New Mexico judges can order the sheriff to sell real estate when the lender wins a foreclosure suit. The sheriff regularly sells foreclosed homes at local sheriff sales. Buyers interested in purchasing New Mexico foreclosures must first learn how to find foreclosure listings. They can then use the information in the listings and bidding information from the sheriff’s office to prepare for foreclosure auctions. Those who place the highest bid at the auction pay the bid to purchase foreclosed homes in New Mexico.
Find local foreclosure listings in individual New Mexico counties. The first place you should look is the Internet for local foreclosures. Each New Mexico sheriff may have a website (or a section on the county website). Look on that website and check to see if the sheriff’s office posts upcoming sheriff sales and foreclosure auctions for that county. If you cannot find foreclosure information for a particular county, you can just call the office and ask where to find this information.
Besides paper lists that are usually sold for a small fee, all sheriffs post upcoming New Mexico foreclosure sales in a county newspaper. Of course, this is not the best way to get information, but it may be necessary in certain counties. You might even find some listings in online versions of newspapers. Visit Usnpl.com/nmnews.php to find a list of New Mexico newspapers that put their publication on the Internet.
Use the foreclosure listings to find out the time, date and place of foreclosure auctions at New Mexico sheriff sales. Of course, each listing also gives the address of the foreclosed property.
Drive by any foreclosed properties you would like to purchase. You need to come up with a maximum bid for each property, so trying to learn about the condition of the property can help you estimated the fair market value of a property. In New Mexico, the sheriff actually provides an appraisal of each foreclosure for sale. Bids must be at least 2/3rds of that appraised amount. This means that you generally won’t find any great deals through New Mexico foreclosures. Nonetheless, it is still possible that you and only the lender will bid, which means there may still be enough wiggle room to buy New Mexico foreclosed homes below market value.
Ask each sheriff’s office about the procedure for bidding at local New Mexico foreclosure auctions. Unfortunately, a survey of sheriff’s websites recently revealed that information about foreclosures is generally lacking online. Thus, you may need to call to find out the local bidding policies and times and places of sheriff and foreclosure sales in a particular county.
Bid on and buy New Mexico foreclosed properties by placing and paying the highest bid at public auction. When you buy any real estate, including a foreclosure at a sheriff sale in New Mexico, it is imperative to get a deed from the seller. Ask the sheriff’s office for a deed once you complete a purchase.
Take the deed and file it in the real property recording office for the county of the foreclosed property. Do this as soon as possible to protect your new ownership rights in the New Mexico foreclosure.
New Mexico Foreclosure Info from Foreclosure.com