Vermont, like all states, has a foreclosure process to protect lenders. Foreclosure is the process of selling a home at auction to recoup the losses incurred when the borrower/home owner fails to keep up with the agreed-to mortgage payments. Lenders must advertise the sale via a public foreclosure notice. This is how prospective buyers find out about Vermont foreclosures. They can then go to the auctions and place the highest bid to buy foreclosed homes in Vermont.
Look in Vermont county newspapers for foreclosure listings. In this state, a lender must advertise a public foreclosure notice at least once a week for three straight weeks before conducting a foreclosure sale. The newspaper must have general circulation in the county where the property is located. If you wish to search for Vermont foreclosures in multiple counties, you can look in online newspapers for foreclosure listings. Visit the “Vermont” page at xxxx and click on the individual newspapers to find their online versions and search for public notices of foreclosures.
Look at the individual listings to determine the time, date and place of each auction (and the address of the foreclosed property). The general rule in Vermont is that the foreclosure sale must take place at the actual foreclosed property. Exceptions apply when a court orders otherwise or the parties agree to a different location. In any event, look at the foreclosure notice to get the auction location.
You also need to determine the payment terms of Vermont foreclosure sales by looking at the listings. According to Vermont statute, the lender decides the terms. It may demand some or all of the payment for a Vermont foreclosure in cash. It may also choose to allow other payment methods. In addition, the lender can demand the entire bid at the time of the auction or allow payments in installments.
Run by any Vermont foreclosed homes or other real estate that you might like to purchase at auction. While it is possible to find good land and house deals at Vermont foreclosure sales, you need to have an effective bidding strategy. The listings will tell you what is still due on the property, and you need to do your own research to determine the fair market value of the property. You can then come up with a reasonable maximum bid for the foreclosure auction. Do not go above that maximum bid when trying to buy the property.
Real estate agents and appraisers can assist you in estimating the market value of a foreclosed home in Vermont. Even neighbors of the property might provide you with free information about the typical price of homes in that area.
Prepare money for bidding. Make sure you double check the payment terms so you have ample money to pay for any foreclosures on auction day.
Attend Vermont foreclosure sales as scheduled and bid on the properties. Pay according to the trustee’s instructions if you win an auction.
Get a deed after completing the sale. A Vermont deed is important for providing proof that you actually bought a foreclosed property in the state. Take this deed and file it with the recorder’s office in the county of the foreclosed real estate that you bought at auction.
Vermont Legislature: Foreclosure Sale Statute