- 1). Apply for pre-qualification for a mortgage. If you do not have cash on hand to buy the property, you need to get pre-qualified for a mortgage with a lender. You apply for pre-qualification for a mortgage just as you would apply for any mortgage. The only difference is that you do not have the property yet. The lender approves you for an amount based on your credit score, income and debt amount.
- 2). Contact the tax division of the county where you want to buy a home. You can call the office or visit its website to obtain a list of the homes scheduled to be auctioned at the next auction event.
- 3). Identify the properties you are interested in on the list. Use the address to go by and look at the exterior of the home. You may also be able to look inside through uncovered windows or doors, but the county does not grant you access to the interior, as is the case when you are looking at a property with a real estate agent or the owner.
- 4). Calculate the property values in the area and use this to estimate the value of the home you are interested in buying. Find homes in the same neighborhood that are listed for sale or have recently sold. Look for properties that are the same type --- single-family home, townhouse or condo --- and have similar square footage and amenities. Divide the sale price of the home by the square footage to determine the price per square foot. Multiply the price per square foot by the number of square feet in the house you are interested in bidding on to determine the maximum amount you should spend.
- 5). Verify the date that the house goes to auction. Attend the auction and bid on the house. If you win the bidding process, you must present payment to the county before you can take possession of the home. If you are paying cash, then you typically can present a cashier's check or money order. If you are financing, then you must submit the property information to the mortgage lender so it can continue processing the mortgage and transfer funds to the county within the allotted time.
- 6). Obtain the title to the property. Once you pay the county for the property, the county issues you a title to the property, which is your proof of ownership.
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