Where are Foreclosure Auctions held?

Newspapers that list foreclosure auctions in Montgomery county, MD?

• I have looked at Washington Post but I don't really see all the foreclosure auctions. Is there any website (non subscription ) or any other place where can look at the auctions listed for the week?

• Answer:

  Most of these that are the result of a bank or mortgage holder doing the foreclosure are handled by auction houses. You might want to check out various auction houses on the web. Get on their mailing lists. Thing you need to know about them is that the first auction will have a 'reserve' on it..meaning the bank sets the lowest bid at the outstanding mortgage amount. This is usually not a good deal. Watch these for the words "ABSOLUTE" this means the highest bid (with no reserve) will get it. If it is a tax foreclosure..then it is a totally different deal. The county, city, town (whatever the taxing authority is) will post it in a newspaper. These come in two flavors. 1) tax lien auction. What is being auctioned off is NOT the property itself..but the right to collect the taxes and interest on that amount. 2) tax lien certificate auction. This is the tax lien holder (the guy that bought the tax lien in the past and never got paid by the property owner) is holding the auction..this takes place at the property. These are great deals if you can arrive with cash and win the bid. You get the place "free of ALL encumbrances" meaning even the mortgage stays with the guy that just lost the property and it is removed from the title. leases and all rental agreements are void, other liens on the property are removed. Free of all encumbrances. It can be a great deal...but..you can be sure that everyone else knows it is a great deal too..and the guy holding that certificate probably will bid to keep it to himself if the property is worth much more than the outstanding certificate.