can get one at 50% below market value or less at a foreclosure auction. If you are looking for your first home or you are a seasoned investor, foreclosed homes offer you the best opportunity to find a home with built in equity in a Cheyenne neighborhood that you may not be able to afford at full price. According to current RealtyTrac reports, there are 252 foreclosed homes available in the Cheyenne area with an average sales price of $145,484. With prices that cheap, you cannot pass up the opportunity to purchase a home right now.
Tulia reported that the median sales price for homes in Cheyenne during the period May 11 to Jul 11, 2011 was $107,048. This represents a decline of 19.5%, or $25,952, compared to the previous quarter and an 18.3% decrease over last year. The average listing price for Cheyenne homes was $227,208 during the week of August 24, 2011, which represents an increase of 0.9%, compared to the prior week. The average price per sq. ft for a Cheyenne home is $99, which is a 17.5% decrease compared to a year ago.
The Foreclosure Auction Process
To find your auction property, you can check the Internet, the county clerk’s office or the newspaper. Realtors generally do not get involved with auction properties, but they can help you find Bank owned REO properties, which are properties that do not sell at auctions, and the banks buy back. Once you find a property you are interested in, you should track the proposed sale date because many times the sales get postponed while the owners and the bank are negotiating. If the borrower and the bank cannot come to terms, then the bank will offer the property for sale at a Cheyenne foreclosure auction.
There are some necessary steps you should take before you decide to bid at an auction. First, you need to determine the price. A local Realtor can give you a free comparative market analysis of home sales in the area. You can also get information from the Internet. There is a certain degree of risk purchasing a home at a foreclosure auction so you need to check for liens against the property because you are responsible for paying them off, and do your due diligence. The good thing is you save a lot of money purchasing a home at a foreclosure auction. Have your financing or cash ready in case your bid is the one that is selected. You will need to put a deposit down when you bid as well. Check with the auction company regarding their auction rules. You might also want to talk to a Wyoming attorney to make sure you under the Wyoming foreclosure laws. Wyoming foreclosure laws allow the borrower to redeem their home within three months from the date of the foreclosure auction sale by paying the unpaid loan balance, and a statutory 10% interest, fees and costs. So do not start rehabbing the home until after the redemption period passes or you could lose your money.
Auctions are conducted quickly so avoid getting caught top in a bidding war and then later regretting the fact that you overpaid for the home. Generally the opening bid is the remaining loan balance plus back taxes and any court or legal fees involved into the foreclosure. Prices go up from there. If no one purchases the home, the bank will buy it back and offer it for sale later as a REO property. REO’s are also good deals because they are sold below market value too.
Auction homes are always sold in an as is condition so if you have the opportunity to conduct an inspection, you should do so. Many foreclosed homes need repairs and are in poor condition because the owner has not been able to maintain the home due to financial hardship. Be sure to budget for repairs in your bid price. If your bid gets accepted, you are getting to purchase a Cheyenne home at a bargain price.