Property Auctions >> Property Auction Blogs >> Property Auctions: September 2008
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Monday, September 22, 2008
Unclaimed property auction refers to abandoned or lost property. If the owner of the property is not known for many years then that property is referred as unclaimed property. An unclaimed property name arises when it is left for a period of three to five years. Some of the unclaimed property includes stock certificates, safe deposit box contents, unclaimed security deposits, certificates of deposit, insurance payments, court deposits, utility deposits; uncashed stock and mutual fund dividends, paid up life insurance payments, dormant savings and checking accounts, insurance payments, unused gift certificates etc. A property is declared unclaimed when the owner is untraceable or it is inactive for a period of 5 years. Some states like California, Pennsylvania, Colorado, and Nevada sell unclaimed property through online auction. Unclaimed property law protects unclaimed property until it can be returned. The state can go in for auction if the property is not claimed within 5 years.
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Tuesday, September 16, 2008
Foreclosure means that the mortgagee, lender, or lien holder obtains a court order of taking the property from the borrower as he has not paid his dues. Foreclosure takes place when the homeowner is not able to pay mortgage fees on the property and so he has to give back the land so that he can pay his fees. Different types of foreclosure property auction are judicial sale and power of sale. Foreclosure properties are generally seized by the bank because the mortgagor or the homeowner is not able to pay his dues. Since the bank is not able to maintain the properties they go on for foreclosure property auction. This foreclosure property can be purchased by anyone. The banker sells the property at a lower price because the former mortgagor has paid some amount. The best way to find foreclosure property auction is through local newspaper or internet.
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Wednesday, September 10, 2008
Repossessed property means the property is owned by the bank or mortgage lender. Repossessed properties can be a vacant land, residential or commercial property. If the loan holder fails to repay the loans, bank seizes the property and sells it through auctions. Banks do not tend to keep the repossessed property with them because they do not have enough money to pay for maintenance cost which is very high. So they tend to sell the repossessed property at any price they get in auction. They do not wait for higher rates. Repossessed properties are a very good investment because they can be purchased at lower rates. Certain traders buy the property at cheaper rates, make necessary repair and sell it at higher price. Repossessed property auction is done by the government. There are certain things that have to be kept in mind like collect knowledge about the house, then bid at lower rates, then after winning the bid just check the legal documents.
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Property auction zone provide ultimate guide for commercial and residential Uk auction list.
Saturday, September 06, 2008
Seized property auctions mostly take place when the property is seized by the government with regards to the crimes made by a particular person. For seized property auction, auction information will be listed on the online property auction websites. Investment houses, residential houses, commercial property, and repossessed property are different kinds of seized property. Seized properties will take place when the borrower fails to pay mortgage to the lender within the prescribed time or when the person involves in the criminal act his properties will be seized. These auctions will compile with the statutes, rules and regulations of the government. Federal government agencies can seize any property that belongs to criminals. Once the property has been processed and used as evidence, the government will have no use of it. The properties are usually up for sale at auctions. If a person wants to buy seized properties, at the seized property auctions he must at least be 18 years of age with a valid driver license or ID.
Property auction zone provide ultimate guide for commercial and residential Uk auction list.
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