When a home buyer defaults on a loan in Alaska, the lender may foreclose and proceed to sale the property at public auction. Prospective buyers must first learn how to find Alaska foreclosures. Once buyers can find foreclosed homes in Alaska, they can check them out and then prepare bidding money. The lender’s trustee auctions off the property. The highest bidder becomes the buyer of the Alaska foreclosure and receives a deed to the property.
Contact the recorder in each Alaska recording district. Ask how the local district deals with Alaska foreclosure listings. Before a lender’s trustee may sell a foreclosed homes in Alaska at public auction, he must give public notice. Lenders must also give notice to all property owners at the local recorder’s office. This is why you should ask the recording office about the best way to find Alaska foreclosed properties in that area.
Look at the Alaska foreclosure notices to determine the address of the foreclosed land and homes and the time and place of the sale. Generally speaking, Alaska foreclosure auctions are held at the local superior court courthouse front door. However, the location may be different if a different location was stated in the original power of sale.
You should also look at each notice to determine the manner of paying bids. The statute on Alaska public foreclosure auctions does not mention the exact method, so you should look to the foreclosure notice for specific instructions. It is a good idea to have cash prepared to pay any winning bids.
Use the address in the listings to find the Alaska foreclosures. Although you have no right to inspect a home before bidding on it, this does not stop you from dropping by before the day of the sale and find out as much as possible about the foreclosure property. Just keep in mind that tenants or owners may still be in the house and could become angry if approached by a bidder. If necessary, you can talk to neighbors or real estate agent to help determine the market price of Alaska foreclosed homes and what you should bid.
Prepare the bidding funds and show up at the public auction. Remember that the lender may also bid, Expect the lender to bid at least the amount owing on the property. Prepare to bid more than that amount. If the bid is sufficiently high enough, the lender will be happy to let you bid because it will get the amount due on the Alaska foreclosure. Pay your bid money if you placed the maximum bid.
Obtain a deed from the trustee. You need to take this deed to the same recording office you contacted earlier and file this deed with the recorder. This will allow you to protect your interest as the buyer of a foreclosed home in Alaska.
Alaska “Sale at Public Auction” Statute
Alaska “Sale by Trustee” Statute