When a District of Columbia home or property buyer defaults on a loan, the lender can seek to foreclose on the property. In addition to sending notice to the property owner, the lender must send notice to the D.C. mayor. Prospective buyers can get those foreclosure notices to find out where and when to participate in District of Columbia foreclosure sales. Those who place the highest bid at the public auction becomes the buyer of a Washington, D.C. foreclosure property.
Contact the D.C. mayor to find out how to get District of Columbia foreclosure listings. The mayor’s office has a foreclosures number for your convenience. Call 202-727-5374.
Once you have the D.C. foreclosure listings, you can find out the details on Washington, D.C. foreclosures. Make a list of the addresses of properties in which you might like to bid. Also note the time and place of auctions. Remember that the mayor must receive all District of Columbia foreclosure notices of sale at least 30 days before the scheduled sale date. This means that you should keep up to date with foreclosure information at least a couple of times per month to ensure that you find out about all possible District of Columbia foreclosures.
Check out the properties. Like most states, there is also no specific right in the District of Columbia for prospective auction bidders to inspect foreclosed homes. However, you should visit the neighborhood of any D.C. foreclosed homes or property to get a feel for the kind of bid you should be placing on such property. It may be helpful to speak to neighbors and area real estate agents or appraisers to get an idea of the market value of a foreclosure.
Look at the official notice to determine the procedure for participating in any particular District of Columbia foreclosure auction. Prepare any funds necessary for deposits or full payment upon winning an auction.
Proceed to the auction and bid on any Washington, D.C. properties you wish to buy. After winning an auction, make all arrangements for completing the purchase of the foreclosure with the lender’s trustee. You should then make sure that you get a deed to the property.
File the deed at the District of Columbia real estate property recording office. You can reach the D.C. Recorder of Deeds at 202-727-5374. Ensure that you record with the recorder as soon as possible to protect your new interest in District of Columbia foreclosures.
Foreclosure.com D.C. Foreclosure Laws