There are countless cities in the US where builders hold new home auctions…and not on the courthouse steps! If you want to find some good ones, just do a simple internet search. You can also check with local builders or call some of the real estate agencies in your area. Builders sometimes use incentives to entice real estate agents to bring in potential buyers. Typically, builders will give real estate agents a percentage of the sales price when they bring in a final buyer.
Another good place to look for new home auctions is through your county sheriff’s office. Lots of new homes have been repossessed by the builder or owner and are scheduled to go up for auction on the courthouse steps…really. Some counties have websites that list the homes the sheriff’s department will auction, including the status of the sale, the scheduled sale date, the time of the sale, the case number, the lien holder, the lien holder’s attorney lien, the lawyer’s phone number. for the owner of the link, the name of the owner and other information.
However, determining if the house is new will require a little research. You will need to find out the case number, as the home address is listed under the case number filed with the court. Write down the case number and call the civil division of the court. A civil division clerk will be able to tell you the address of the property. Now, you need to contact the Recorder of Deeds and speak to a clerk there. The clerk will be able to tell you details about the house, including the date it was built.
Although you may be able to get a better deal through a foreclosure auction on the courthouse steps, some states give the homeowner redemption rights for a period of time after the auction. Just because you are the winning bidder does not mean you can take immediate possession of the home. You may still have to wait for the redemption period to end before you can take possession. If the owner can redeem the house, then he has wasted time, effort, and maybe even money in the process.
Another option is foreclosures auctioned by the lender. Lenders have been known to hire auction companies to hold auctions on various homes they have in the area. Real estate agencies can be private about this information, so you may want to contact a few in the area for this information. The largest local newspaper in town is also a great source of this information.
If you decide to go to a builder’s auction (or any home auction, for that matter), you’ll need to be prepared. Often the builder will schedule a date(s) for prospective homeowners to preview the home. They typically require notification and details by a certain date of who will view the home during the scheduled preview. Once the auction date arrives, in order to bid, you will need a notarized note from your lending institution or bank stating that you are financially capable of purchasing the home.
