As the largest metropolitan area in Missouri, St. Louis is a major source of foreclosed properties. Lenders in St, Louis can foreclose on and sell properties at public auction when the existing home owner defaults on the home mortgage. Lenders must first advertise foreclosure sales so the public can prepare to attend them. Those interested in purchasing St. Louis foreclosures can then bid on foreclosed homes and land at these public auctions around Saint Louis.
Get St. Louis foreclosure listings. Missouri mortgage lenders who are foreclosing must advertise the upcoming foreclosure auction in a county newspaper. Thus, you should look at newspapers sold in the St. Louis, Missouri area to find area foreclosure listings. You should look for listings daily for a whole week out of every 3 weeks. This is the best way to find all St. Louis foreclosures because, while some listings run for 20 consecutive days, others run only once a week for four weeks. You can also look online first to try to find Saint Louis foreclosure notices. USNPL.com has a Missouri page with link to Missouri newspapers that may publish their legal notices online.
Check out individual foreclosures to get property and auction details. You can find the time, date and place of each auction and the address of the foreclosed properties. Make sure you know the directions to the auction location before the day of the auction and leave in time to get there.
Visit the address of each foreclosed property that you may like to buy. One way you can narrow down your search is to look at the amount due on each property. This is helpful if you have a limited budget to buy foreclosed homes in St. Louis, You should look at neighborhood and property conditions to get an estimated fair market value for each foreclosed property. From there, you can set a maximum bid that is likely to be a bargain if it wins the foreclosure auction.
Each lender can set its own rules as far as bidding rules and payment. Look at the St. Louis foreclosure notices to get the procedures for each sale. Prepare the money for bidding on properties at the sale.
Go to the sale and bid on your desired St. Louis foreclosures. Complete your purchase according to the lender’s payment instructions.
Take the Missouri property deed and file it in the recording office for real property records applicable to your St. Louis foreclosed property. For example, if the property you bought is located in St. Louis County, you would go to that recording office to file the deed.
Missouri Statutes on Foreclosures