[ace14_007]

...(foreclosure), auctioned? I have been little confused about this thing, so though I should ask here.... Which house would be cheaper to buy? The house which is foreclosed, auctioned? I am little afraid to buy a house because I have heard that there are many other hidden fees (taxes, and more etc) due to which a house cost the same as any regular house? is this true or not? And also tell me the difference between foreclosure and auction houses. And also please tell me at what prices houses are sell when they are foreclosed or auctioned (i mean do they sell after what amount they have received of that house).Your help will be greatly appreciated.

[NorCalGal]

Banks put houses up for auction before they try to sell them directly so the auction will likely be a little higher than a Bank Owned BPO sale. You still have to prepay property taxes when you close the escrow and dealing directly with the bank allows for you to make an offer and often that offer is below what the bank is asking for the property. Sometimes the bank will take as much as 5% below asking and pay some of your closing costs. Both ways of buying still mean the house was foreclosed upon by the bank carrying the mortgage. The way they are sold is the only difference.