Foreclosure in 30024>Question Details

Winston Powe…, Home Buyer in Indianapolis, IN

how do you go about buying a home at a action if you live out of state?

Asked by Winston Powell, Indianapolis, IN Sat Dec 1, 2007

Toured a house, made an offer,did not get house, house going to action. How do I go about bidding on this house living out of state?

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Answers

5
If you are speaking of auctions on the court house steps of properties that have been foreclosed you would need to either be present for the auction or give someone a power of attorney for that specific property and then they would need to be present for the auction. They must also have cash for the purchase. This would be a very risky transaction for you the buyer.

Most real estate agents will refuse to do this for you with a POA because of the tremendous liability that comes with it. Many companies have company policies that forbid the agents from acting with POAs because of the liability involved.

Andy Nelms
2 votes Thank Flag Link Sat Dec 1, 2007
Make sure that you let some one look at the home look at the home, before you place a bid on it. Pay a home inspector to look at the house inside if at all possible. You can always use your proxys even if you are out of state. This may not be a good idea though, if you plan on living in the home. Should be OK for investment property.
Web Reference: http://www.doyenrealty.com
0 votes Thank Flag Link Wed Dec 5, 2007
Winston,

Another option if you are looking for foreclosure or investment property are HUD homes. You can have a real estate agent that is registerd with HUD bid on properties for you while you are out of state. Most everything can be taken care of via fax or e-mail.

Visit http://www.hudpemco.com to search for HUD properties.

I'm a registered HUD Agent and would be happy to assist you if you find any properties you would like to bid on.
0 votes Thank Flag Link Sun Dec 2, 2007
Winston,

Just so I understand, why do you want to buy a house out of state? Is this for investment or are you moving?

Foreclosures are buyer beware in my state. Are you talking about a foreclosure auction or regular auction?
If it is a regular auction, the rules on how to bid are set by the auctioneer and the seller. You may be able to particpate over the telephone.
Web Reference: http://www.reserrealty.com
0 votes Thank Flag Link Sat Dec 1, 2007
Andy is dead on. You have two choices, do a Power of Attorney or be present, either way, WITH CASH.
Web Reference: http://www.jrjarvis.com
0 votes Thank Flag Link Sat Dec 1, 2007
Joshua Jarvis, Real Estate Pro in Duluth, GA
MVP'08
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