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How do you buy cheap foreclosed homes online?

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Online real estate auction websites such as Hubzu, Auction.com and Bid4Assets allow consumers to buy cheap foreclosed homes, according to Realty Trac. The websites present opportunities for real estate investors looking for income-producing properties and undervalued properties.

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Buyers can start by viewing foreclosures from across the country or in their local area using the listings provided by each online real estate auction website, explains Realty Trac. The sites are usually rich with information that allows buyers to research comparable homes, estimated market values and any loans or liens listed against a properties title.

Before buyers can place bids on foreclosed properties through Auction.com, they must create an account, notes the company’s website. However, buyers can search for properties and auctions even if they do not own an account with the websites. For example, Auction.com allows potential buyers to find and research properties, click on the property that interests them then register for the auction. Some properties do have specific bidding qualifications that buyers must meet before they can place bids. Auction.com requires that buyers allow the company to place a preauthorization hold on their credit cards before they participate in one of the auctions. If the company declares a buyer the winning bidder in an auction, the buyer must pay an earnest money deposit on the day of the auction.

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