Before bidding online at West Virginia auctions, it is a good idea to educate yourself about the West Virginia market prices so you know whether or not the home is a good deal. Just because the home is a foreclosure, does not mean it is always the best deal if it needs a lot of major repairs. While generally foreclosure auction homes are good bargains, doing your due diligence is a must. Have a local Realtor prepare a comparative market analysis for you so you can see what similar homes are selling for in the area. Take into account that most auction foreclosure homes need work and some need extensive major repairs like new roofs and other home systems. If you are allowed to conduct an inspection, you should do so because homes are sold in an as is condition. If you live in the area, it is a good idea to drive by the home and check out the neighborhood as well.
There are other risks with buying a foreclosure at an online auction because you will not be able to purchase title insurance, and the home may be subject to liens that the new buyer has to pay off. Be sure to have a title company conduct a title search so you know what type of liens there are and how much they are going to cost you. Also, you are responsible for eviction costs of evicting any former occupants at the property such as the owner or a tenant. You will need cash available to pay for your West Virginia foreclosure home if you are selected as the lucky bidder.
Locating Online Foreclosure Properties
Foreclosure auctions are advertised on the web and in local newspapers as well. There are several online websites that provide information about on line and on site foreclosure auctions. You will need to register if you are bidding at an online auction and provide a credit card for your bidding or make other financial arrangements with the auction company. To give you an idea about the kinds of properties available, take Kanawha County for instance, right now there is 1 online auction, 14 sheriff sales and 56 pre-foreclosures available.
Foreclosure homes that do not sell at online foreclosure auctions or at sheriff foreclosure sales are then bought back by the banks and listed as REO’s with local West Virginia Realtor who advertise them in the local MLS and other places. When looking for a REO, it is recommended that you work with a local West Virginia Realtor. The Realtor will be able to assist you the negotiations with the bank that owns the REO property. REO’s are also sold as is and at discounted prices.
Online auctions are an easy and convenient way to purchase a foreclosure property right from the convenience of your home. However, you should use good common sense and judgment when deciding to purchase a home that you are not able to view in person. Having photos and a virtual tour is helpful, but whenever possible, you should make an effort to physically go and see the home or send someone you trust to look at it. Foreclosures give you an opportunity to purchase a home that you may not have been able to afford so while they are good deals, you should be cautious and make sure the home is a good investment for you.